A brand is an intangible asset made up of many elements. Together, these elements help consumers identify a product and give them reasons to buy it rather than its competitors. The brand may convey a message that the product is more effective, easier to use, better tasting, cheaper, classier, hipper, or more environmentally sound than its competitors. This is most challenging, of course, when the product is essentially identical to cheaper competitors. Advil, for example, is a brand name for ibuprofen. Through effective advertising and packaging, its parent company attempts to convince consumers that Advil’s ibuprofen is a better choice than the cheaper generic versions of ibuprofen that sit next to it on pharmacy shelves.
