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Purpose: This paper examines the performance and risk of brand alliances by investigating the market value of brand alliances through the analysis of investors’ response, and look into the different reactions of the stock market to brand alliance-type in terms of co-branding and joint-promotion, as well as into the potential different effects in the contexts of B to B versus B to C. Brand alliances, whereby two or more brands are jointly presented to the consumer, have been investigated extensively. The importance of brand alliances is emphasized by two factors: (1) brands are considered critical elements in business-to-business marketing settings; and (2) firms use brand alliances due to the trading costs and investment necessary to buy brands, the increasingly higher costs of launching a new brand onto the market, the high failure rates in new brand launches and brand extensions, the competitive pressures around product launches and diffusion, and the limitations imposed on the extension of a brand by its own identity. Consequently, brand alliances have exploded over recent years. As indicated later, by accomplishing the purpose of this research we fill a gap in the literature as most of the research on brand alliances revolves around consumers’ perspective. Methodology/Approach: The methodology followed is based on the event study method. First, the event study estimates the excess returns of share prices generated by events that were unanticipated by the market. To this end, we estimate the market model and the subsequent abnormal returns. To examine the impact of the publication of a brand alliance announcement on the share prices of the company, we use the cumulative abnormal returns calculated over k days of the event window for 55 announcements. In the second step, we analyze the returns of the different brand alliances. In particular, the abnormal returns are used as dependent variable in a regression analysis, wherein the central explanatory variable is brand alliance type (co-branding vs joint promotion). Finally, the third stage of the methodology analyzes the change in the variance of returns between the periods before and after the brand alliance announcements. Findings: The results show that brand alliance announcements generate positive abnormal returns, which support the hypothesis that brand alliance announcements are positively related to company stock returns. In particular, we observe that the reactions to brand alliances are spread over the event window. In fact, the window (−5,+5) produces returns that stand at 1.6%, which is the greatest abnormal return over the five days around the publication date. The economic impact of a cumulative return of 1.6% in eleven days is tantamount to annual returns of 69.33%. Considering that the average market value of the sample is €17,494 million, it represents an increase of €279 million for the sample stocks on the period (−5,+5). The regression analysis shows that the coefficients of the variable “co-branding” are positive and significant, which supports the hypothesis that co-branding presents higher abnormal returns than joint promotion. However, no differential effect are found between B to B versus B to C paradigms. The results obtained present an increase in the variance of the share prices after the alliance announcement date, which supports the hypothesis that the variance of the company stock returns is positively associated to announcements of brand alliances. Research Implications: The key implication of the measurement of the market value of brand alliances is that research should be reoriented toward a better understanding of the role of marketing in the value creation of a company. Instead of just concentrating on marketing research into consumer behavior, more emphasis should be given to the core company processes that create shareholder value. Practical Implications: The managerial implications of the specific results obtained are the following: the result that companies increase their market value when they implement brand alliance strategies, leads to a better ken of the way alliance activities can be managed when dealing with other organizations. In this way, finding a partner to form a brand alliance with could be a useful objective in terms of firm performance. Moreover, the results show that co-branding presents higher abnormal returns than joint promotion, which suggests that co-branding is the most valuable strategic decision (or long-term decision) for companies, as it implies the simultaneous participation of two or more brands in a single product. In this way, deciding on whether a short- or long-term branding strategy is pursued turns to be fundamental. Originality/Value/Contribution of the paper: The literature has analyzed the consequences of brand alliance, which looks at each partner’s brand attitude after the alliance, the brand equity of the constituent brands after the alliance, and the impact of the allied brand on the evaluation of the host brand. These studies have focused on the area of consumer behavior; that is, by measuring consumers´ attitudes and evaluation. Still, the measurement of dimensions reflecting the other side of the relationship, i.e. the firm, via brand image and equity is critical. Nevertheless, the examination of the impact of brand alliances on the partner company performance and risk has received little attention, despite the fact that “brand perceptions of companies’ products spill over to investment decisions in the market for companies’ stock”.

