A contractual arrangement between a parent company and an individual or firm that allows the latter to operate a certain type of business under an established name and according to specific rules is referred to as:a. franchise b. wholesaler sponsored voluntary chain c. retailer sponsored cooperative d. administered vertical marketing system

The correct answer is letter "A": franchise.

Explanation:

A franchise is an agreement between a franchisee and a franchisor by which the franchisee has access to the proprietary rights, trademarks, and patents of the franchisor's business in exchange for a fee called royalty. The franchisor is in charge of aiding the franchisee in the establishment of the new business according to the standards of the franchisor.  

Franchises help investors to enter a market without the need of spending large amounts of money because consumers already know the franchisor's brand name.

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