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Licensing is used by brand owners to extend a trademark or character onto products of a completely different nature. Examples of intangible assets include a song ("Somewhere Over The Rainbow"), a character (Donald Duck), a name (Michael Jordan), or a brand (The Ritz-Carlton).

Definition: Licensing is defined as a business arrangement, wherein a company authorizes another company by issuing a license to temporarily access its intellectual property rights, i.e. manufacturing process, brand name, copyright, trademark, patent, technology, trade secret, etc.

Brand licensing is a way for brand owners to increase their current fan base and move into new businesses categories without major investment in new manufacturing processes. It allows retailers and manufacturers to stand out from the competition and offer consumers the hottest brands as well as drive sales.

An example of a licensing agreement is a contract between the copyright holders of software and another company, allowing the latter to use the computer software for their daily business operations.

A brand's equity is derived from the awareness and image a brand holds with its consumers. Licensing enables companies whose brands have high preference to unlock a brand's latent value and satisfy pent up demand that exists.

How to decide between types of licensing agreementsPatent Licensing. Patents cover science and innovation.Trademark Licensing. Trademarks are signifiers of commercial source, namely, brand names and logos or slogans.Copyright Licensing.Trade Secret Licensing.Exclusive.Non-exclusive.Sole.Perpetual.More items...?Oct 24, 2019

A licensing arrangement provides the opportunity for the brand owner and the manufacturer to share insights and knowledge across multiple disciplines including product development, marketing, R&D and sales. 10. The brand owner to capture royalty revenue through the manufacturer's sales of licensed product.