Branding is the act of changing a brand. Pretty straightforward. The problem is there is no consensus on what a brand is. We use the term freely, fluently. We use it so often it seems silly to try to define it. But that is what I am about to do.
Every brand is made up of at least three components: Why they exist, what they do, and how they do it.
Target and Walmart are a recognizable pair to compare in order to illustrate this definition.
Pretty self explanatory. These companies do the same thing. They are big-box discount retailers. They offer a similar product range, in that they offer everything.