I would like to add to the introduction about what a brand is. A brand is a tool for buying products. Buyers often or at least sometimes don't have complete i

I would like to add to the introduction about what a brand is. A brand is a tool for buying products. Buyers often or at least sometimes don't have complete information about the product they plan to buy. They can't examine products thoroughly before buying because they don't have the time, expertise or opportunity, even if there's a need. Brands can help here. Companies create a brand and customers trust a brand. This can work because a brand is like a promise of specific characteristics and quality. Think Coca Cola: everybody knows what to expect from a bottle even without opening and tasting before buying. Companies tend to take care of brands because they know if they misuse a brand, the brand can lose its value of helping customers buying the product. This said, however, there have been misuses of brands, or at least rent seeking. Customers are sometimes slow in pricing in the change of value of a brand. If a well-known brand for home appliance is newly being used for cheap and low-quality crap, the brand will be destroyed, but not before many buyers have been screwed over. This means that brands are not a panacea for the problem of buyer's incomplete information. Edit: The words "buy" or "company" should perhaps be better replaced by "decide for" or "group", because brands are not only helpful for buying things, but also for general decision processes of people.