Dig, as someone involved in the wholesale trade of branded consumer products for my entire life, I couldn't have said it better.
Brand (makers) names are simply a shorthand for consumers. With time we come to expect a certain "something" (quality, value, crapiness, beauty, flavour etc) from a name branded product. Even if we haven't experienced it personally, the experience of others informs us. But it is only a substitute, a shorthand, for the actual qualities that may be associated with a particular product.
Of course, for the most part, it is almost impossible for the brand to maintain the actual qualities that gave it a good name over the very long haul. Thus, those who do are held in high regard and the rest fade away.
