This article develops a review of the brand concept, its value and its meaning, taking on account two of the main perspectives of consumer psychology. From a cognitive perspective, we present the central concepts that explain the way in which people develop a set of ideas and concepts about the brand, which involve a variety of meanings and valuations. In the other hand, from the behavioral perspective, the central concepts corresponding to the learning processes of the brands are presented, identifying how the consequences of the behavior of choice and the strategies of communication generate associative and operant learning, which explain the brand's value for individuals. For this purpose, the basic components of the BPM are reviewed, indicating their applications to the understanding of the brand meaning in the market context. Finally, this work is emphasizes the need to integrate methodologies in order to get more complete approximations in the comprehension of consumer's behavior.