What does cross-promotion involve?

Cross-promotion refers to a marketing strategy where two or more brands collaborate to promote each other's products or services. This approach allows the brands involved to leverage each other's customer base, increase visibility, and enhance marketing efforts at a lower cost compared to advertising independently. By promoting each other, the brands can reach a new audience that may be interested in their respective offerings, creating a win-win situation.

For example, a popular beverage brand might team up with a snack food manufacturer to offer a co-branded promotional campaign, attracting customers from both markets. This collaborative effort not only maximizes exposure but also fosters goodwill and brand association, as customers may view the joint promotion as a value-added opportunity.

The other options do not align with the concept of cross-promotion. One brand monopolizing market advertising focuses solely on a single entity's marketing efforts, which go against the collaborative nature of cross-promotion. Brands competing in the same market space emphasize rivalry rather than partnership. Developing new products independently suggests innovation and product development processes that are separate from promotional activities.