This document discusses branding and marketing management. It defines a brand as a name, logo, or symbol that evokes value for customers and allows companies to charge a premium price. Branding adds emotion and trust to products and services to simplify customers' choices. It creates relationships between brands and consumers to ensure loyalty. Branded lifestyles associated with aspirational values allow brands to be extended into new categories. Branding allows premium pricing for products that are otherwise indistinguishable from generics. Key aspects of branding include brand recognition, preference, insistence, awareness, and associations with favorable images or regions.