This document discusses branding and licensing. It defines key branding concepts like brand, trademark, brand identity, and brand personality. It explains how branding builds customer loyalty and financial value. Licensing is defined as allowing another company to use a brand name for a fee. Licensors grant licenses and licensees pay for rights to use the licensor's property. Licensed merchandise can include many product categories. The licensor and licensee must be careful to select brands and products that match the intended image.