Research on the influence of IP co-branding on consumers' purchase intention -- mediated by consumers' perceived value

: With the improvement of China's living standards and the development of digital economy, consumers are not only pursuing simple material consumption, but also need to obtain psychological and spiritual needs of consumption. The marketing promotion model of co-branded cooperation between enterprises and IP has gradually developed and expanded while meeting the needs of consumers and has become a new way of win-win cooperation between enterprises. This paper aims to explore the connection between client buying intentions and their perception of the value of IP co-branded items. This paper collects sample data through network questionnaire survey and utilizes the statistical tool SPSS to verify and validate the info. The findings showcase that IP co-branded items boost client buying decision indirectly through how they view worth. Moreover, co-branded IP goods enhance client impressions of worth, which in turn boosts buyer intentions. Theoretically, this article presents the content of the research for elements changing consumer opinions regarding worth and plans to shop and provides reference value and enlightenment for enterprises in business cooperation. (cid:3)


Introduction
Nowadays, with advances in social science and technology and the rapid development of the economy, the demand for spiritual consumption of consumers is also growing.Joint cooperation between enterprises and IP brands is an economic win-win form to promote corporate brand image, enhance visibility and market competitiveness [1].In addition, this form can stimulate the perceived value of this market group, attract consumers to purchase, realize the common interests of enterprises and IP brands, and promote the expansion of related arts and creative sector and market economy [2,3].

As an emerging mode of cooperation, IP co-branding can
Corresponding author: 2021040153@email.szu.edu.cnnot only promote the sales of related products and promote brand image of enterprises, but also meet the spiritual consumption needs of consumers for their favorite IP works, and even promote the development of related cultural industries and social economy.But at the same time, as the benefits of IP co-branding have been promoted, some industries which have a shallow understanding of IP co-branding cooperation are faced with problems such as being unable to maximize cooperation benefits, and even suffering cooperation cancellation due to unreasonable treatment of IP before co-branding.
In this context, this field is crucial in understanding the factors that affect consumers' purchasing intentions in this field to promote the development of this market and meet the needs of consumers.The bulk of research have focused on how IP co-branding and marketing strategies affect customers' shopping plans, neglecting the effect on enterprise co-branding product attributes and IP itself on product value and market acceptance.In fact, a reasonable combination of these characteristics will also have a significant impact.Therefore, this article explores the impact of IP-branded products on consumer intent to buy through consumer perceived value.SPAS25.0 software is employed to verify and analyze sample data obtained through questionnaire designing and collecting samples.
Considering the standpoint of empirical research, the current investigation seeks the implications of the economic advantages related to IP co-branded products and the intermediary benefits of consumers' perceived value on consumers' purchase intention, so as to practicebased guidance for enterprises to establish IP-brand cooperation and establish IP co-branded partnerships.

Theoretical basis and literature review 2.1 IP alliance
IP co-branding is a way for two or more companies or organizations to cooperate and win on intellectual property.Such cooperation, which can include trademark and patent co-branding, has now permeated a wide range of industries.According to the definition of Blackett T and Russell N, brand alliance is a form of cooperation between two or more brands with customer recognition [1].Zhou Hongzui et al believe that good IP co-branded products can build an emotional bridge between products and consumers, promote social production and consumption, and achieve mutual benefit and win-win situation between enterprises and IP brands [2].Zhang Tao believes that IP co-branded products are a combination of cultures.It connects IP culture and business culture, and consumers can quantify their love for IP by purchasing co-branded products.Moreover, it promotes the economic value of the cultural and creative industry, and its future market development potential is huge [3].According to existing research, IP co-branded products mostly refer to a product that connects the unique connotation and advantage effect of different brands and has an impact.In this paper, IP cobranded products are divided into three dimensions: IP cobranded brand awareness, IP co-branded brand matching degree and IP co-branded product scarcity.

