Why are Brands often less well understood today than twenty years ago?

In the search for business opportunity we have allowed the essence of what a brand is to become more complex. So many people claim expertise in understanding brands. Designers, copywriters, even accounting firms, now claim expertise. This is knowledge from a narrow perspective. The old idea from Procter & Gamble in 1929 that a Brand Manager, is the General Manager of a brand has long gone. A brand is often seen as being made up of smoke and mirrors, with graphics being more important than product or price. As a result, most companies do not do the best things to optimize the financial value of the brand.