Nation branding and nation brand are two different concepts. A nation has a brand image with or without nation branding. This paper examines the concept of nation branding, focusing on the central question of what is being branded. It differentiates nation branding from product branding, and draws comparisons between nation branding and product-country image. Paradoxical issues around the concept and the wider context in which nation branding can be applied are also discussed. More research is needed to find out if and how nation branding could help the economic development in a country. As many other non-marketing factors also affect a nation’s image the role played by nation branding may turn out to be only a modest one