Consumer perceived value
People don't buy things, they buy expectations.The next source of competitive advantage for a company is customer perception value, as Woodruff points out.He holds the opinion that the theory of customer perceived value has not only made progress in enterprise marketing more effective, but also has the potential to create new ideas for enterprise core competitiveness [4].Dodds et al believe that customer perceived value is a balance between consumers' perception of benefits and satisfaction with the utility brought by product purchase and use and their perception of costs generated by the price paid for obtaining the product [5].Sweeney et al., on the other hand, analyzed the product from multiple dimensions and believed that not only consumers would evaluate the product based on its expected performance, cost performance and versatility, but also the emotional and social value of the product are evaluated and perceived by its users, as well as its perceived value to them, such as the social process and result of communicating with others [6].This article makes the claim that the trade-off and overall evaluation between the utility and cost brought by the items or services offered by businesses after customers buy or enjoy them is what determines the estimated worth of consumers, in line with the findings of several experts.

Consumers' willingness to buy
Order intent, defined by Wu et al., is the likelihood that customers anticipate or are prepared to pay for a particular product or service in the near future [7].As stated by Erik et al., the purchase intention of social commerce, which includes personal consumption characteristics, appraised convenience and usability, and personal intake characteristics, is the driving force behind consumers' reaction to social commerce [8].Purchase intention is a reaction that consumers create depending on these drives.Shao Biao and Jiang Bingjie believe that purchase intention indicates whether users are willing to pay the corresponding currency and value for a product to obtain the product [9].In this paper, purchase intention refers to whether consumers are willing to pay a price in exchange for co-branded products according to their own experience and judgment, combined with the impact of IP co-branded brands and products on them.

3
Research hypothesis and methodology

IP co-branded products and consumer purchase intention
Identify or remember a brand and its products is what IP co-branded brand awareness is all about for potential buyers.Alex et al. think that brand awareness of airlines is an important driving factor for brand selection.Faster brand recognition, faster consumer identification, the easier the choice [10].Amal and Karine think that the improvement of brand awareness will lead to higher offline purchase intention of consumers [11].IP cobranded brand matching refers to the degree of fit between two or more co-branded brands or IP.Lin Junyi believes that customers with a positive attitude have a higher willingness to consume brands with higher matching degree of product features [12].Fan Gongguang analyzed from the perspective of product involvement degree and pointed out that joint matching degree would positively affect the main effect of brand co-operation [13] The simpler it is for customers to understand altruistic motivations, the better the perceived trustworthiness, and the more favorable views about advertising may be formed, the more closely the spokesperson matches the business's image [15].Heeju et al. believe that limitededition shoes will affect consumers' perceived value and enable consumers to express more self-efficacy than ordinary shoes [16].
As such, this document proposes the following hypothesis: H2: Products with IP co-branding are improving consumers' perceptions of price H2a: the customer's impression of value is greatly impacted favorably by IP co-brand awareness.
H2b: How consumers think of value is considerably affected by the degree to which IP co-branded brands match.
H2c: Customer views of value are significantly impacted by the absence of IP co-branded items.

Consumer perceived value and consumer purchase intention
The correlation between sense value and customers' plans to buy has been established, and sense value decisively impacts consumers' buying intentions in the favor, as demonstrated by Ana et al. [17].When assessing the influencing variables of online game players' consumption intention, Hong Anqi also pointed out that customers' sense of worth has a considerable positive influence on game consumption intention [18].Guo Tingting and Li Na think that cultural and creative products have a stronger awakening effect on the positive emotions of people with high involvement, and the emotional value of perceived value can stimulate their purchase intent [19].
As consequently, this essay puts forward the following theory: H3: Consumers' buying choices are profoundly influenced favorably by how they evaluate worth

The mediation effect of consumer perceived value
Xu Xiaopeng and Wang Yijie think that on the impact of green cognition on consumers' willingness to participate in supporting agriculture that perceived worthiness, such as the values of functionality, services, and the environment all greatly mediate the relationship between agricultural pollution cognition, green agricultural product cognition, green policy cognition and consumers' willingness to participate in supporting agriculture [20].
Zhang Lixia believes that consumer perception values such as quality worth, economic worth, entertainment worth, informational worth and altruistic worth have a complete intermediary effect between live streaming and consumers' online shopping intent [21].
Hence this paper posits the hypothesis as follow: H4: Mediating the relationship between IP co-branded products and consumers' purchase intention is the perceived value of consumers.

