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Co-Branding, Types of Co-Branding, Marketing Help
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theory and concepts, ingredient co-branding, composite co-branding, advantages of co-branding assignment help, homework help and project help with best qualified and experienced marketing experts. Marketing experts at
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problems in very quick time. CO-BRANDING:
What is co-branding:
Co-branding is also known as partnership. When two companies merge together and form one brand or one product that is known as co branding. When two companies make a strategy to work together, when two companies create a marketing strategy then co branding exists. Companies today take the risks of joint projects in marketing and they believe to work together is known as co-branding.
The understanding of co-branding
The efforts of two brands or more brands than two to define or to name a new brand or a new product is called co-branding. The mixtures of two brands when join together with each to form a one product is called as co-branding. Companies do co-branding to achieve their aims and to achieve the success. Two different companies when pair their respective brands in a collaborative efforts of marketing. They launch new product which clearly defines their thoughts and co-operation for market to bring some innovation and something new to help their markets. Co branding also helps usage extension. When multiple brands mix together to produce a single product. The logo of that particular company helps the joint enterprise who wants to display their product in their names. Co-branding helps the company with the combined forces to work with synergy with their efforts of marketing.
Types of co-branding:
There are different types of co-branding which is known in marketing:
1. Ingredient co-branding
2. Composite co-branding
The above two written names are the two types of co-branding which says that co-branding is done to increase the sales and to create the awareness. There is a biggest example of co-branding is from the field of playing. The sports kit introduced by Nike and Apple is a biggest example for co-branding. These two technologies combined together to create a totally new product.
1. When we talk about ingredient co-branding what is ingredient co-branding? What does this mean?
So here we will discuss about the ingredient co-branding which says about the type of co-branding that implies about the brand which comes from the other renowned brand. It has now become a common place in the minds of the company. It is the sub-ordinate to the primary brand. The ingredient brands are the company’s biggest brand and the biggest supplier which is usually known as the biggest brand. The ingredient brand is always needs to be unique and it should be a major brand or it should be safe and protected by the patents. It leads and progress with high and better quality of products, it deals with superior promotions. Greater profits and access to distribution channel should always be accessible in the type of ingredient branding. In this type of branding seller also enjoys and believes in long –term relationship with the brand and also with the company. The competitive advantage can be benefited and used by the manufacture of this brand and the retailer also enjoys the benefit by enjoying a promotional help from this brand called ingredient brand which creates so much importance in getting the advantage.
2. Composite branding: So now the question comes about the composite branding?
The composite branding’s success is depends upon the ingredient branding. This branding strategy involves two existing brands and composite with these two to make or create a composite brand name for a new product. It shares a marketing and manufacturing expertise to create a product market. For example: Kellogg’s healthy choice cereal by Kellogg’s and special K frozen.
What are the advantages of co-branding?
So here we look at the advantages of co-branding:
It has various advantages which includes to share the risk, to increase the sales, to generate a royalty and trust with the partner brands, to create trust on the minds of the customer, to increase the volume of the sales, to create a wide range of scope to joint advertising, to benefit the technologies, to define and produce the better product and better image of the brand by the togetherness and association of other brand, to create an awareness of the product in the minds of the customer, to co-operate with the other brand and add the knowledge for public who recognizes this type of branding. It is an alliance which gives a new attitude and creates a new approach; it provides advantage and benefits to the business and creates awareness for the customers about the core competencies of the business.
There are also some disadvantages or limitations of co-branding:
The various disadvantages of co-branding are:
The co-branding could not get success if the two products have different industry or other market, if there is difference in both of the company’s mission and vision, then co-branding will not give success to these companies. It can also affect the partner brand in negative manner and if the customers associate any adverse experience with a constituent brand, then it may damage the total brand equity.
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