This document discusses branding strategies and how to build strong brands. It defines brand equity as the effect of brand name on customer response. Brand positioning includes deciding on product attributes, benefits, beliefs and values. Important considerations for brand name selection include suggesting benefits, being memorable, distinctive, translatable and protectable. Brand sponsorship can involve manufacturer brands, private brands or licensing. Strategies for brand development include line extensions, brand extensions, multibrands and new brands. The document emphasizes managing brands by continuously communicating with target audiences and optimizing resources to engage them.