Final answer:
Companies license trademarks to use the names or symbols created by others for a fee, which helps them leverage existing brand recognition.
Step-by-step explanation:
The process by which some companies obtain the rights to use the names or symbols that were previously created by other manufacturers for a fee is known as licensing. This is a common practice in business, where a company may want to leverage the recognition and goodwill associated with an existing trademark. A trademark, which is an identifying symbol or name for a particular good, such as Chiquita bananas, Chevrolet cars, or the Nike "swoosh" that appears on shoes and athletic gear, ensures that the mark can only be used by the firm that registered it. Between 2003 and 2019, about 6.8 million trademarks were registered with the U.S. government. Trademarks are vital for brand identity and are granted on form and style but not on the actual idea behind the product.