The role and valuation of brands has recently become a controversial issue. Not only is the importance of successful brands emphasized by marketing managers, some financial executives have developed a new enthusiasm for brands, having seen that their inclusion in the balance sheet enhances shareholder funds, reduces company gearing, and so facilitates further growth by acquisition. This chapter explores five key questions about brands: (1) What is a successful brand? (2) What is the value of a brand? (3) How are successful brands built? (4) What are the comparative advantages of buying brands versus building and developing them internally? and (5) What are the logic and economics behind brand-extension strategies?