Research model
Taking the prior assumptions, the article constructs a specific theoretical model as shown in Figure 1.IP co-branded products' IP co-branded brand awareness, IP co-branded brand matching degree and IP co-branded product scarcity measurement scale from the study of Yang Miao and Qiaowei Ruohan [22].The buyer's intent and their subjective value assessment scales rely on Zhuang Cuiyao et al.'s research [23].In Table 1, the specific measurement scale is presented.Through descriptive statistical analyzing the collected results of this questionnaire, it can be found (Table 2) that the respondents are mostly women aged 17-28, most of whom have bachelor's and college degrees.Among them, IP co-branded food and beverage products are the most popular among consumers.5 Empirical investigations

Validity and reliability assessment
The SPSS25.0 tool served in this study to check the scale's dependability, and Cronbach's alpha was employed to verify the scale's dependability inside.Per the majority of academics, scales with α greater than 0.9 are often said to have high intrinsic reliability.The scale design with α coefficient less than 0.7 has great problems, and the questionnaire should be redesigned.
The analysis's outputs reveal that the scale's point is 0.791, which implies that it has a reliable reference value.
Then, the α coefficient of the subscale after a certain assessment item is put forward is further analyzed, and Table 3 shows that the coefficient decreases following removal, displaying that the instrument's scale is reliable.The accuracy of the measure was examined in this study using SPSS25.0,and the experiment's results are displayed in Table 4. KMO was calculated overall at 0.784, and The Bartlett sphericity score was beneath 0.05 and infinitely near to 0, rejecting the null hypothesis.Further factor analysis could be performed on the data obtained from the questionnaire, and the validity of the scale was acceptable.

Main effect test
According to the test results (Table 5), the probability P- According to the above three hypotheses, it can be concluded that IP co-branded products and their dimensions positively affect consumers' purchase intention, so hypothesis H1 is valid.

The path test of IP co-branded products to consumers' perceived value
According to the test results (Table 6), the probability P-values of the F-test statistics between IP co-branded brand awareness, IP co-branded brand matching degree, IP co-branded product scarcity and consumer perceived value are all less than 0.05, and the probability P-values of the regression coefficient significance T-test are all less than 0.05, indicating that hypothesis H2a, H2b and H2c are all valid.
According to the above three assumptions, it can be concluded that IP co-branded products and their dimensions positively affect consumers' perceived value, so hypothesis H2 is valid.

The path test of consumer perceived value and customer deciding to purchase
On the heels of the test findings (Table 7), hypothesis H3 is correct since the likelihood between value as viewed by customers and their willingness to make a pay (P-score of the F-test statistic) is under 0.05 and the P-point of the Tscore probability of the relevance of a regression coefficient is beneath 0.05.

Intermediate effect test
This paper adopts the mediation effect test method proposed by scholars such as Chen Rui and uses the Process plug-in in SPSS25.0 software to investigate the mediation impact, that is, to evaluate the mediating effect of consumer perceived value (M) between IP co-branded products(X) and customers' anticipated orders(Y) [24].

M=aX+e2
(2) The   Furthermore, IP co-branded goods have a beneficial impact on consumers' feeling of value, which in turn influences their desire to make purchases.The study's data demonstrate that the mediation effect of customer perceived value is key.It also plays an instrumental function between IP co-branded items and consumers' decision to purchase them.Customers' perceived value also has a mark on buying motives, even though IP cobranded items themselves do.Moreover, there is an intermediary path in the same direction as the assumptions in the model of this study.

Research inspiration
Reasonable joint name, adaptive IP address selection.
Enterprises should first clarify their own suitability and consumer preferences when choosing IP co-branded brands, clarify the audience market of the IP, select products with high matching degree, respect IP copyright, give a fair price, and develop personalized plans and appropriate promotion.After the joint promotion, enterprises should properly deal with the problems caused by the heat and wave of IP joint branding and find the right time to increase the promotion to attract customers.
This paper verifies the intermediary effect of consumer perceived value, and enterprises should also consider this point when co-branding with IP.They should not only pay attention to the co-branding effect but should improve the quality of co-branded products and the perceived value brought by the products.Only by reasonably using their own advantages and marketing strategies, can the 1+1>2 effect be brought about.

