The past year has been a challenging one for companies, chief executives and investors. For brands, all things considered, it could have been worse.
For a start, the world witnessed one of the most successful campaigns in history to create a global brand. From its mastery of the internet and brand values to its relentless discipline and organisation, the 2008 presidential campaign of Barack Obama was an object lesson to marketers.
Mr Obama's reward was to become US president, and to boost sales of his books. He did not, however, crack the BrandZ ranking of the top 100 global brands drawn up by Millward Brown Optimor for the Financial Times.
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