This paper analyzes the theoretical aspect of the problematics of economic and psycho-sociological components of which a brand consists of. From a theoretical point of view, the brand was introduced through the definition of the concept and the related terms which are closely associate with it. Definitions of terms brand, identity, image and reputation are presented throughout the paper. Through the theoretical view of the history of the brand, the course of the development of this term was elaborated. Economic and psycho-sociological elements are elaborated through scientific models and examples of conducted research. This paper has also explained digital media and the way the brand exists on social networks and has also introduced few new professional terms such as storytelling, native advertising and influencer marketing. The second part of the paper is focused on the rebranding or repositioning process. This chapter elaborates most common reasons for rebranding activities, explains different kinds of rebranding and problems which organizations encounter when they launch a new brand. The research part of the paper is based on the analysis of the collected data obtained through a method of deep interviews conducted on a sample of three companies which implemented the rebranding process in Croatian market. In this paper, the term “brand” is used instead of the translated Croatian word.