The brand identity as a designable leadership and management concept on one side, and the brand image as a perceived acceptance concept on the other side, are the two cornerstones of the identity-oriented understanding of brands, which has been considered predominant since the mid to late 1990s. Seven approaches to capturing and describing brand identity—namely those by Aaker, Bates, Burmann, Esch, Henrion, Ludlow & Schmidt, Kapferer, and McKinsey—are presented. This is followed by a comparative evaluation of the approaches based on five criteria. In the conclusion at the end of the work, the author recommends a modified model.