Whether you're looking for an obscure phrase or your basic marketing definition, the AMA Dictionary has it all! Originating from the print version in 1995, we're always adding new terms to keep marketers up to date in the ever-evolving marketing profession.

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See Also
Acronym for Pay for Performance, also designated as PFP. Source: SEMPO
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  • PPC Advertising
  • package
    The container used to protect, promote, transport, and/or identify a product. The package may vary from a plastic band wrap to a steel or wooden box or drum. It may be primary (contains the product), secondary (contains one or more primary packages), or tertiary (contains one or more secondary packages).
    package delivery service
    A transportation service offering that requires packages to conform to specified size and weight restrictions. The packages may be moved by ground or air transportation, within a variety of delivery schedules. Prominent package delivery service carriers include Federal Express (FedEx), United Parcel Service (UPS), and the U.S. Postal Service.
    packaged good
    A good that is usually sold in smaller packages, carries a low unit price, is distributed through food and drug stores, is heavily promoted (usually in mass media), and is bought and consumed frequently.
    The process by which packages are created. Occasionally, it is used as synonymous with package.
    page view
    A request to load a single HTML page. Often used as a measure of Web site traffic.
    PageRank (PR)
    PR is the Google technology developed at Stanford University for placing importance on pages and web sites. At one point, PageRank (PR) was a major factor in rankings. Today it is one of hundreds of factors in the algorithm that determines a page?s rankings. Source: SEMPO
    paid circulation
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  • circulation
  • Paid Inclusion
    Refers to the process of paying a fee to a search engine in order to be included in that search engine or directory. Also known as ?guaranteed inclusion.? Paid inclusion does not impact rankings of a web page; it merely guarantees that the web page itself will be included in the index. These programs were typically used by web sites that were not being fully crawled or were incapable of being crawled, due to dynamic URL structures, frames, etc. Source: SEMPO
    A platform usually made out of wood, but also made out of other materials, upon which product is stacked to provide a unit load in the transportation and distribution system.
    palming off
    A practice in which a retailer represents merchandise as being made by a firm other than the true manufacturer.
    panel (omnibus)
    A sample of respondents who are measured repeatedly over time but on variables that change from measurement to measurement.
    panel (true)
    A sample of respondents who are measured repeatedly over time with respect to the same variables.
    A regression model based on the PIMS program data that relates ROI (return on investment) to a set of independent variables. PAR ROI specifies the ROI and associated cash flow that could be expected for a business with a given market position, competitive conditions, and other specified conditions. In addition to allowing a comparison of PAR (based on the businesses in the PIMS program sample used for analysis) and actual ROI, the model allows the identification of the impact on R0I that various factors (such as attractiveness of the business environment, strength of competitive position, effectiveness of use of investment, etc.) will have.
    parallel barter
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  • counterpurchase
  • parallel pricing
    The practice of following the pricing practices of other organizations, particularly competitors.
    parallel trading
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    parasite store
    A store that lives on existing traffic flow that originates from circumstances other than its own promotional effort, store personality, merchandising effort, or customer service.
    Parfitt-Collins model
    A model for predicting the market share of a new product, based on early panel data sales results. The model views market share as the product of three quantities: the brand's penetration level (i.e., proportion of buyers of this product class who try this brand), the brand's repeat purchase rate (i.e., the proportion of repurchases going to this brand by consumers who once purchased this brand), and the buying-rate index of repeat purchasers of this brand (where the average rate across consumers = 1.0. This index shows the extent to which the consumer is a relatively heavy buyer (rate > 1.0) or light buyer (rate < 1.0) of the product category). (Parfitt and Collins 1968). Panel data are used to make a projection over time for each of these quantities, from which the ultimate market share is calculated.
    partially integrated division
    This division contains production and marketing functions except for sales. Personal selling is provided by a centralized sales organization selling the products of two or more divisions. A centralized sales organization can be more cost effective when the divisions produce products that are sold to similar markets through the same channels of distribution.
    Manufactured products such as bicycle sprockets and lenses that are bought as components of other goods being produced. Parts are often sold simultaneously in industrial channels (original equipment) and in consumer channels for replacement purposes.
    parts, component
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  • component parts
  • party selling
    1. A direct selling approach that involves demonstrating and selling products to a group of consumers attending a party at a neighbor's or friend's house. 2. A practice in which salespeople arrange to have a party in a home, at which merchandise is demonstrated to a group of the host's or hostess' friends.
    pass strategy
    A public relations strategy designed to move past government policy makers, public interest groups, and other special interest gatekeepers in order to communicate directly with the public at large.
    pass up method
    A method used by salespeople to respond to a prospect objection by letting the prospect talk, acknowledging that the concern was heard, and then moving on to another topic without trying to resolve the concern.
    pass-along deal
    A seller's offer in which an item of value such as a price reduction, gift, premium, coupon, etc., is offered to the intermediary channel member with the intent that the incentive be re-offered to others in the channel.
    pass-along readers
    The members of the audience of a print media vehicle who do not subscribe to the publication but obtain their copies from people who do subscribe. They are also called secondary readers in contrast to subscribers, who are called primary readers.
    pass-through rate
    The number or percentage of sales promotion incentives offered to wholesalers or retailers by manufacturers that are extended to consumers by those channel members.
    Pass-Through Rights
    Benefits that the property allows a sponsor to transfer to another company. For example, a retail sponsor of a marathon could negotiate pass-through rights to involve vendors in pre-approved categories e.g., ones that do not compete with marathon sponsors in its marathon promotions and sponsorship even though the vendors are not sponsors of the marathon. Rights passed-through typically include sampling, hospitality and signage. Almost any sponsor will benefit from having pass-through rights. They can be used to incent on- and off-premise accounts, e.g., exchange sponsorship benefits for more shelf space and a bigger order. Pass-through rights can also be transferred from a sponsor to a property. For example, a media sponsor could allow a property to include advertising in its sponsorship package in pre-approved categories. IEG advises clients to carefully define the companies and categories to which the partner is able to give pass-through rights. Source: IEG
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  • mechanical
  • patent
    1. (product development definition) The legal right of exclusive use and license granted by a government to the person who invents something. An invention is patentable if it is a useful, novel, and nonobvious process, machine, manufacture, or composition of matter. 2. (legislative definition) Patents (and patent laws) provide the owner the exclusive right to produce and sell the invention for a period of seventeen years. Patents are considered incentives to inventors, and the law recognizes the inherent inconsistency between antitrust laws, which are designed to foster competition, and patent laws, which restrict competition.
    patent medicines
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    patronage discount
    The offering of a price reduction based on previous customer relationship or preferred customer standing. Such a discount is usually offered because of an established relationship between the seller and buyer.
    patronage dividend
    Any surplus accrued from the spread between prevailing market prices and cost of merchandise and store operation that is paid to members (of a cooperative) in proportion to their volume of purchases.
    patronage motives
    The motives that drive an individual toward selection of a particular outlet, retailer, or supplier of services.