Deficiency
The respondents in this study are mostly female undergraduates and college students aged 17 to 28.
Although they are more in line with the audience who often buy co-branded products, there are also senior age and male groups in the market, which is a shortcoming of this study.Likewise, this study's sample scope is somewhat restricted, limited to the social group of the researcher, while the consumer groups and scope of the co-branded product market are more diverse and broader, which also leads to the small number of samples collected, which cannot fully reflect the relevant attributes.Finally, the model of this study is relatively simple, and it does not further study the role and effect of other relevant factors on the relationship between IP co-branded products and consumers' purchase intention.
. The scarcity of IP co-branded products refers to the limited nature of the product, which can refer to the limited time for consumers to obtain the product or the limited number of available products.Belinda et al. think that scarcity factors usually have a strong influence and can positively influence consumers' purchase intention by combining different scarcity cues [14].This paper is proposing a hypothesis that states: H1: IP co-branded items greatly impact customers' propensity to buy H1a: IP co-brand awareness profoundly impacts customers' plan to buy H1b: Consumers' intentions to shop vary considerably by how closely IP co-branded brands resemble each other H1c: Customers' inclination to purchase is significantly influenced by the lack of IP co-branded items 3.1.2IP co-branded products and consumer perceived value Alex et al. think that airlines with high brand awareness would significantly affect travelers' attitude toward the perceived value of airline brands, and give back to the purchase behavior, ultimately affecting consumers' attitude toward the frequent flyer programs of airlines [10].

I 4 . 2
trust the brand very much I can recall the image of the brand quickly IP co-branded brand matching degree I think the design of the joint product is satisfactory I think the IP is very complementary to the co-brand I think the joint effect of the IP and the brand is greater than the product launched by a single IP/ brand I think the co-branded product fits the positioning of the IP/ brand Scarcity of IP co-branded products When the product is limited/limited time purchase, I consider the possibility of buying the product is highIP co-branded products IP cois limited/limited time bought, I feel it is worth the money Compared to other co-branded models, limited edition models are more attractive to me Consumer perceived value I want the co-branded products to remain at the same level as the rest of the brand Zhuang Cuiyao et al [23] I think today's co-branded products are reasonably priced I think co-branded products are more unique and novel Consumer purchase intention I will buy IP co-branded products and peripheral When buying products, co-branded products are my preference over regular products.I tend to share the products jointly launched by IP and the use of feelings to others Questionnaire survey and samples In order to obtain effective information, the questionnaire design is split into two plates based on research content: background information about respondents and their experience buying common brand products.At the same time, the questionnaire was filled out anonymously and distributed on different network platforms at different times.223 questionnaires were collected on third-party platforms such as wechat and Weibo and in target population gathering areas.The number of valid questionnaires was 181, with an actual rate of 81.17%.
values of the F-test statistics between IP co-branded brand awareness, IP co-branded brand matching degree, IP cobranded product scarcity and consumers' purchase intention are all less than 0.05, and the probability Pvalues of the regression coefficient significance T-test are all less than 0.05, indicating that H1a, H1b and H1c are all valid.

6. 4
Future prospect With the increase of social development, as well as the rise and vigorous development of the IP co-branding market, IP co-branding is increasingly valued by enterprises.To encourage the implications and consumption of IP co-branding, future research can suitably broaden the focus of the research group to explore the variables driving the shopping plans of non-audience groups.Future research could focus on the implications on extra relevant elements including perceived mood, or study the value brought by consumers' consumption

Table 2 .
Descriptive statistics of the samples.

Table 3 .
Reliability test of variables.

Table 5 .
Main effect test.

Table 6 .
Test of the impact of IP co-branded products on consumers' perceived value.

Table 7 .
The effect of a customer's perceived worth on buyer decision.

Table 8 .
Details of trials on the mediation function of consumer opinion regarding worth.

Table 9 .
Results of mediation effect test.