A brand is a collection of images and ideas representing an economic producer; more specifically, it refers to the concrete symbols such as a name, logo, slogan, and design scheme. Brand recognition and other reactions are created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design, and media commentary. A brand is a symbolic embodiment of all the information connected to a company, product, or service. A brand serves to create associations and expectations among products made by a producer. A brand often includes an explicit logo, fonts, and color schemes, symbols, which may be developed to represent implicit values, ideas, and even personality.

The brand, and "branding" and brand equity have become increasingly important components of culture and the economy, now being described as "cultural accessories and personal philosophies".

Concepts

Some marketers distinguish the psychological aspect of a brand from the experiential aspect. The experiential aspect consists of the sum of all points of contact with the brand and is known as the brand experience. The psychological aspect, sometimes referred to as the brand image, is a symbolic construct created within the minds of people, and consists of all the information and expectations associated with a product or service.

Marketers engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand image may be developed by attributing a "personality" to or associating an "image" with a product or service, whereby the personality or image is "branded" into the consciousness of consumers. A brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. The art of creating and maintaining a brand is called brand management.

A brand which is widely known in the marketplace acquires brand recognition. Where brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present.

Brand equity measures the total value of the brand to the brand owner, and reflects the extent of brand franchise. The term brand name is often used interchangeably with "brand", although it is more correctly used to specifically denote written or spoken linguistic elements of a brand. In this context a "brand name" constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration.

The act of associating a product or service with a brand has become part of pop culture. Most products have some kind of brand identity, from common table salt to designer clothes.

Consumers may look on branding as an important value added aspect of products or services, as it often serves to denote a certain attractive quality or characteristic. From the perspective of brand owners, branded products or services also command higher prices. Where two products resemble each other, but one of the products has no associated branding (such as a generic, store-branded product), people may often select the more expensive branded product on the basis of the quality of the brand or the reputation of the brand owner.

Brand name and pharmacy

Prescription drugs can be a costly medical expense, especially for older people and those who are chronically ill. Depending on your prescription needs, your savings could be significant.

What’s the difference between a generic and brand-name drug?
Not much, except for name and price. A generic drug is called by its chemical name; a manufacturer assigns a brand name. The products have the same ingredients.

Brand Name Drugs
A brand name is the trade name under which the drug is advertised and sold. A new drug is protected by patent, so only one manufacturer can produce it. For this reason, brand-name drugs usually cost more than generic drugs. Once a patent expires, other companies may manufacture a generic equivalent.

Standard practice and most state laws require that a generic drug be generically equivalent to its brand-name counterpart. That is, it must have the same active ingredients, strength, and dosage form—pill, liquid, or injection. The generic drug also must be therapeutically equivalent—it must be the same chemically and have the same medical effect.

Some drugs are protected by patents and are supplied by only one company so you want find a generic product for all brand name drugs.

When you make a decision, between a brand name drug and a generic one, take in consideration the advice your doctor said and after that consider the budget you want to invest.