Individual branding, also called individual product branding, flanker brands or multibranding, can be defined as "a branding strategy in which products are given brand names that are newly created and generally not connected to names of existing brands offered by the company." This way, within the same company, each brand has a unique name, identity and image. Individual branding is a type of branding strategy contrasting with family branding, corporate branding, and umbrella branding, where the firm markets all of its product together, using the same brand name and identity. All kind of branding strategies are highly related to economic and social factors, as well as to the nature of business and consumers' needs.