The role of brands in our life

A brand can be a name, a term or a symbol. It is used todifferentiate a product from competitors' products. The brands guarantee a certain quality level. Brands should add value to products. It's a synergy effect whereby one plus one equals three. But customers must believe they get extra value for money.There are different types of brands. There are what we refer to as the stand alone brands or individual brands, for example Ariel, Haagen Daaz ice-cream, Direct line insurance, or Marlboro cigarettes.