“But what precisely is brand risk? It has been defined in various ways, most of them too narrow. Under many risk management approaches, brand risk has no definition of its own. It is merely the by-product of a variety of other risks, such as product liability lawsuits or adverse regulatory decisions. At most it is defined as threats to brand equityâ€â€in other words, to those differentiators that cause consumers to choose one product or service over another.”