This document discusses branding and defines a brand as a combined effort between a company and consumer. It states that brands add emotion and trust to products and services to simplify consumers' choices. Brands help create relationships between brands and consumers to ensure loyalty. They also create aspirational lifestyles that allow brands to charge premium prices. The document discusses various aspects of branding including brand equity, awareness, preference, insistence and association. It notes that strong brands improve perceptions, loyalty, margins and marketing effectiveness.