Partindo do conceito de in-game advertising, o uso de publicidade nos jogos, esta pesquisa analisa a relação do público gamer com o uso dos jogos digitais como media publicitária, com foco na publicidade altamente integrada. Esta assenta no pressuposto de que o in-game advertising pode ser utilizado como não apenas uma forma de publicidade, mas também como uma ferramenta de ampliação do conteúdo dos jogos digitais, criando uma experiência de gameplay mais imersiva para os jogadores. Com base em duas etapas de pesquisa, uma qualitativa, por meio de entrevistas, e uma quantitativa, através de um inquérito, concluiu-se que, com o uso adequado, o in-game advertising amplia o conteúdo do jogo de forma interessante para o público, expande o gameplay e pode, ainda, gerar uma nova fonte de receita para as desenvolvedoras de jogos digitais. Starting with the in-game advertising concept, the application of advertising in games, this research analyzes the relation created between gamers and the use of digital games as an advertising media, with a focus on highly integrated advertising. This is based on the assumption that in-game advertising can be used not only as an advertising form but also as a tool that can amplify digital games content and create a more immersive gameplay experience. With two phases, a quantitative one based on online questionnaires and a qualitative one, based on interviews, it was concluded that, when applied the right way, in-game advertising can amplify the game content creating more interest from the gamers, expand the gameplay and even create a new source of income for the game studios.

A SWOT analysis of Bank One Corporation is presented.

Obiettivi. Una decisione fondamentale nell’ambito del marketing strategico riguarda l’associazione di due brand per la promozione di un unico prodotto. Per questa ragione, non sorprende che, negli ultimi decenni, gli studi internazionali abbiano ampiamente esplorato gli antecedenti della decisione di co-branding nonché le differenze in termini di risultati tra i due brand alleati. L’ampio numero di studi sul co-brand, le molteplici prospettive teoriche e approcci empirici fanno emergere l’opportunità di riassumere lo stato dell’arte sul co-brand e, facendo leva sui risultati, presentare una agenda strutturata per futuri studi. Metodologia. Sviluppiamo un’analisi sistematica della letteratura sul co-brand che include 190 articoli scientifici pubblicati dal 1990 al 2019 e indicizzati su Scopus e Web of Science. Risultati. Proponiamo un framework teorico-interpretativo che lega gli antecedenti e le conseguenze del co-brand. Inoltre, proponiamo set di linee future di ricerche. Limiti della ricerca. I limiti di questo studio sono legati alla soggettività dell’analisi degli autori. Infatti, lo studio potrebbe essere corroborato tramite analisi bibliometriche. Implicazioni pratiche. Il presente studio facilita l’identificazione delle variabili e dimensioni che interessano il co-brand, al fine di utilizzarle proficuamente per sfruttare i punti di forza e limitare i punti di debolezza di un dato brand. Originalità del lavoro. Questo studio evidenzia come il co-brand si sviluppi all’interno di diversi contesti e dimensioni connesse sia all’impresa che al consumatore. Il framework che presentiamo sottolinea l’interdipendenza tra queste dimensioni. Parole chiave: co-brand; gestione del brand; sfruttamento del marchio; analisi sistematica della letteratura Objectives. A critical decision in marketing is the association of two brands in a joint product, namely the formulation and the implementation of a co-branding alliance. Likewise, the inputs of co-branding alliances, the differences in performance between the paired brands, and the emergence of “spillover effects” have been pillars of the marketing research agenda for almost three decades. The extensive number of studies on co-branding alliances, combined with multiple theoretical perspectives and empirical approaches informing extant literature, calls for the summary of the state of the art of this research. Methodology. We develop a systematic overview of co-branding literature. We build a conceptual framework that summarizes the main concepts and variables used in co-branding research. Findings. We build a conceptual framework linking antecedents, co-branding alliance implementation, and consequences. Finally, based on the synthesis of existing research on co-branding, we propose a structured research agenda. Research limits. Limitations of this paper relate to the subjectiveness used to analyse the papers. Bibliometric analyses may corroborate our results. Practical implications. We detect the main variables and dimensions involved in a brand alliance to exploit strengths and lessen weaknesses of given brand. Originality of the study. This paper shed new light on how co-branding is embedded in different contexts and dimensions of both firms and consumers. The map presented in this study underly the interdependence among such dimensions.

