In 2011, Tata became the first Indian brand to be named in the top 50 global brands in Brand Finance’s 2011 Global 500 report, which assigned the Tata brand a value of $15.8 billion. What approaches would you use to estimate the value of brands? What assumptions underlie these approaches? As a financial analyst, what would you use to assess whether the brand value assigned by Brand Finance was a reasonable reflection of the future benefits from this brand? What questions would you raise with the firm’s CFO about the firm’s brand assets?