Branding is nothing but identifying a new product at the market place before its launch and also its recognition in the coming years. It involves wonderful marketing strategy and great effort to take the product to the common man.

Yes, and in branding you want to tell people who you are, what you promise, and why you are different. It is a way to get people comfortable with you because you have something quality to offer them that they want. If they are comfortable because somehow you are different and you have what they need then they will be more likely to buy your product later.

It's definitely important as it helps your company and product stand out. This is especially true in highly competitive markets such as food and clothing, take shoes for instance, Nike has achieved such great success because of their brand recognition.