Often referred to as a promise or expectation, a brand is the collective market understanding or perspective of a company, product, or service (either from the perspective of customers, competitors, partners, or peers). A strong brand can have considerable value in the marketplace but this value is only derived in action and does not appear on a company’s balance sheet as an asset in many countries, such as the US. Brand value is difficult to measure and there are few consistent approaches in measuring absolute value or change in value over time. In England, however, brands are given specific value on the balance sheet, where a consistent measure is employed.
The AIGA publishes a Dictionary of brand