    Pay Per Call
    A model of paid advertising similar to Pay Per Click (PPC), except advertisers pay for every phone call that comes to them from a search ad, rather than for every click-through to their web site landing page for the ad. Often higher cost than PPC advertising; but valued by advertisers for higher conversion rates from consumers who take the action step of telephoning an advertiser. Source: SEMPO
    pay per click search engine (PPCSE)
    A search engine where results are ranked according to the bid amount and advertisers are charged only when a searcher clicks on the search listing.
    pay per sale (PPS)
    An online advertising payment model in which payment is based solely based on qualifying sales.
    pay- per-lead (PPL)
    An online advertising payment model in which payment is based solely based on qualifying leads.
    pay, of salespeople
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    The time, usually in years, from the point of full scale market introduction of a new product until it has recovered its costs of development and marketing. The market testing stage is usually considered to be a part of the evaluation process (and not in the payback period), but if a market rollout is used, practice varies on when the payback period should begin.
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  • channel flows
  • payment threshold
    The minimum accumulated commission an affiliate must earn to trigger payment from an affiliate program. Affiliate merchants use this technique to control the costs of paying commissions to smaller affiliates.
    payment time and conditions
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  • price structure
  • payout budgeting
    An advertising budget method in which advertising expenses are treated as part of the investment required to establish a new product.
    pay-per-click (PPC)
    An online advertising payment model in which payment is based solely on qualifying click-throughs.
    An advertising pricing model in which advertisers pay agencies based on how many consumers see their promotions. Source: Lazworld
    An acronym meaning Personal Computer Memory Card Industry Association. Many laptop computers use these devices as modems. Source: Lazworld
    Portable Document Format. Word processing software, business applications or desktop publishing files on the Web that look exactly like the originals. Must have Adobe Acrobat Reader to view. Source: Lazworld
    PDF Files
    Adobe's Portable Document Format (pdf) is a translation format used primarily for distributing files across a network, or on a web site. Files with a .pdf extension have been created in another application and then translated into .pdf files so they can be viewed by anyone -- regardless of platform. Source: Lazworld
    penetration price policy
    A pricing policy that sets a low initial price in an attempt to increase market share rapidly. This policy is effective if demand is perceived to be fairly elastic.
    perceived-value pricing
    A method of pricing in which the seller attempts to set price at the level that the intended buyers value the product. It is also called value-in-use pricing or value-oriented pricing.
    percent-of-sales budgeting
    An advertising budget method in which advertising expenses are established as a fixed percentage of past, current, or future sales levels.
    Based on prior attitudes, beliefs, needs, stimulus factors, and situational determinants, individuals perceive objects, events, or people in the world about them. Perception is the cognitive impression that is formed of "reality" which in turn influences the individual's actions and behavior toward that object.
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  • cognition
  • perceptual threshold
    Refer to "See Also" column to the right.
    perfect competition
    A market model that assumes pure competition plus perfect knowledge, perfect freedom of movement, and perfect substitutability of the factors of production.
    performance monitoring
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  • planning
  • performance objectives
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  • planning
  • performance review
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    Perimeter Advertising
    Stationary advertising around the perimeter of an arena or event site, often reserved for sponsors. Source: IEG
    periodic inventory system
    An inventory system in which orders are placed at scheduled intervals (e.g., first day of month) but the amount of product ordered will be variable.
    peripheral route to persuasion
    One of two types of cognitive processes by which persuasion occurs. In the peripheral route, the consumer does not focus on the product message in an ad but on other stimuli such as attractive or well-known celebrities or popular music. The presence of these other stimuli may change the consumer's beliefs and attitudes about the product.
    perishable merchandise
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    permanent income hypothesis
    A hypothesis that postulates that consumption patterns are relatively stable over time, or that consumer expenditures are based on average income expectations over time.
    permission marketing
    Marketing centered around getting customer's consent to receive information from a company.
    perpetual inventory system
    A stock control system that is designed to keep continuous track of all additions and deletions to inventory.
    person marketing
    Marketing designed to influence target audiences to behave in some positive manner with respect to the positions, products, or services associated with a specific person. Comment: Attempts by an individual or organization to educate target audiences or change their attitudes about a person are not marketing.
    personal consumption expenditure
    The aggregate amount spent each year by consumers to buy goods and services from the marketplace.
    personal disposable income
    Current money income less all taxes and money spent for the purchase of necessities.
    personal finance company
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    personal goal setting
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    personal income
    1. The national income adjusted for corporate profits and government transfer payments. 2. The current income received by persons from all sources less contributions for social insurance-e.g., Social Security.
    personal influence
    The influence of one individual upon another in face-to-face interactions. It is the informal social influence transmitted among peers.
    personal interview
    A direct, face-to-face conversation between a representative of the research organization (the interviewer) and a respondent or interviewee.
    personal judgment
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    personal relationships in organizational buying
    Personal relationships in business marketing have a strong influence on organizational buying behavior. Positive or negative relationships between members of the buying and selling organizations often represent the deciding factor in supplier's choice.
    personal savings
    1. (environments definition) That part of disposable personal income that is not used for current consumption purposes. [WL/MBC] 2. (economic definition) That part of disposable personal income that is not spent on taxes or consumption.
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  • savings
  • personal selling
    Selling that involves a face-to-face interaction with the customer.
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  • promotion mix
  • personal selling activities
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    An individual's consistency in coping with one's environment. Personality is the consistent pattern of responses to the stimuli from both internal and external sources. It is this consistency of response that allows us to type people as aggressive or submissive, as obnoxious or charismatic. The particular theory or philosophy of motivation and personality held by scholars in this field colors their views, research, and even definitions of the term. Nevertheless, "a consistent pattern of responses in coping with perceived reality" is a good working definition.
    These are "people types" or sub-groups that encompass several attributes, such as gender, age, location, salary level, leisure activities, lifestyle characteristics, marital/family status or some kind of definable behavior. Useful profiles for focusing ad messages and offers to targeted segments. Source: SEMPO
    persuading current users to increase usage
    Refer to "See Also" column to the right.
    The changes in consumers' beliefs and attitudes caused by promotion communications.
    Acronym for Pay for Performance; also designated as P4P. Source: SEMPO
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  • PPC Advertising
  • phantom freight
    This occurs in basing point pricing when the seller quotes a delivered price that includes a freight charge greater than the actual transportation costs.
