The document discusses various aspects of branding including: 1. It defines what a brand is in terms of the mental associations and perceptions that consumers have regarding a product or service. 2. Brands provide value to both customers and firms. For customers, brands reduce risk and enhance satisfaction. For firms, brands improve marketing effectiveness and allow higher prices. 3. While products come and go, brands endure over time. A brand is the memory of the products and is harder to change than the products themselves. 4. Leading brands are not always the products with the best quality, but are often those that have established a superior image and alternately innovate and capitalize on their brand image over