Advertising is often mistaken for marketing. Marketing identifies the need, the target audience and the USP. Advertising is the means of delivering the message about the USP for the product/service to the target audience.

"Branding" is the "feel good" about spending obscene amounts of money which generates no sales only to justify the existence of the VP Marketing.

Clarification: USP = Unique Selling Proposition, the statement of why your product/service is the one to choose.