Is Branding Bunkum?

"Branding" is the most overused marketing buzzword these days. Everyone keeps rabbiting on and on about their brand. But there doesn't seem to be any consensus about what branding actually is or entails.

I firmly believe that if you position your business properly, promote yourself consistently and well, keep your promises and deliver excellent products and customer service, you will be rewarded with a well regarded brand. But isn't this simply the essence of marketing?