BRANDING is your core message while MARKETING is the activities through which you communicate it. (This inlcudes service, supply chain, management etc)
BRANDING proceeds marketing in the same way that the thoughts inside your head proceed the words you verbalize .
BRANDING is what you stand for. MARKETING is how you entice consumers to purchase.
Here's an analogy - BRANDING is the car and MARKETING is the wheels.
BRANDING is influencing market perception of a product to increase intangible value. Branding entails every experience a company creates over time associated with that product. Having a guiding brand foundation (attributes/personality/brand promise) that is part of the culture supports branding efforts.
MARKETING is sharing the product story with targeted people to generate sales.
BRAND is your identity. MARKETING is telling the story about your identity.
This last comment really brought home to me that authentic and 'integarted' branding is vital for success:
"According to Ernst & Young, up to 90% of products fail to become brands, despite US$1.5 trillion spent on marketing every year. Despite massive marketing budgets, numerous global brands with extensive reach, impressive awareness and high brand recall, have died a painful and often avoidable death."
from Brand & Communications Management