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What is a Brand?

In: The Economy of Brands

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Listed:
  • Jan Lindemann

Abstract

Understanding and measuring the economic value creation of brands requires a clear understanding and definition of what a brand is. The word brand is derived from the old Norse word “brenna” which means to burn. By burning signs onto cattle skin farmers could demonstrate their ownership. Although the initial purpose of branding was to demonstrate the origin of an animal it quickly grew into a means of differentiation. Over time a farmer would establish a certain reputation for the quality of his cattle expressed by the branded mark on the animal.1 This enabled buyers to quickly assess the quality of the cattle and the price they were willing to pay for it. The information provided by the brand helped to guide the purchase decision. Facilitating choice is probably the most important purpose of branding in commerce. Understanding how the brand guides customer choice is crucial in defining what a brand is and what economic value it creates.

Suggested Citation

  • Jan Lindemann, 2010. "What is a Brand?," Palgrave Macmillan Books, in: The Economy of Brands, chapter 0, pages 3-8, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27501-0_2
    DOI: 10.1057/9780230275010_2
    as

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