The big trend in business is to move away from being product-led to being brand-led. Product management is dead now and brand management has taken over. Consumers now buy brands that contain great products. All products differ in three ways physical differentiation, brand differentiation and relationship differentiation. Product differentiation is short lived because all innovations are plagiarized and innovators get short time differentiation advantage. Brand management aims for continuous differentiation advantages in products, services and image. But it must be kept in mind that the product should not be ignored. No brand can exist without a decent product or service. However all the best brands are not always the best products, L’Oreal has the largest share in the global beauty market however it is doubtful that they have the best products or not. Products and brands have a halo effect on each other. All brands need a flagship product to contain their identity as competition gets intense. For example Beetle for Volkswagen.