A firm increases its wealth by creating value for its customers. This article proposes that the main source of wealth creation is in the "behavioral assets" of the firm, that is, the routines and competencies of the people involved. These valuable behavioral assets are located not only inside, but also outside the firm. For this reason it is not sufficient to use the individual firm as a unit of analysis when looking for the sources of the wealth of the firm; one must look at the complete value-creating network surrounding the firm. The article classifies assets into three categories: physical assets, valuable paper, and behavioral assets. These are categorized in a matrix based on the degree to which a firm may exercise control of them and on the location of the assets relative to the firm. Marketing is a major contributor to the wealth of firms, especially as this wealth is generated from behavioral assets outside the firm itself
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