It is an extremely crowded marketplace. There are tens, hundreds, thousands of businesses competing for customers. Your brand is what positions you in their mind, as the product or service they think of first.
Products have life cycles. Brands outlive products. Brands convey a uniform quality, credibility and experience. Brands are valuable. When Tata Motors bought Jaguar and Range Rover from Ford, what did they buy? Factories? Raw Materials? Employees? They paid $2.56B for the brand. When Kraft bought Cadbury for $19.5 Billion what did they buy? The chocolate? The factories? The recipes? The candy makers? No. They bought the brands.
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