How are the licensing and franchising methods of engaging in international trade different from one another?

What will be an ideal response?

International licensing is a contractual agreement by which a company (licensor) makes its trade secrets, trademarks, patents, or copyrights (intellectual property) available to a foreign individual or company (licensee) in return either for royalties or for other compensation based on the volume of goods sold or a lump sum. All licensing agreements are subject to restrictions of the host country, which may include demands that its nationals be trained for management positions in the licensee company, that the host government receive a percentage of the gross profits, and that licensor technology be made available to all host-country nationals. Licensing agreements may differ vastly from country to country.
International franchising permits a licensee of a trademark to market the licensor's goods or services in a particular nation. Often companies franchise their trademark to avoid a nation-state's restrictions on foreign direct investment. Also, political instability is less likely to be a threat to investment when a local franchisee is running the business. Companies considering entering into an international franchise agreement should investigate bilateral treaties of friendship and commerce between the franchisor's nation and the franchisee's nation, as well as the business laws of the franchisee country.
In some instances, licensing and franchising negotiations are tense and drawn out because businesses in many industrialized nations are intent on protecting their intellectual property against "piracy" or are adamant about getting assurances that franchising agreements will be honored.