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  • apothecary
  • Philanthropy
    Support for a nonprofit property where no commercial advantage is expected. Source: IEG
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  • Patronage
  • physical distribution
    A concept or approach to managing the finished goods inventory of the firm. Typically it includes transportation, warehousing, inventory, and order processing functions of the firm.
    physical distribution agency
    The third party provider that supports the physical distribution objectives of the firm. This may include transportation companies, public warehousing companies, and companies that manage information flows between buyer and seller as third party intermediaries.
    physical distribution manager
    This manager (increasingly referred to as logistics manager) plans the flow of materials in a manufacturing organization (beginning with raw materials and ending with delivery of finished products to channel intermediaries or end customers) and coordinates the work of departments involved in the process, such as procurement, transportation, manufacturing, finance, legal, and marketing. In the more limited marketing sense, physical distribution management is concerned with the efficient movement of finished product from the end of the production line to customers. This is usually a staff position, reporting to corporate or division management, with the functional authority needed to coordinate the execution of distribution plans by functional departments so as to provide good customer service at acceptable cost.
    physical inventory
    An inventory determined by actual count and evidenced by a listing of quantity, weight, or measure. It is usually compiled in dollars as well as units.
    physical perceived risk
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  • perceived risk
  • physical possession
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  • channel flows
  • physiological balance
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  • homeostasis
  • physiological motives
    The needs that must be satisfied if the organism is to survive. These are the basic biological drives such as the need for food and air, relief' of pain, bowel and bladder, and other basic physiological processes. The sex drive, although driven by hormones and other biological processes, is heavily overladen with social needs and drives and hence can be classified as either a physiological or a social drive.
    physiological needs
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    physiological reaction technique
    A method of assessing attitudes in which the researcher monitors the subject's response, by electrical or mechanical means, to the controlled introduction of some stimulus.
    piecemeal processing
    A cognitive process in which an individual considers each piece of information separately in order to arrive at an evaluation. This type of processing is fairly effortful and is based on the assumption that each piece of information has some subjective value and that the individual somehow combines the pieces of information to determine the overall value. Information Processing Theory approaches traditionally assume this type of processing. Piecemeal processing is an alternative to category-based processing.
    The transportation of highway trailers or detachable trailer bodies on special rail cars designed for this service. This type of service usually involves a combination rail-highway movement of goods.
    piggyback marketing
    An arrangement whereby one manufacturer obtains distribution of products through another's distribution channels.
    The stealing of a store's merchandise.
    PIMS Program
    Operated by The Strategic Planning Institute (SPI), the PIMS Program provides individual companies with a data base describing the financial and market performance of over 2,800 businesses. Each business can extract information about the experience of their strategic peers (i.e., businesses facing similar strategic positions but possibly in different industries). Three basic sets of variables have been found to account for 75 to 80 percent of the variance in profitability and cash flow in the sample of businesses: (1) the competitive position of the business, as measured by market share and relative product quality; (2) the production structure, including investment intensity and productivity of operations; and (3) the relative attractiveness of the served market, comprising the growth and customers' characteristics.
    pioneer selling
    Selling anew and different product, service, or idea. In this situation, it is often difficult for salespeople to establish a need in the buyer's mind.
    pioneering advantage
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    pioneering innovativeness
    A strategy of trying to be the first to market new types of products. The highest order of innovativeness.
    pioneering stage
    A nonspecific period early in the life cycle of a new type of product during which the pioneers are trying to build primary demand for the product type more than secondary demand for their particular brands.
    pioneering strategy
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    pipeline effect
    The resultant of demand stimulants applied in marketing.
    place marketing
    Marketing designed to influence target audiences to behave in some positive manner with respect to the products or services associated with a specific place. Comment: Attempts by an individual or organization to educate target audiences or change their attitudes about a place are not marketing.
    place utility
    The increased usefulness created by marketing through making a product available at the place consumers want.
    planned buying
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    planned buying vs. unplanned buying
    Planned buying is purchasing activity undertaken with a problem previously recognized and a buying intention previously formed. Most organizational buying is planned buying. Unplanned buying is buying activity that occurs as a result of exposure to an advertisement or a salesperson's visit. Trial of new supplies or consumable supplies may begin as unplanned buying
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  • impulse buying
  • planned economy
    1. (economic definition) An economy in which a governmental authority decides what, when, and how much is to be produced and distributed. 2. (environments definition) An economy in which a central authority makes economic decisions, as contrasted with a market economy.
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  • market economy
  • planned obsolescence
    A product strategy that seeks new products to make prior products obsolete. It usually is applied to a product category in which annual product changes make prior years' models less desirable.
    planned stock
    The dollar amount of merchandise a buyer desires to have on hand at a given time in a certain department, merchandise classification, price line, or other control unit.
    planned urban development
    A totally conceived and supervised community including housing, retail, and business activity.
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    planning horizon
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  • planning
  • planogram
    A visual plan showing the physical allocation of product display space within a product grouping used for standardizing merchandise presentation.
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    plus-one dialing
    A technique used in studies employing telephone interviews in which a single randomly determined digit is added to numbers selected from the telephone directory.
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    A method of publishing audio files to the Internet for playback on mobile devices and personal computers. Source: Lazworld
    point of diminishing return
    That point at which total production begins to increase at a decreasing rate with successive application of inputs.
    point of negative return
    That point at which total production decreases absolutely with successive applications of inputs.
    point of sale transfer
    Payment for retail purchases by using an electronic funds transfer card.
    point size
    The unit of measure of printing type. One point is 1/72 of an inch. The most easily read body copy is presented in 10- or 12-point type.
    point system
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    point-of-purchase (POP)
    Promotional materials placed at the contact sales point designed to attract consumer interest or call attention to a special offer.
    point-of-purchase advertising
    Advertising usually in the form of window and/or interior displays in establishments where a product is sold to the ultimate consumer.
    point-of-purchase display
    On- and off-shelf display material or product stocking generally at the retail level that is used to call special attention to the featured product. It is sometimes referred to as point-of-sale display.
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  • display
  • point-of-sale (POS)
    A data collection system that electronically receives and stores bar code information derived from sales transactions.
    point-of-sale display
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    Poisson process
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    polarity of retail trade
    A trend in retailing that indicates that the predominant retailing institutions are on one hand (pole) mass distribution outlets and, on the other hand (pole), specialty, single line, boutique type retail institutions.
    policy adjustment
    An exception to the usual complaint adjustment practice or policy that is made nevertheless for the purpose of retaining the customer's goodwill.
    political environment
    The government/business surroundings that affect and shape market opportunities, including government's role as both a controller through legislation and regulation and as a customer of business.
    political marketing
    Marketing designed to influence target audiences to vote for a particular person, party, or proposition. Attempts by an individual or organization only to educate or change attitudes are not political marketing.
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  • lobbying
  • political risk
    The risk of change in government policy that would adversely impact a company's ability to operate effectively and profitably.
    political unification
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  • political union
  • political union
    The final stage in economic integration encompassing an economic union and political unification.
