Glossary V
Validation techniques
Methods used to ensure accuracy and reliability of data.
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Value Proposition
The unique value that the franchise offers to customers, such as quality, convenience, or affordability.
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Variable costs
Costs that vary based on the level of business activity, such as materials and labor costs.
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Variable expenses
Expenses that vary based on the level of business activity, such as inventory and labor costs.
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Variance analysis
Analysis of differences between actual and expected results.
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Variances
Differences or deviations from expected or standard performance or outcomes.
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Vehicle traffic
The amount of traffic passing by the franchise location, which can impact visibility and accessibility.
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Vendor-managed inventory (VMI)
Inventory management system where the vendor is responsible for managing inventory levels.
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Vendor management
The process of managing relationships with vendors to ensure timely delivery of goods and services.
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Vendor negotiation
The process of negotiating with vendors to secure favorable terms and prices for the franchise.
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Vendor negotiation tactics
Strategies used to negotiate with vendors for better pricing or terms.
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Vendor selection criteria
The criteria used to select vendors for the franchise, such as price, quality, and reliability.
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Verbal communication
Communication that involves speaking and listening, such as in-person conversations or phone calls.
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Video advertising
A form of advertising that involves creating and sharing videos to promote the franchise.
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Video analytics
Analysis of video content to gain insights into viewer behavior and engagement.
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Video conferencing tools
Tools that enable remote communication between franchise owners and employees through video calls.
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Video interviewing technology
Technology that enables remote video interviews for job candidates.
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Video marketing
Marketing strategy that uses video content to promote products or services.
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Viral marketing
A marketing strategy that relies on social media and other online platforms to spread information about the franchise through word-of-mouth.
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Virtual assistant – Chatbot powered personal assistant which helps users manage their day-to-day activities
AI-powered personal assistant that uses natural language processing to manage daily tasks.
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Virtual assistants
AI-powered assistants that help with various tasks and operations.
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Virtual assistants and chatbots
AI-powered assistants that use natural language processing to interact with customers.
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Virtual assistants for customer service
AI-powered assistants that help manage customer inquiries and support.
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Virtual assistants for franchises
AI-powered assistants that help franchisees manage their business operations.
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Virtual assistant support
Technical support for virtual assistant technology.
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Virtual assistant technology
AI-powered technology that enables virtual assistants to function.
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Virtual coaching
Online coaching and support provided to franchisees.
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Virtual coaching platform
Online platform that provides coaching and support to franchisees.
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Virtual communication tools
Tools that enable communication between franchise owners and employees remotely, such as video conferencing and instant messaging.
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Virtual Instructor Led Training (VILT)
Online training sessions led by an instructor in real-time.
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Virtual mentorship programs
Online programs that connect mentors and mentees for professional development and guidance.
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Virtual Objects
Digital representations of physical objects used in virtual reality or augmented reality experiences.
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Virtual Reality
A simulated environment that allows users to interact with digital objects and scenarios in a virtual setting.
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Virtual reality branding
The use of virtual reality technology to create immersive brand experiences for customers.
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Virtual reality simulations
Simulated environments that allow users to interact with digital objects and scenarios in a virtual reality setting.
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Virtual reality training
Training that takes place in a virtual reality environment.
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Virtual reality training environments
Simulated environments that allow users to practice and learn skills in a virtual setting.
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Virtual reality (VR) training
Training that takes place in a virtual reality environment.
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Virtual simulations
Simulated environments that allow users to interact with digital objects and scenarios.
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Virtual tours
Interactive simulations that allow users to explore a location or environment remotely.
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Virtual training
Training that takes place in a simulated environment rather than in a physical setting.
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Visibility
The degree to which the franchise is easily seen and noticed by potential customers.
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Visibility and accessibility
The ease with which customers can access the franchise location.
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Visibility of the location
The degree to which the franchise location is easily seen and noticed by potential customers.
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Visionary leadership
A leadership style that involves having a clear and inspiring vision for the franchise and motivating others to work towards achieving it.
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Vision statement
A concise statement that outlines the long-term goals and aspirations of the franchise.
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Visual analytics
The use of visual representations of data to aid in analysis and decision-making.
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Visual content
Images, videos, and other visual media used to communicate information and engage audiences.
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Visualization
The process of creating visual representations of data and information to aid in understanding and analysis.
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Visualization exercises
Mental exercises that involve creating vivid mental images to achieve a desired outcome or state of mind.
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Visualization techniques
Mental exercises that involve creating vivid mental images to achieve a desired outcome or state of mind.
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Visualization Tools
Software tools that allow users to create visual representations of data and information.
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Visual storytelling
The use of visual elements to tell a story or convey information.
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Voice assistants
Digital assistants that use voice recognition technology to perform tasks and answer questions.
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Voice of the customer (VoC) programs
A process for capturing and analyzing customer feedback to improve products and services.
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Voice Recognition
The ability of a device or software to recognize and interpret spoken commands.
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Voice recognition technology
Technology that uses speech recognition software to interpret and respond to spoken commands.
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Voice recognition technology for hands-free operation
Technology that allows users to interact with devices using voice commands without the need for physical input.
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Voice search optimization
Strategies to improve a website’s visibility and ranking in voice search results.
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Voice search readiness
The ability of a website or application to be easily found and accessed through voice search technology.
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Volunteer opportunities
Opportunities for individuals to donate their time and skills to charitable or community organizations.
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Volunteer time off policies
Company policies that allow employees to take paid time off to volunteer for charitable or community organizations.
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Vulnerabilities
Weaknesses or flaws in a system or network that can be exploited by attackers to gain unauthorized access or cause damage.
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Vulnerability analysis
The process of identifying, evaluating, and prioritizing vulnerabilities in a system or network.
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Vulnerability assessments
A systematic evaluation of a system’s security posture to identify potential vulnerabilities and threats.
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Vulnerability assessments and penetration testing
A comprehensive evaluation of a system’s security posture, including identifying vulnerabilities and attempting to exploit them.
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Vulnerability scanning
The process of identifying and analyzing security vulnerabilities in a system or network.
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