A typical brand identity includes a brand name, positioning statement, category descriptor, organizational values, brand archetype, and the brand's key purchase factors with their tangible and emotional benefits to associate one with the brand.
A good brand name gives a good first impression, is easy to remember, and evokes positive associations with the brand. The positioning statement tells, in one sentence, what business the company is in, what benefits it provides and why it is better than the competition.
Imagine you're in an elevator and you have 30 seconds to answer the question, "What business are you in?" The category descriptor lets your customers know what "hook" to put your branding on in their mind. Linking your internal organizational values with your brand builds trust with your customers. Brand archetype and personality adds emotion, culture and myth to the brand identity by the use of a famous spokesperson (Bill Gates - Microsoft), a character (Mickey Mouse - The Walt Disney Company), an animal (the Merrill Lynch Bull) an image (NFL - National Football League), or a race track - motor speedway (NASCAR - National Association for Stock Car Auto Racing).
Brand associations are the attributes that customers think of when they hear or see the brand name. Ideally, you want customers to think of what they want from the brand (e.g., reliability and the benefits of reliability) and then associate that attribute with your brand name.