Co-branding
Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service.The typical co-branding agreement involves two or more companies acting in cooperation to associate any of various logos, color schemes, or brand identifiers to a specific product that is contractually designated for this purpose.The objective for this is to combine the strength of two brands, to increase the premium consumers are willing to pay, make the product or service more resistant to copying by private label manufacturers, or to combine the different perceived properties associated with these brands with a single product.[8] Product-based co-branding is a marketing strategy that involves linking of multiple brands from different companies in order to create a product indicative of their individual identities.No matter which form a company chooses to use, the purpose is to respond to the changing marketplace, build one’s own core competencies, and work to increase product revenues.This involves creating brand equity for materials, components or parts that are contained within other products.