The article defines that intellectual capital should be considered as one of the key factors of successful realization and provision of tourist services when the level of material stocks and raw materials resources reduce. The main feature of effective tour operator’s business is the formed intellectual potential, first of all, the staff, which has value-oriented professional knowledge, ambition, creativity, and the efficiency of each employee’s work is the key source of innovative changes for any enterprise. The accumulated knowledge and experience transform the staff into intellectual capital that is the resource of growth and development of tour operators. In such a situation, the administration of the tourist enterprises should use efficient tools for attracting professional employees, which are the basis of the intellectual capital of the company. However, the results of a survey among Ukrainian students who study in the field of tourism indicate a passive position of leading tourism operators’ directors in the process of finding and attracting tourism industry professionals to work for these companies. The directors of tour operators do not pay attention to HR brand formation that by the way generates the overall image and reputation of the tourist company. As a result, we have a significant staff turnover in companies that are in the top 10 leading employers in the tourism sector. It is an obstacle to form intellectual capital of organizations, that affects the performance. On other hand, well-formed employer brand enhances the company reputation, which is a proven mechanism for evaluating the partnership’s stability and business strategy. The right policy for the human resources formation creates a special professional intellect, and if tour operators use it, it transforms into intellectual capital for the firm and into intellectual property for the employee. The successful implementation of co-branding (a joint brand «employee company») enhances the image and reputation components that are intended to ensure stable positive financial results that is the most important condition for strategic company development, even in the conditions of fierce competitive struggle., Визначено, що інтелектуальний капітал слід розглядати як один із ключових факторів успішної реалізації та надання туристичних послуг в умовах зниження рівня матеріальних запасів і сировинних ресурсів. Основною рисою ефективної діяльності туроператора є сформований інтелектуальний потенціал, насамперед персонал, який має ціннісно-орієнтовані професійні знання, амбіції, креативність, а ефективність роботи кожного працівника є ключовим джерелом інноваційних змін для будь-якого підприємства. Накопичені знання і досвід перетворюють персонал на інтелектуальний капітал, який є ресурсом зростання і розвитку туроператорів. У такій ситуації менеджмент туристичних підприємств повинний використовувати ефективні інструменти залучення професійних працівників, які є основою інтелектуального капіталу компанії. Однак результати опитування серед українських студентів, які навчаються в галузі туризму, вказують на пасивну позицію провідних директорів туристичних операторів у процесі пошуку та залучення фахівців туристичної галузі до роботи в цих компаніях. Директори туроператорів не звертають уваги на формування HR-бренду, який формує загальний імідж і репутацію туристичної компанії. Як результат, ми маємо значну плинність кадрів у компаніях, які входять у топ-10 провідних роботодавців у туристичній галузі. Це перешкода для формування інтелектуального капіталу організацій, що впливає на результати діяльності. З другого боку, добре сформований бренд роботодавця підвищує репутацію компанії, що є перевіреним механізмом оцінювання стабільності партнерства і бізнес-стратегії. Правильна політика формування людських ресурсів створює особливий професійний інтелект, і якщо туроператори використовують його, він перетворюється на інтелектуальний капітал для фірми та в інтелектуальну власність для працівника. Успішне впровадження ко-брендингу (спільний бренд «компанія — співробітник») поліпшує імідж і компоненти репутації, які покликані забезпечити стабільні позитивні фінансові результати, що є найважливішою умовою розвитку стратегічної компанії, навіть в умовах гострої конкурентної боротьби.

This study examines a luxury winery located in Sonoma County, Three Sticks Wines, as it navigated a novel crisis-laden market created by the Covid-19 pandemic. The drastic effects on the industry as a whole and those specific to the premium segment are explored. Strategy to mitigate business displacement is analyzed and developed by the author to present a multi-faceted augmentation of marketing tactics. Areas of focus include digital marketing, co-branding, co-promoting, vineyards as marketing entities and wholesale allocation strategy. The case draws from leading academic research in strategy, consumer behavior, and digital marketing. A conclusion is reached that the winery should consider the range of tactics individually or jointly to maximize its marketing effort commensurate to business needs and shifting market conditions.

A implementação de uma abordagem relacional do Marketing tem como objectivo o Cliente individual, sobre o qual é estruturado todo o Marketing Mix, de forma a criar fidelização e lealdade à marca, tornando a mesma mais rentável e eficaz no longo prazo. A tentativa de assegurar um relacionamento mais estável, duradouro e vantajoso para ambas as partes (cliente e marca) pode levar à criação de estratégias de Co-Branding em sectores de actividade maduros, cuja necessidade de diferenciação e fortalecimento da oferta tenha como suporte a Relevância e a Credibilidade. O propósito deste estudo é analisar como uma acção de Co-Branding pode contribuir para o incremento do Customer Brand Equity das Marcas envolvidas. A parceria entre a Nike e a Apple, através do Nike+, incorpora este objectivo. Implementing a Relationship Marketing approach sets the Client as the primary focus, under which all Marketing Mix is structured for building Brand Loyalty, becoming the Brand more profitable and effective on the long term. Trying to assure a stable, profitable and long-lasting relationship for both parts (client and brand) may lead to Co-Branding strategies in mature business sec-tors, where the need for differentiation and better products is supported on Relevance and Credibility. This study tries to analyze how a Co-Branding strategy can build value for the brand’s Customer Brand Equity. The partnership between Nike and Apple express that strategy.

