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Even the world’s most successful marketing companies periodically fall into the “assumption trap” where they are confident that they know enough to sell their product without pursuing new information to challenge their assumptions.

Many frequently misuse the term “brand” by interchanging it with advertising, marketing, naming or a design. These improper applications have caused much confusion as to what branding is and how it works. As such, “brand” has become a bit of a buzzword. But, what does it really mean and how does it work? Where did it all start and how can it create value? To benefit from the effects of branding, a common understanding of “brand” must first be established.