A brand is a name, symbol, design, or mark .that enhances the value of a product beyond its functional purpose” (Farquhar, 1989). Because brand names enhance the value of products and are difficult for competitors to copy, brand names play a critical role in marketplace competition. “For many businesses the brand name and what it represents are its most important asset—the basis of competitive advantage and of future earnings streams. Yet, the brand name is seldom managed in a coordinated, coherent manner with a view that it must be maintained and strengthened” (Aaker, 1991).

The focus here is on value added from the consumer's perspective. Farquhar (1989) has pointed out that the brand name also adds value for the manufacturer and for the retailer. But the ability of a brand name to add value for the consumer is, of course, logically prior. A brand name adds value for the manufacturer and the retailer only because it adds value for the consumer.