For the consumer, a brand is the sum of her or his knowledge and understanding of a product, service or company, and provides the means for exercising choice and preference. Over time, a product or service may develop in an individual's mind to become familiar, recognisable, reassuring, unique and trust inspiring - in other words, a strong brand.
From an economic viewpoint, a brand can be defined as "... a reputational asset which has been developed over time so as to embrace a set of values and attributes, resulting in a powerfully held set of beliefs by the consumer and a range of other stakeholders” (The Westminster Business School).
A successful brand is developed by identifying consumer needs, designing the brand, making it efficiently and creating a unique position for it in the market.
A successful brand is managed by monitoring lifestyle changes, exploring technological change, and measuring brand performance.
Here are four examples of what constitutes a brand (click on the logos):