What strategy involves a joint venture with shared control and ownership in the local market?

The strategy that involves a joint venture with shared control and ownership in the local market is best represented by joint ownership. In a joint ownership arrangement, two or more parties come together to combine resources, knowledge, and expertise to exploit market opportunities in a specific location. Each party typically contributes capital and shares in the governance of the venture, leading to a collaborative approach to managing the business. This can provide advantages such as risk sharing, access to local market insights, and leveraging each partner's strengths.

Licensing, in contrast, allows one party to use the intellectual property of another without involving ownership or shared control. Management contracting allows one company to manage the operations of another company while retaining ownership, thus not fully aligning with the characteristics of joint ownership. Franchising is a method of scaling a business through granting rights to others to operate using the franchisor’s brand and system, but it also does not embody shared ownership in the same way as a joint venture does. Therefore, joint ownership is the correct answer as it encapsulates the essence of shared control and ownership in the local market.