What is a brand?

A brand is a person’s gut feeling about a product, service, or organization. It exists in the hearts and minds of individuals.

If Nike announced that they were opening a hotel, you’d have a pretty good guess about what it would be like. But if Hyatt announced that they were going to start making shoes, you would have NO IDEA WHATSOEVER what those shoes would be like. That’s because Nike owns a brand and Hyatt simply owns real estate.