    Befouling the pure state of the environment. A workable definition of pollution is dependent on the public's decision as to what use it wants to make of its environment.
    polycentric orientation
    The unconscious bias or belief that it is necessary to adopt totally to local culture and practice. It is a host country orientation in management.
    polycentric pricing policy
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    A trade area whose boundaries conform to streets, political boundaries, and other physical characteristics rather than being concentric circles.
    A group of commercials for a product or service that an advertiser has ready for use as part of an advertising campaign.
    pooled buying
    The practice of independent merchants informally pooling their orders.
    A process of combining shipments that are consigned to the same destination. This service, often provided by a third party provider, improves physical distribution productivity in the handling of multi-unit shipments.
    A commercial written in a fashion similar to an earlier commercial in an advertising campaign.
    One of several criteria used by search engines to determine ranking in search results. Popularity refers to the number of other Web sites on the Internet that link to a particular site.
    The totality of cases that conforms to some designated specifications.
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  • census
  • population characteristics
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  • census tract
  • pop-under ad
    An ad that displays in a new browser window behind the current browser window. Pop-under ad windows typically are smaller and do not offer the standard navigation tools of a standard browser window.
    pop-up ad
    An ad that displays in a new browser window. Pop-up ad windows typically are smaller and do not offer the standard navigation tools of a standard browser window.
    A site featuring a suite of commonly used services, serving as a starting point and frequent gateway to the Web (Web portal) or a niche topic (vertical portal).
    1. (advertising definition) A collection of the best creative work done by an art director or copywriter, used in job interviews to demonstrate the individual's talent, skill, and experience. 2. (product development definition) A set of things that are developed and/or marketed in relationship to each other. It most often is applied to that group of projects currently active in a research laboratory, but may apply to all new projects underway.
    portfolio analysis
    More diversified companies are more usefully considered as being composed of a portfolio of strategic business units (SBUs). Portfolio analysis is used to assess needs and to allocate resources in recognition of differences in the contributions of different SBUs to the achievement of corporate objectives for growth and profitability. Portfolio analyses are often performed using models that classify SBUs and product-markets within a two dimensional matrix in which one dimension represents the attractiveness of the market and the other dimension the strength of competitive position. The position of the SBU within the matrix has direct implications for the generic investment strategy of the business-that is, whether it is appropriate to have an investment strategy/build strategy, hold strategy, harvesting strategy, or divest strategy. Some of the best known models for portfolio analysis include the Boston Consulting Group's growth-share matrix and General Electric's market attractiveness-competitive position matrix.
    portfolio investment
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    portfolio management
    The arrangement of investments so as to achieve a balance of risks and rewards acceptable to the investor. The term can be applied to a global product portfolio.
    portfolio models
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  • point-of-sale
  • Position
    In PPC advertising, position is the placement on a search engine results page where your ad appears relative to other paid ads and to organic search results. Top ranking paid ads (high ranking 10 to 15 results, depending on the engine) usually appear at the top of the SERP and on the "right rail" (right-side column of the page). Ads appearing in the top three paid-ad or Sponsored Ad slots are known as Premium Positions. Paid search ad position is determined by confidential algorithms and Quality Score measures specific to each search engine. However, factors in the engines? position placement under some advertiser control include bid price, the ad's CTR, relevancy of your ad to searcher requests, relevance of your click-through landing page to the search request, and quality measures search engines calculate to ensure quality user experience. Source: SEMPO
    position analysis
    The analysis of existing products including the manufacturing program of the present company and of the subsidiaries, analysis of competitors' market shares, a technical and economic evaluation of all products in comparison with competitors' products, assessment of manufacturing capacity, assessment of sales capacity in the field and in the home organization, appraisal of product knowledge within the group, analysis of custom duties and tariffs, and some study of innovations to be expected in the future.
    position description
    A written description that helps the incumbent of a position know what is expected of him or her. It includes the organizational unit, position title, purpose of the position, reporting relationships, duties and responsibilities, and authority (if any).
    Position Preference
    A feature in Google AdWords and in Microsoft adCenter enabling advertisers to specify in which positions they would like their ads to appear on the SERP. Not a position guarantee. Source: SEMPO
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    positioning analysis
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    positive disconfirmation
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  • disconfirmation
  • positive reference group
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  • reference group
  • positive valence
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  • attitude
    A decision support system for making product design decisions. The approach uses conjoint analysis to identify the relation between the attributes possessed by a product and the desirability of that product, for each of a set of potential customers. In a second step, the level of market demand for any potential product is estimated by aggregating the individual preference models across customers. An optimization routine then reveals the most desirable product (or products) in terms of some specific management objective (e.g., maximizing incremental market share). This objective may take into account the presence of specific other products in the market and/or any cannibalization effect of the new product on specific existing products. Finally, the market segment most attracted to this optimal new product is identified.
    possession utility
    The increased usefulness created by marketing through making it possible for a consumer to own, use, and consume a product. It is also called ownership utility.
    post buy analysis
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    post exchange
    A retail store operated by the armed forces primarily for the convenience of military base personnel and their families. It is also called a PX.
    post-buy analysis
    A comparison of the actual advertising schedule run to the original expectations of the schedule as purchased, considering adherence to buy specifications, actual audience achieved as measured by audience ratings services when available, and conformity to standard industry practices.
    postindustrial society
    A concept referring to the next stage in our societal evolution in which the production of knowledge will be our major activity and most of the employment opportunities will be in the service sector.
    postindustrialized country
    Characteristics of this type of an economy are (1) the importance of the service sector is to the extent of more than 50 percent of the GNP; (2) the crucial importance of information processing and exchange; and (3) the ascendancy of knowledge over capital as the key strategic resource; of intellectual technology over machine technology; of scientists and professionals over engineers and semiskilled workers; and of theory and models over empiricism.
    postpone method
    A method used by salespeople to respond to prospect objections by asking permission to address the prospect's concerns at a later time.
    1. (channels of distribution definition) This concept holds that changes in the form and identity of a product and inventory location should be shifted to the latest possible point in the marketing process in order to reduce the costs of the marketing system. 2. (physical distribution definition) An economic term used to describe a strategy whereby the seller postpones any customization of the product until a firm demand is received from the buyer. A common example would be when the consumer buys paint that is custom mixed at the hardware store after the order is placed by the customer.
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  • speculation
  • postpurchase costs
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  • buyers\' costs
  • post-purchase dissonance
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    post-purchase evaluation
    The evaluation of a product or service after consumption. This may involve remorse as well as the feeling of satisfaction or dissatisfaction.
    post-sale service
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  • service
  • post-testing
    The testing of advertising effectiveness after the audience is exposed to the advertising in the marketplace.
