This document discusses building and managing brands. It defines a brand as a customer's gut feeling about a product, service, or company. A brand is shaped by what customers say about it, not what a company says. The document introduces the concepts of branding, which empowers products with a brand's essence, and brand equity, which is the added value and favorable associations customers have towards a brand. It explains that building brand equity starts with identifying a brand promise or mantra that captures a brand's core values in 3-5 words. Developing memorable, meaningful brand elements and marketing activities can then generate awareness and positive associations to create brand equity.