This document discusses key concepts related to branding and brand equity. It defines what a brand is and how branding works. Brand equity is defined as the differential effect of brand knowledge on consumer response. The document lists attributes of strong brands and marketing advantages of strong brands such as improved perceptions, greater loyalty, and larger margins. It also discusses how brand equity is built, measured, and managed through elements like the brand promise, drivers of brand equity, and brand names. Common branding strategies and terms are outlined.