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People often wonder what makes a brand different from a product. Quite simply, in marketing terms, products aren't brands. Products are general, while brands are something quite unique. Brand identity consists of far more than the physical product itself. It includes all the psychological features that we have learnt to associate with it. Top brands form a personal relationship with consumers; they're able to make us feel more confident, more powerful, healthier, and happier. Brands are promises and people buy that they believe in.
A brand has USPs (Unique Selling Points), specific features which set it apart from its competitors. For example, Barbie was the first doll to look like a young woman, and a metal rivet was the unique feature of Levi jeans. Both brands have had numerous imitators, but generally speaking, a 'me-too' product won't achieve the success of the one it follows.
People who say you don't need to worry about your competitors couldn't be more wrong. Competent managers have to know how to position their brand in relation to the competition, in terms of factors like price and quality of the product. Managers should relate the brand's values in a meaningful way to the consumers they have targeted. With worldwide brands this may mean changing your message from country to country, or even within one market. Coca-Cola produces a version for Japan which is sweeter than the one sold in the US. The Japanese prefer beef with a higher fat content, so McDonald's naturally obliges. Ronald McDonald's name was even changed to Donald because the Japanese have trouble saying 'r'.
The product life cycle is a familiar one in marketing. A product is launched, developed, goes through a period of growth, enters maturity, declines, and eventually dies. A top brand should go on and on if it is well manager. A brand manager is like a doctor or plastic surgeon, who can keep the brand healthy and looking fresh down the years. Brand managers must be able to identify new segments of the market, particularly when products have become mature. Coca-Cola has introduced a large number of variants to appeal to different consumers. So knowing what stage your branded product is at in this cycle may help you decide when to launch a line extension or go for a relaunch with improvements and 'added-value' features. Newer versions of cars, for instance, will come with air-conditioning as a standard feature, or they will have a facelift to modernize the look even though what's under the bonnet may stay the same.