Brands can be defined as trademarks plus associated goodwill. They are a combination of physical, functional and emotional attributes.
- Physical attributes are elements such as names, colours, logos, typefaces, advertising, packaging, smells, tastes and descriptors.
- Functional elements include elements such as ensuring recognition, simplifying the selection process, quality conformation or origin guarantee.
- Emotional elements include associations, self-expression, aspiration and reassurance.
The combination of these elements generates equity around a trademark which creates the brand. These intangible values can be extremely powerful and consequently extremely valuable. Defining what constitutes a brand or what is required in order for a brand to maintain its value is critical. Every brand valuation starts by defining what the brand is and what it is comprised of.
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