Greens07, did you just score that badge off of eBay? If so I now have the fork from that bike. Neat badge.
As to how the badges were used, it seems to be somewhat random. For the Heavyweights 46 - 64 book I've done a bunch of research and purchased far too much original catalog material, and found some neat stuff. The hardware store bikes (and likely other private re-sellers) sometimes came with some goofy badging. One catalog page I found ('48 - '50, someplace in there) shows semi-equipped Schwinns as Excelsiors and the bare-bones bikes later named "Spitfire" badged as Flying Star. And cycle distribution houses (Chicago Cycle Supply, etc) would re-badge Schwinn bikes to your taste, you could use stock badges (Marathon, American Beauty, etc) or go with your own design.
The Excelsior badge shows up all up and down the line, Phantom, etc. So no real rhyme or reason to it that I can tell.
If it hasn't been mentioned, Majestic.
Also, years back on eBay there was a neat maroon girl's Hornet with a dealer badge from Kalamazoo. Was pretty broke at the time or I would have taken a run at it. I grew up in Kalamazoo, and although I don't miss the place, I still think it would be neat to have a Schwinn badge from there. Ah, things to do.
Cheers, Geoff