The study focuses on brand partnership types in general, and the case of Boiler Room and Ballantine's in particular as an example of prolonged collaboration between a media and a commercial brand. The research question is what the possible types of collaborations between music media and a commercial brand in are general and particularly in the specific case of the mentioned brands and, based on that, what results could be achieved within it for both the media and the brand and what are its possible further opportunities. The main aim is the creation of a proposal of classification of the communication-oriented alliances of brands and case-based relative characteristics. The first part is achieved through the systematization of the existing academic literature on partnerships. The second part is focused on the specific partnership. It consists of a case-study, grounded on semi-structured interviews of the representatives of both brands and content analysis of social media communications of Boiler Room and Ballantine's (Global and Russian department) over the period of the last seven years – 19563 social media posts. As main results, the research showed that the specific case of partnership is a co-branding example and not a sponsorship or cause-related marketing, although the function of the values endorsement may position it differently. The main functions of such partnership are not only the reach of a new audience, awareness and recognition growth but also image transfer, target audience rejuvenation and content generation for both brands. O estudo centra-se nos tipos de parcerias de marcas em geral, e em especial, no caso da Boiler Room e Ballantine’s. O objetivo principal da pesquisa é descobrir quais os tipos de colaborações possíveis entre os media e uma marca comercial e, em particular, das marcas mencionadas. Com base nisto, interessou aprofundar a questão de quais os potenciais resultados que poderiam ser alcançados com a colaboração e quais as possíveis oportunidades futuras. O objetivo principal é a criação de uma proposta de classificação, baseada neste caso empírico, das alianças orientadas para a comunicação de marcas com características específicas. A primeira parte consiste numa sistematização da literatura académica existente sobre parcerias. A segunda parte foca-se na parceria específica, sob a forma de um estudo de caso, alicerçado em entrevistas semiestruturadas com representantes de ambas as marcas e a análise de conteúdo das comunicações em rede nos social media da Boiler Room e da Ballantine’s (departamento global e russo) ao longo dos últimos sete anos, resultando num corpus empírico de 19563 publicações. Como principais resultados, a pesquisa mostrou que o caso específico de parceria é um exemplo de co-branding, e não tanto um patrocínio ou marketing de causa, embora a função de endosso de valores possa posicioná-lo de forma diferente. As principais funções dessa parceria não são apenas o alcance de um novo público, o crescimento da conscientização e do reconhecimento, mas também a transferência de imagem, o rejuvenescimento do público-alvo e a geração de conteúdo para ambas as marcas.

While extensive knowledge on branding and communication has focused on business-to-consumer context, despite the nourishment of the importance of strategic alliances between businesses in terms of co-branding has become discernible, a little attention has been given to business-to-business (B2B) context. This chapter tries to take attention to dual marketing communication, where they are trying to market their products and services to both individuals and businesses. More specifically, this chapter aims to emphasise ingredient branding as a form of co-branding considered as one of the revolutionary dual marketing communication strategies. Notably, the importance of ingredient branding is highlighted for industries and companies who have to design a strategic multi-channel communication plan not just for their customers but also for retaining the competitive advantage, increasing the brand strength for both sides and stimulating the sales. Further, this chapter elaborates the subject with prominent examples of ingredient branding, as well as explains how a communication strategy became an asset for manufacturers and suppliers who are in downturn and lead them to have a growth opportunity with maximising their brand values.

PurposeWith rising globalization, Western and Eastern brands are increasingly collaborating and co-branding. Drawing on the theory of dialectical self that captures the degree of cognitive tendency to tolerate conflicts, inconsistencies and ambiguities in self-concept, this paper investigates the effect of consumer dialectical self on co-branding that encompasses Western and East Asian cultural brand personality traits.Design/methodology/approachTwo studies were conducted using Chinese participants to examine the effects of the dialectical self on co-brand evaluation under single-and dual-personality conditions and to explore the mediating role of ideal social self-congruence and the moderating role of product type (high vs low conspicuous).FindingsThe findings suggest that counterintuitive to the received wisdom, the dialectical self negatively influences one's attitude towards a co-brand in the dual-personality condition only. Further, ideal social self-congruence mediates the relationship between the dialectical self and dual-personality co-brand evaluation in the high conspicuous product condition only.Practical implicationsImportant implications are offered to international marketing managers for managing the dialectical self that lead to positive co-brand evaluations. Moreover, managers should highlight ideal social self-congruence for co-branding success for particular product types.Originality/valueThis paper examines co-branding from a novel perspective of consumer dialectical self and shows the pivotal role it plays when brands carry varying cultural traits engage in co-branding. By identifying the role of the dialectical self and the important mediator and moderator, the paper fulfils an important gap in co-branding literature and offers key implications.

