Globalization and economic policy: Exercises Fill in the m issing letters

foreign subsidiary import / export joint venture franchising outsourcing strategic alliance licensing

1. 
   A company gives the right to manufacture its product to a foreign company for a fee (= royalty). This has been done successfully by Coca-Cola and Disneyworld, although in other cases the local producer may choose to use a different brand name.__ licensing ___________________________
   
2. 
   Similar to 1, but the term is usually used for small businesses in the retail and service sector like McDonalds and The Body Shop. Head Office has tighter control of the local business operation than in 1, and the name and brand image are always retained._______