Define trademark licensing. Explain the purpose of trademark licensing.

Trademark licensing is a legal agreement between two parties, where the owner of a trademark allows another party to use their trademark in exchange for a fee. The licensee is granted permission to use the trademark for a specific product or service, within a designated territory, and for a specified time period.

The purpose of trademark licensing is to allow a business or individual to take advantage of the goodwill and reputation associated with an established brand. Trademark licensing provides a way for companies to expand their business into new markets, increase revenue streams, and build brand awareness.

For the trademark owner, licensing allows them to generate revenue from their trademark without having to produce or sell ____ ___ ______ _____ ____ _______ ______.
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