Balance sheet A financial statement that shows assets, liabilities, and net worth of a company at a given time.
Behavioral segmentation Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product.
Belief A descriptive thought that a person holds about something.
Benchmarking The process of comparing the company’s products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
Benefit segmentation Dividing the market into groups according to the different benefits that consumers seek from the product.
Brand A name, term, sign, symbol, or design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brand equity The value of a brand, based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations, and other assets such as patents, trademarks, and channel relationships.
Brand extension Using a successful brand name to launch a new or modified product in a new category.
Break-even pricing (target profit pricing) Setting price to break even on the costs of making and marketing a product; or setting price to make a target profit.
Broker A wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.
Business analysis A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.
Business buyer behavior The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. It also includes buying of goods by retailers and wholesalers for the purpose of reselling or renting them.
Business buying process The decision-making process by which business buyers establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.
Business portfolio The collection of businesses and products that make up the company.
Buyer-readiness stages The stages con¬sumers normally pass through on their way to purchase, including awareness, knowledge, liking, preference, conviction, and purchase.
Buying center All the individuals and units that participate in the business buying decision process.
By-product pricing Setting a price for by-products in order to make the main product’s price more competitive.
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