How does franchising differ from licensing?

Franchising involves the sale of products and services in foreign countries, while licensing involves providing a nearly identical version of a product or service in another country.

Franchising and licensing are interchangeable terms describing the same market$-$entry strategy.

Franchising grants rights to intangible property and provides a bundle of services and products to the franchisee, while licensing only grants rights to intangible property.

Licensing requires an up$-$front investment, while franchising is typically a low$-$risk option.