Branding creates a unique name and image for a product in the consumer's mind. It gives companies a competitive advantage. There are several branding strategies like co-branding, national brands, private brands, and generic brands. Co-branding uses two company's brands on one product. National brands carry the manufacturer's name while private brands carry the seller's name, not manufacturer. Generic brands have no brand name. Brands simplify handling, represent quality, inspire confidence, and are essential for companies to be successful in competitive markets.