The article is devoted to the problems of finding new forms of interaction between various media market players and new tools for converting TV and Internet content into profit. Changing the paradigm of consumption of TV and online content creates new conditions for the functioning of media business in Ukraine. Media can effectively monetize content through cross-platform processes such as co-branding, sampling, media baying, PayWall, b2b, b2c partnership, Transmedia Storytteling and others. First of all, it concerns the co-operation of traditional and Internet TV, PAY-TV, IPTV / OTT, digital, cable and satellite penetration, TV and Internet content producers, operators, providers. Through the cross-media consolidation of resources, the combination and distribution of content, players of the media market have the opportunity to successfully finance their budgets and receive greater dividends from the integration of efforts.

International audience; Brand collaborations are widely considered the art of the perfect match. This book is a guide to understanding the process of brand collaborations and explains the key factors of success to build specific forms of collaborations between divers partners. The Art of Successful Brand Collaborations gives tangible examples of partnerships between various kinds of internationally renowned artists, celebrities, brands and companies such as Coca-Cola, Louis Vuitton, Puma, David Beckham and Pharrell Williams. In this vivid study, the academic and practitioner author team outline deep knowledge about the advantages and economic benefits of this marketing strategy. This includes additional meaning, improvement of the brand image, attracting new customers within different target groups and the development of the brand in new markets. Filled with interviews from practitioners and vital academic and professional insights, this book is an essential guide for brand managers, professors and students to better understand and implement successfully the process of brand collaborations.

The appearance of songs including featured artists on Billboard’s Hot 100 music charts has increased exponentially in the past two decades. This particular type of creative collaboration involves one artist integrating another artist’s contribution, either instrumentally or vocally, into their work and publicizing it with a “featuring” credit. According to broad literature in sociology on categorical boundaries, artists who deviate from existing genres are expected to be penalized for violating collective expectations and norms. We find songs featuring other artists actually have a greater likelihood of making it into the top 10 than songs not featuring other artists. Additionally, consistent with theorizing about congruency in the co-branding literature, we observe that the greater the difference (cultural distance) between the genres of the artists involved, the more likely the song is to reach the top of the charts. We argue that by combining the expertise of specialists in each genre, as well as comingling audiences while still maintaining each collaborator’s original positioning, artists who feature artists from other genres are able to produce more successful songs.

Purpose This paper aims to investigate what influence the perceptions of two parent brands have on the perception of a newly formed co-brand. Furthermore, it elaborates whether respondents’ evaluations of the parent brands, their familiarity towards the parent brands and their usage of the parent brands affect this influence. Design/methodology/approach Building on both cognitive consistency and information integration theory, this paper proposes a model-based approach to quantify the parent brands’ influence on the co-brand’s perception. Using an empirical study with 317 respondents collected by a professional online market research firm, this paper highlights the benefits of this model-based approach. Findings The results indicate that the perception of a co-brand arises from a weighted merge of the parent brands’ perceptions. The findings further reveal that the better (worse) a parent brand’s evaluation is in contrast to the other parent brand’s evaluation, the more (less) familiar a parent brand is in contrast to the other parent brand, and the more (less) frequent a parent brand is used in contrast to the other parent brand, the larger (smaller) is its influence on the co-brand’s perception. Originality/value The findings shed light on the formation of a co-brand’s perception which can be crucial when selecting the right co-branding partner. Additionally, by quantifying the parent brands’ influence on the perception of the co-brand, this model-based approach helps brand managers to analyze co-brand pairings beforehand and select the best pairing in accordance with their goals.

