Branding presents a way in which producers express individuality, personality and image of their products and services, while using their relevant characteristics to differentiate from similar products on the market. Contemporary marketing theories define brands through tangible and intangible values. Tangible values are characteristics that can be perceived with senses (sight, taste, scent or touch), while intangibles are experiences perceived by those senses that make the consumer think the brand is a right fit, i.e. that it's appropriate for their lifestyle, status or purchasing power. The power of branding had also been recognized by merchants, so first brands appear as early as the end of the 19th century. Merchants have launched their own brands as part of their retail chains to satisfy the needs of price-sensitive customers, which enabled them to offer lower prices, expand their offer, promote stores, build reputation, increase customer loyalty and eaming a higher profit margin. Consumers have perceived merchant brands as products of low price and low quality ever since they first appeared on the market. However, this consumer perception has began to shift in the end of the 20th century, but to this day,merchant brands are still not perceived as recognizable by consumers.