Branding is a process where marketers build long-term relationships with customers by understanding their needs. It involves creating trust in a product through consistent branding elements like the name, logo, and brand promise to deliver a certain experience. Strong brands have advantages like improved perceptions, greater customer loyalty, and the ability to charge higher prices. The brand promise is the marketer's vision for what the brand stands for and how it will benefit customers through everything they see or hear about the business. Key branding elements include the name, promise, personality, and visual associations that represent the brand.