Introduction A private label (PL) is defined as a brand owned, sold and distinguished by retailers (Lincoln & Thomassen, 2009). Therefore, most PLs display only their brand name on their product labels or packages. However, in the Japanese consumer goods market, an increasing number of manufacturers’ names are now being displayed on PL product packages. For example, the “Seven Premium” PL, by Seven & I Holdings, displays the manufacturer’s name on its product labels using the phrase “This product is a joint development product with manufacturer X.” This indicates that retailers are utilizing the brand of the national brand (NB). This type of branding strategy can be classified as co-branding or a brand alliance. In Japan, expansion of PL co-branding may have improved consumers’ attitudes toward PLs and contributed to their development. Theoretical Background Most prior research on co-branding has focused on brand alliances between two NBs. Therefore, studies on alliances between PLs and NBs are very limited. Vaidyanathan and Aggarwal (2000) focused on ingredient branding, which merged elements of PLs with NB ingredients. Based on the combination theory (Park, Jun, & Shocker 1996), attitude accessibility theory (Fazio, 1986), and attribution theory (Heider, 1958; Kelly, 1973), they found that the association of brand name ingredients with private brand products could positively impact consumers’ evaluations of unfamiliar products. Also, the use of a brand name ingredient in a PL did not negatively affect consumers’ evaluations of this product. Arnett, Laverie, and Wilcox (2010) focused on brand alliances of retailers and manufacturers in the clothing category. Based on the attitude accessibility theory and the information integration theory (Anderson, 1971; Smith, 1993), they found that consumers’ attitudes toward alliances can influence retailer equity, manufacturer brand equity, and shopping intentions. They also found that pre-alliance retailer equity significantly affects attitudes toward alliances. Except for post-alliance retailer equity, perceived fit moderates all relationships between consumers’ attitudes toward the outcome of an alliance. Prior research on co-branding indicates that the attitudes and attributes of co-brands are influenced by the attitudes and attributes of constituent brands. In addition, a constituent brand’s familiarity moderates the effect (Park et al., 1996; Simonin & Ruth, 1998). As another notable finding, attitudes about co-brands influence constituent brand attitudes, with the effect being moderated by brand familiarity (Simonin & Ruth, 1998). Based on prior findings, this study examines whether co-branded PLs are influenced by their constituent NBs and by the familiarity of constituent brands in the case of Japanese co-branded PLs. This study also examines whether a spillover effect exists for constituent brands. Methodology An Internet survey of 798 women living in the Greater Tokyo area was conducted in August 2017. Subjects were assigned to one of four groups, grouped by PL and NB brand familiarity (Figure 1). The familiar “salad dressing” category was selected. While this category includes several large and popular manufacturers, many small, unknown manufacturers also exist within it, a fact that is relevant to the purpose of this study. High-familiarity PLs and NBs were selected based on their market shares in the category. However, Seven Premium, the most popular PL in Japan, was not selected as it had already adopted a co-branding strategy. Aeon’s Topvalu was chosen as a high-familiarity PL. While Topvalu is one of the most popular PLs in Japan, it has not yet taken a co-branding strategy. All measures were assessed through a seven-point, semantic, differential scale. Attitudes toward constituent brands (PLs and NBs), co-brands, perceived quality of constituent brands, and brand familiarity of constituent brands were measured. Using covariance structure analysis, we examined factors influencing attitudes about co-branding and the spillover to constituent brands after considering co-branded formations. Regarding familiarity, a multi-group analysis was conducted. Results Attitudes toward constituent brands (PLs and NBs) positively influenced attitude toward co-branded PLs. In addition, the influence on the co-branded PLs was greater for PLs (Table 1). From the multi-group analysis, the influence of familiarity on the attitude toward co-branded PLs can be found in some cases (Table 2). In the case of high-familiarity PLs with high-familiarity NBs (Group 1), the attitudes about co-branding by NBs were not significant. On the other hand, a positive co-branding attitude by NB was found in other cases. In cases of low-familiarity PLs with low-familiarity NBs (Group 4), the co-brand’s influence was greater for NBs. Moreover, since the attitude toward co-branding positively influenced differences of attitude between post-alliance and pre-alliance toward PLs and NBs, the spillover effect is confirmed (Table 3). Discussion Our results, which suggest that co-branding with NBs can be an effective strategy if PLs have low familiarity, are consistent with prior research. PLs in Japan, which have a lower penetration ratio than those in Europe and the United States, are still in a developmental stage (Kumar & Steenkamp, 2007). Since PLs in Japan are less familiar than leading NBs, co-branding with an NB can be an effective strategy for a PL. On the other hand, when a PL is already established as a brand and has high familiarity, co-branding with a NB might have little effect. In this case, it might be necessary to devise a different strategy, such as changing a PL’s brand name. Seven Premium, the most popular PL in Japan, was introduced in 2007. From the beginning, when its brand had low familiarity, it opted for a co-branding strategy, and our findings suggest that this decision significantly improved overall attitudes toward PLs.