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  • copy research
  • potential rating index for zip markets (PRIZM)
    A data base combining Census data, nationwide consumer surveys, and interviews with hundreds of people across the country into a geodemographic segmentation system.
    potential value
    A measure of unrealized opportunity - how much of the customer's share-of-wallet is going to competitors, spending potential is treatment is modified and how much you could expect to grow the customer. Note: Break down potential value by product or service category. If potential exists across a customer's overall portfolio, but you don't know where specifically that opportunity exists, it is difficult to capture new business.
    poverty level
    The poverty level is based solely on money income and updated every year to reflect changes in the consumer price index; it reflects the consumption requirements of families based on their size and composition. It is used to classify families as being above or below the poverty level.
    PPC Advertising
    Acronym for Pay-Per-Click Advertising, a model of online advertising in which advertisers pay only for each click on their ads that directs searchers to a specified landing page on the advertiser's web site. PPC ads may get thousands of impressions (views or serves of the ad); but, unlike more traditional ad models billed on a CPM (Cost-Per-Thousand-Impressions) basis, PPC advertisers only pay when their ad is clicked on. Charges per ad click-through are based on advertiser bids in hybrid ad space auctions and are influenced by competitor bids, competition for keywords and search engines proprietary quality measures of advertiser ad and landing page content. Source: SEMPO
    PPC Management
    The monitoring and maintenance of a Pay-Per-Click campaign or campaigns. This includes changing bid prices, expanding and refining keyword lists, editing ad copy, testing campaign components for cost effectiveness and successful conversions, and reviewing performance reports for reports to management and clients, as well as results to feed into future PPC campaign operations. Source: SEMPO
    pragmatic validity
    An approach to validation of a measure based on the usefulness of the measuring instrument as a predictor of some other characteristic or behavior of the individual; it is sometimes called predictive validity or criterion related validity.
    The activities preceding the sales call that include prospecting, collecting information, and planning the sales presentation.
    predatory pricing
    The practice of selectively pricing a product below that of competition so as to eliminate competition, while pricing the product higher in markets where competition does not exist or is relatively weaker.
    predictive validity
    Refer to "See Also" column to the right.
    predisposed to buying stage
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    preemptive pricing
    The practice of setting prices low so as to discourage competition from entering the market.
    Refer to "See Also" column to the right.
    preferential tariff
    A reduced tariff rate applied to imports from certain countries.
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  • tariff system
  • preindustrialized country
    The characteristics exhibited by this group of countries are (1) low literacy rates and high percentage of employment in agriculture; (2) low population density and low degree of urbanization; (3) linguistic heterogeneity and a small percentage of working age population; (4) industrial sectors virtually nonexistent and undeveloped; and (5) heavy reliance upon foreign sources for all manufactures and principal engagement in agricultural endeavors.
    The price marking by the manufacturer or other supplier before goods are shipped to a retail store. It is also called prepricing.
    premium (1)
    1. (retailing definition) Merchandise offered at a lower price, or free, as an additional incentive for a customer to make a purchase. 2. (sales promotion definition) An item of value, other than the product itself, given as an additional incentive to influence the purchase of a product.
    premiums (2)
    Souvenir merchandise, produced to promote a sponsor's involvement with a property (customized with the names/logos of the sponsor and the property). Source: IEG
    prepaid rate
    A transportation charge that is paid before a shipment is delivered, usually by the shipper or seller.
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  • premarking
  • preprint
    An advertisement printed at the retailer's expense and distributed as a free standing insert with a newspaper.
    preprint advertising
    Any advertising material printed ahead of a publication's regular press run, often on a printing press other than the regular publication press. The preprint advertising is inserted into the publication during its regular printing and binding process. Preprint advertising includes a variety of approaches, including multipage inserts, free standing inserts, reply cards and reply envelopes, and ads printed on a paper stock that is different from the paper stock on which the publication is printed.
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  • run-of-press
  • prepurchase expectations
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    The practice of determining prices and placing them on a copy of the purchase order at the time that goods are bought (orders placed).
    pre-sale service
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  • service
  • presentation, sales
    The core of the personal selling process in which the salesperson transmits the information about the product and attempts to persuade the prospect to become a customer.
    Presenting Sponsor
    The sponsor that has its name presented just above or below that of the sponsored property, e.g., "The Kroger Senior Classic presented by Fifth Third Bank," or "The Music of Andrew Lloyd Webber presented by Lexus" or "AT&T presents Cirque du Soleil." In presenting arrangements, the Event name and the Sponsor name are not fully integrated since the word(s) "presents" or "presented by" always come between them. Source: IEG
    press clipping bureau
    A service organization that monitors a wide range of media sources (newspapers, magazines, television and radio talk shows and newscasts) in order to collect and log mentions of the publicist's product, service, or organization.
    press conference
    The convening of representatives of the media by a person or organization to explain, announce, or expand on a particular subject.
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  • event creation
  • press party
    The convening of representatives of the media at a social event to distribute information or material for possible future use or to influence their opinion of the sponsoring organization.
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  • event creation
  • prestige needs
    Refer to "See Also" column to the right.
    The use of a questionnaire (or observation form) on a trial basis in a small pilot study to determine how well the questionnaire (or observation form) works.
    pre-test market-based models
    Refer to "See Also" column to the right.
    The testing of the potential communication effectiveness of advertising messages before they are exposed to audiences as part of a regular media schedule. Advertisers often expose versions of advertising messages that are under development to small samples of audience members to examine the extent to which the intended message is likely to be conveyed.
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  • copy research
  • pre-testing
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  • copy testing
  • price
    The formal ratio that indicates the quantities of money goods or services needed to acquire a given quantity of goods or services.
    Price Adjusters
    Market factors identified by IEG that increase or decrease the value of a sponsorship. These can include the value of a sponsor?s promotional commitment, the number of saleable categories purchased and the length of the contract. Source: IEG
    price awareness
    The degree to which buyers are knowledgable of the prices of alternative products and services that they are interested in buying.
    price bundling
    The practice of offering two or more products or services for sale at one price.
    price code
    A symbol or code placed on a price ticket or bin ticket to indicate the cost price of an item.
    price competition
    The rivalry among firms seeking to attract customers on the basis of price, rather than by the use of other marketing factors.
    price consciousness
    The degree to which buyers are sensitive to differences in price between alternative choices. Generally, a price-conscious person seeks to minimize the price paid for an item.
    price control
    A legal limitation placed on market prices by a government.
    price cutting
    The practice of reducing the prices of established products or services.
    price discrimination
    The practice of charging different buyers different prices for the same quantity and quality of products or services.
    price elasticity of demand
    A measure of the sensitivity of demand to changes in price. It is formally defined as the percentage change in quantity demanded relative to a given percentage change in price.
