The value of brands derives from the fact that they serve as a social contract between the consumer and product manufacturer. Consumers attribute product performance and quality based on their knowledge of and prior experience with the brand. This helps protect consumers and allows them to make purchasing decisions efficiently. Consequently, brand reputation determines how products perform in the marketplace; hence, brands represent a considerable value for the firms that own them. Given that brands are a critical asset for consumers, firms, and even economies and societies, they must be protected from harm.
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