Business Studies

The term royalty is closely associated with ________________.


ANSWER

licensing


SOLUTION
  • Licensing is the process of permitting another party in a foreign country to produce and sell goods under your trademarks, patents or copy rights in lieu of some fee is another way of entering into international business. Licensing is a contractual arrangement which comes with a fee called royalty.
  • It is under the licensing system that Pepsi and Coca Cola are produced and sold all over the world by local bottlers in foreign countries. 
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