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  • elastic demand
  • price fixing
    The practice of two or more sellers agreeing on the price to charge for similar products or services.
    price guarantee
    The practice of vendors offering their customers guarantees against price declines.
    price guideline
    A suggested target for price levels directed at marketers by government officials.
    price leader
    1. (pricing definition) In competitive situations, the seller who normally initiates price changes in the market. 2. (retailing definition) An item of merchandise priced abnormally low for the purpose of attracting customers.
    price leadership
    The practice in an industry of recognizing and adopting the price established by one or more members of the industry.
    price lining
    1. (pricing definition) The offering of merchandise at a number of specific but predetermined prices. Once set, the prices may be held constant over a period of time, and changes in market conditions are adapted to by changing the quality of the merchandise. 2. (retailing definition) A limited number of predetermined price points at which merchandise will be offered for sale-e.g., $7.95, $10.95, $14.95.
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  • size lining
  • price maintenance
    The determination by the manufacturer of the price at which an identified item shall be resold by wholesalers and/or retailers.
    price model
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    price off
    A stated reduction in the price of a product generally offered by the manufacturer and printed directly on the product package.
    price per statistical unit
    Prices per statistical unit are needed by marketers who sell the same product in different packages, sizes, forms, or configurations at a variety of different prices. As in analyses of different channels, these product and price variations must be reflected accurately in overall average prices. If they are not, marketers may lose sight of what is happening to prices and why. Source: The MASB Common Language Project. http://www.themasb.org/common-language-project/ http://en.wikipedia.org/wiki/Unit_price
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  • unit price
  • price premium
    Price premium is the percentage by which a product's selling price exceeds (or falls short of) a benchmark price. Source: The MASB Common Language Project. http://www.themasb.org/common-language-project/ http://en.wikipedia.org/wiki/Price_premium
    price promotion
    The advertising of a price for a product or service. Usually, the price being promoted is a reduction from a previously established price and may take the form of a lower price, a coupon to be redeemed, or a rebate to be received.
    price sensitivity meter
    A research method for establishing the range of prices that buyers are willing to pay for a product or service.
    price structure
    A price structure includes the time and conditions of payment, the nature of discounts to be allowed the buyer, and where and when title is to be taken by the buyer.
    price thresholds
    The lowest and highest prices that buyers are willing to pay for a particular good or service.
    price-quality relationship
    The degree to which product or service quality covaries with price.
    primary advertising
    An approach to the advertising message that emphasizes the basic attributes of the product category. This approach is usually employed by trade associations in an attempt to build demand for all the competing brands in the product category and to enhance the image of the industry involved.
    primary buying motive
    The motive that induces an individual to buy a certain kind or general class of article or service, as opposed to the selection of brands within a class.
    primary data
    The information collected specifically for the purpose of the investigation at hand.
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  • secondary data
  • primary demand
    The demand for a general product category, as contrasted with the demand for a branded product marketed by a firm.
    primary metropolitan statistical area (PMSA)
    An area of at least one million people that includes a large urbanized county or a group of counties that have strong economic and social ties to neighboring communities.
    primary package
    Refer to "See Also" column to the right.
    primary readers
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    Primary Sponsor
    Refers to sponsor paying the largest fee and receiving largest package of benefits when property has no title or presenting sponsor, according to IEG. Source: IEG
    primary trade zone
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  • analog approach
  • principal
    A person or firm who empowers another person or firm to act as the person's or firm's representative or agent.
    privacy policy
    A written document from a company that defines the intended use for customer data, including names, contact information, purchase behavior, etc. The privacy policy arose in the Internet space as a result of customer concerns about data privacy, specifically when companies would sell customer data and e-mail addresses to third parties.
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  • spam
  • private carrier
    A corporate-owned and corporate-managed transportation capability. Private carriage usually refers to trucking, but corporate ownership of other modes is also found in rail and water transportation.
    private label
    1. (product development definition) A brand that is owned by the product's reseller rather than by its manufacturer. In rare instances, the reseller may be the manufacturer as well. The term is often associated with (1) advertised brand versus unadvertised brand (a private brand is most often unadvertised) and (2) national brand versus regional brand or local brand (a private brand is usually less than national). These distinctions have become clouded by large retail and wholesale organizations (e.g., Sears, Kroger, Kmart, Ace) who advertise their private brands and market them nationally and internationally. 2. (retailing definition) Abrand name or label name attached to or used in the marketing of a product other than by the product manufacturers; usually by a retailer.
    private nonprofit marketer
    A nonprofit marketer incorporated privately. Comment: Nonprofit marketers collectively have been defined as the third sector or the independent sector.
    private sector
    The economic activities that are outside the so-called public sector, or those activities that are independent of government control. They are usually, but not exclusively, carried on for profit.
    privity of contract
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    The reward structure of cash and/or merchandise offered in a contest, game, or sweepstakes sales promotion.
    Refer to "See Also" column to the right.
    proactive moves
    Refer to "See Also" column to the right.
    proactive pricing
    The managerial practice of deliberately analyzing the factors that influence prices before setting prices. Normally, a proactive pricer establishes specific objectives to be accomplished by the prices and then proceeds in the development of specific prices.
    probability mixture model
    A stochastic model for representing the behavior (e.g., brand choice or media viewing) of a set of individuals. This type of model is characterized by two components. First, a particular family of probabilistic models (such as a Poisson process) is selected to represent the behavior of any single individual (for example, the number of product purchases made by the individual). Second, there is an explicit realization that individuals differ from each other (heterogeneity). That is, a distribution is selected to represent the variation across individuals in the particular probabilistic model followed, within the family of models noted above. (For example, the Poisson purchase rate varies from individual to individual.) Probability mixture models have been used to predict brand choice, product purchase, and media viewing patterns over time.
    probability sample
    A sample in which each population element has a known, nonzero chance of being included in the sample.
    A question or verbal expression made by a salesperson to elicit information from a customer.
    probit model
    A probabilistic model for representing the brand choice behavior of individuals. On any choice occasion the individual is assumed to choose the item for which he or she has the highest preference. Over repeated choice occasions preferences are assumed to have a probabilistic component. For the probit model this random component of preference, for the set of items being considered, is taken to have the multivariate normal distribution (Thurston 1927). The model can be used to predict choice probabilities (or market share, as an average of these probabilities) based on the distribution of preference levels, and also to link average preference to attributes of the items being chosen (Currim 1982; Daganzo 1979). Unlike the logit model, probit does not require that Luce's Choice Axiom hold, which is sometimes seen as an appealing feature of probit. On the other hand, this feature comes at the cost of significant additional computational complexity and more parameters to estimate, relative to the logit model.
    problem child
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    problem recognition
    This occurs when consumers notice the current state of affairs is not the ideal or desired state, thus creating a motivation to achieve a goal. It is the beginning of consumer decision making.
    problem recognition, in organizational buying
    The recognition that the current product or service can be replaced by a better product or service or that a cheaper way to operate exists. It is followed by a search for information and evaluation of whether new purchases are justified. Problem recognition may be stimulated internally (by a value analysis or audit, for example) or externally (by exposure to an advertisement or by a salesperson's visit).
    problem solution approach
    A selling approach in which the salesperson identifies the customer's problems and several alternative solutions, then analyzes the advantages and disadvantages of the solution and helps the customer select the best option.
