It is accepted wisdom that brands add significant value to a business because they signify its differentiation for which consumers are prepared to pay a premium.

At its simplest level, the construct of a brand is that it meets the ‘wants’ of the consumer, even while the underlying product meets consumer ‘needs’. Thus, products have tangible attributes that can be evaluated sensorially. Brands, on the other hand, are perceived as having characteristics that make them relevant to the individual.