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  • SPIN
  • process specifications
    Refer to "See Also" column to the right.
    processed materials
    Manufactured materials that have been partially processed before reaching an ultimate producer. In contrast to component parts, they must be processed further before becoming part of a finished product. Examples are steel, cement, wire, and textiles.
    The function in the material acquisition cycle from the time an item is requisitioned until it is delivered. It includes responsibility for selection of vendor, negotiation of price, and assurance of quality and delivery; it may also include responsibility for transportation, receiving, inspection, and inventory control. It is a function usually performed by the purchasing department.
    producer market
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    producer price index
    A monthly price index of about 2,800 commodities prepared by the U.S. Bureau of Labor Statistics, formerly known as the wholesale price index.
    producers' cooperative marketing
    A type of cooperative marketing that primarily involves the sale of products of the membership. It may perform only an assembly or brokerage function, but in some cases, notably milk marketing and citrus fruits, it extends into processing and distribution of the members' output.
    producers' goods
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    1. A bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms. Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. (2) Occasional usage today implies a definition of product as that bundle of attributes for which the exchange or use primarily concerns the physical or tangible form, in contrast to a service, in which the seller, buyer, or user is primarily interested in the intangible. Though to speak of "products" and "services" is convenient, it leaves us without a term to apply to the set of the two combined. The term for tangible products is goods, and it should be used with services to make the tangible/ intangible pair, as subsets of the term product.
    product adaptation
    The strategy of developing new products by modifying or improving on the product innovations of others. This contrasts with the strategies of pioneering and imitation.
    product adoption process
    The sequence of stages that individuals and firms go through in the process of accepting new products. The stages vary greatly in usage, but tend to include (1) becoming aware of the new product, (2) seeking information about it, (3) developing favorable attitudes toward it, (4) trying it out in some direct or indirect way, (5) finding satisfaction in the trial, and (6) adopting the product into a standing usage or repurchase pattern.
    product and business portfolio models
    Portfolio models of products, market segments, or businesses, not unlike the financial portfolio models, are designed to help allocate resources among the portfolio units (e.g., stocks, products, businesses) and select an optimal portfolio. In marketing, product and business portfolios have included standardized portfolio models (e.g., BCG growth-share matrix, the McKinsey/ GE market attractiveness-competitive position matrix, A. D. Little Business Profile Matrix, and Shell International Directional Policy Matrix), marketing driven modified financial portfolio models (e.g., modified risk return and stochastic dominance models), and customized portfolio models (e.g., conjoint analysis-based simulation models or an analytic hierarchy process-based approach). Whereas the standardized models offer no more than product or business classification systems, the customized models and more recent hybrid models (combining models from the three classes-the McKinsey/GE with stochastic dominance and analytic hierarchy process) can provide operational guidelines for resource allocations.
    product approach
    A method used by salespeople to approach prospects in which salespeople demonstrate the product features and benefits as they walk up to the prospects.
    product assortment
    The collection of products (items, families, lines) that comprise the offering of a given seller. Though sometimes thought to be only a collection of categories of products, more common usage makes the term similar to product mix. Product assortment is used more by resellers; product mix more by manufacturers.
    product attributes
    The characteristics by which products are identified and differentiated. Product attributes usually comprise features, functions, benefits, and uses.
    product benefit
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  • benefit
  • product
  • product brand
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  • brand
  • product champion
    A person who takes an inordinate interest in seeing that a particular process or product is fully developed and marketed. The role varies from situations calling for little more than stimulating awareness of the item to extreme cases in which the champion tries to force the item past the strongly entrenched internal resistance of company policy or that of objecting parties.
    product class
    A group of products that are homogeneous or generally considered as substitutes for each other. The class is considered as narrow or broad depending on how substitutable the various products are. For example, a narrow product class of breakfast meats might be bacon, ham, and sausage. A broad class would include all other meat and meat substitutes even occasionally sold for breakfast use.
    product concept
    A verbal or pictorial version of a proposed new product. The concept consists of (1) one or more benefits it will yield, (2) its general form, and (3) the technology used to achieve the form. A new product idea becomes a concept when it achieves at least one benefit and either the form or the technology. Further work in the new product development process gradually clarifies and confirms those two and adds the third. A concept becomes a product when it is sold successfully in the market place; prior to that, it is still undergoing development, even if marketed.
    product decision
    Refer to "See Also" column to the right.
    product decision model
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    product deletion
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  • abandonment
  • product demonstration
    Refer to "See Also" column to the right.
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  • event creation
  • product design models
    Optimal product design models are often based on consumers' perceptions and preferences data and have typically been formulated in the context of multidimensional scaling methods or conjoint analysis. In the latter case, simulation and various optimization programs have been used.
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  • product development
    Refer to "See Also" column to the right.
    product differentiation
    One or more product attributes that make one product different from another. The differentiation may or may not be favorable, and thus constitute a differential advantage. The difference may or may not be promoted to the consumer.
    product elimination
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  • abandonment
  • product evolution
    The gradual change in a product, as it is modified by its seller, to keep it competitive or to permit it to enter new markets. It is similar to the patterns of evolution in nature.
    product feature
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  • feature
  • product
  • product form
    The physical shape or nature of a good or the sequential steps in a service. Form is provided by one or more technologies and yields benefits to the user; for example, many technologies are used to make a front-wheel drive form of an automobile. Products of the same form make up a group within a product class (e. g., all front-wheel drive automobiles). Differences in form of service separate discount stock brokers and full-service stock brokers.
    product hierarchy
    An organizational chart type of array of the products offered in a given market, breaking first into product class, then product form, then variations on form, then brand. For the transportation market, the top layer is broken into cars, trucks, buses, etc. The second layer breaks cars by form (sedans, station wagons, convertibles), trucks by form (semi, heavy duty, pick-up), etc. The third layer breaks each of these class/form groupings one more time, for example showing automobile sedans as two-door, four-door, etc. The fourth layer breaks each of these smaller groups into brands (Ford, Chevrolet, etc.). There are various options within these product hierarchy dimensions, so that the array can be designed to fit the needs of the analyst. The hierarchy concept fits services as well as it does goods.
    product idea
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  • product concept
  • product innovation
    1.The act of creating a new product or process. It includes invention as well as the work required to bring an idea or concept into final form. (2) A particular new product or process. An innovation may have various degrees of newness, from very little to highly discontinuous, but that must include at least some degree of newness to the market, not just to the firm.
    product introduction
    The first stage of the product life cycle, during which the new item is announced to the market and offered for sale. Most methods of market testing are considered pre introduction, but many marketers call the market rollout an introduction because of the commitment implied in the method. If successful during the introduction, the new product enters the second (growth) stage.
    product liability
    1.(legislation definition) Product liability is concerned with injuries caused by products that are defectively manufactured, processed, or distributed. Liability for such injuries attaches to all members of the distributive chain from manufacturers to retailers. 2. (product development definition) The obligation a seller incurs regarding the safety of a product. The liability may be implied by custom or common practice in the field, stated in the warranty, or decreed by law. If injury occurs, various defenses are prescribed by law and judicial precedent. Sellers are expected to offer adequate instructions and warnings about a product's use, and these, too, have precise legal bases.
    product life cycle
    1.(product development definition) (from biology) The four stages that a new product is thought to go through from birth to death: introductory, growth, maturity, and decline. Controversy surrounds whether products do indeed go through such cycles in any systematic, predictable way. The product life cycle concept is primarily applicable to product forms, less to product classes, and very poorly to individual brands. 2. (strategic marketing definition) This describes the stages in the sales history of a product. The product life cycle (PLC) has four premises: (1) that products have a limited life; (2) that product sales pass through distinct stages, each stage having different implications for the seller; (3) that profits from the product vary at different stages in the life cycle; and (4) that products require different strategies at different stages of the life cycle. The product life cycle has four stages: (1) introduction-the slow sales growth that follows the introduction of a new product; (2) growth-the rapid sales growth that accompanies product acceptance; (3) maturity-the plateauing of sales growth when the product has been accepted by most potential buyers; and (4) decline-the decline of sales that results as the product is replaced (by a substitute) or as it goes into disfavor.
    product line
    A group of products marketed by an organization to one general market. The products have some characteristics, customers, and/or uses in common, and may also share technologies, distribution channels, prices, services, etc. There are often product lines within product lines.
    product line optimization
    Models to establish the optimal product line (in terms of number of products and their specific characteristics and positioning) have been typically developed in the context of conjoint analysis and have taken two forms: (1) buyer's welfare models (how to maximize the buyer's utility, utilizing, for example, integer programming or search heuristics); and (2) seller's welfare models that involve the selection of the best set of products to maximize the profits of the firm, utilizing, for example, dynamic programming or search heuristics. For a review of these approaches and a particular example that has been applied, see Green and Krieger (1985).
    product management organization
    Product managers or brand managers are responsible for developing marketing plans, coordinating implementation of the plans by the functional departments, and monitoring performance of their assigned products. Product managers report to the marketing manager unless there are large numbers of them, in which case they report to an intervening level of supervision such as the group product manager or category manager. The terms product management and product manager are interchangeable with brand management and brand manager. Comment: The advantage of this form of organization is that each product receives the full attention of one person responsible for its success. The disadvantage is that the product manager has no authority over the functional departments that design, produce, finance, distribute, sell, and service the product. Yet the system works well enough that it is widely used by multiproduct companies.
    product manager
    1.(organization definition) This manager is responsible for the planning, coordination, and monitoring of performance of a product in a multiproduct company or division. The product manager reports to the marketing manager or (if there are numerous product managers) to an intervening level of supervision such as group product manager or category manager. Some multibrand companies use the term brand manager rather than product manager to denote this position. Note: Because the product manager does not have line authority over the functional units that execute plans, this manager's success in achieving product goals (e.g. sales, profits, and market share) is largely dependent on his/her expert knowledge and persuasive ability. Types of functional units with which the product manager has working relationships include research and development, engineering, production, physical distribution, packaging, finance, marketing research, sales, advertising, and sales promotion. The product manager may be the principal point of contact between marketing management and the advertising agency. Although it is the exception rather than the rule, new product development may be an added responsibility of the product manager. If so, it is usually limited to product improvement or product line extension. 2. (product development definition) A person charged with one or more products or brands. Most often, a product manager is responsible for formulating and implementing the marketing goals and strategies for commercialized products. In some cases, however, a product manager also may be responsible for new product development. As a rule, a product manager must coordinate the efforts of various disciplinary specialists, e.g., manufacturing, sales and marketing research.
    product mix
    The full set of products offered for sale by an organization. The product mix includes all product lines and categories. It may be defined more narrowly in specific cases to mean only that set of products in a particular product line or a particular market.
    product modification
    The altering of a current product so as to make it more appealing to the market place. This contrasts with creating a line extension and with repositioning a current product, both of which can be used to achieve the same purpose.
    product performance tracking
    A process for tracking the performance of a commercialized product in the market. The specific factors that are tracked depend on the product's marketing strategy. Typically, these factors are measured: sales, share of the market, consumer awareness, advertising effectiveness, and customer satisfaction.
    product planning
    A term of many meanings, but generally it is used to designate a staff position charged with part or all of the task of managing product innovation within an organization. In some firms, it also includes acquisition of products or processes.
    product planning manager
    In a functionally organized department (with no product managers), the product planning manager represents the marketing manager in contacts with functional units within and outside the marketing department with respect to product line planning, development of new products, improvement of existing products, and pruning the product line. The product planning manager reports to the marketing manager and assists this executive with the development of overall product strategy. Comment: This position usually is not present in a product functions listed above are the responsibility of product managers or category managers, except for new product development, which is usually assigned to a new product manager.
    product portfolio
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  • product mix
  • product portfolio analysis
    Refer to "See Also" column to the right.
    product portfolio decision
    Refer to "See Also" column to the right.
    product positioning
    1.The way consumers, users, buyers, and others view competitive brands or types of products. As determined by market research techniques, the various products are plotted onto maps, using product attributes as dimensions. This use of product positioning is perceptual, not necessarily valid as based on measured product attributes. Historically, the competitive product positionings were based on sales rank in the market, but this limited perception has long since given way to the full range of product assessments, including psychological ones. (2) For new products, product positioning means how the innovator firm decides to compare the new item to its predecessors. For the new item, the mental slates of persons in the market place are blank; this is the only chance the innovator will have to make a first impression. Later, after the introduction is over, the earlier definition of positioning will take over, as persons make their own positioning decisions. (3) For both new and established products, a product's positioning may be combined with a target segment to integrate the marketing tool decisions. Its earlier use exclusively in advertising is no longer appropriate.
    product proliferation
    A charge sometimes leveled against organizations for marketing so many new products that economic resources are wasted; the consumer becomes confused and mistakes are made in the purchase of products.
    product publicity
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    product publicity manager
    The product publicity manager is responsible for obtaining favorable publicity for new, improved, or existing products through such means as news stories, pictures and captions in newspapers and magazines, product exposure in programs and movies, direct mail, videocassettes, promotional events in shopping malls, and satellite programs beamed to local TV stations. This manager may report to the marketing manager, advertising manager, or public relations manager.
    product purchase model
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    product quality
    1.The measure of any particular attribute a product has (what flavor, how much, how lasting). (2) The measure of the intended customer's reactions to that attribute, how it is liked, its affect. On manufactured goods, the quality assessment is most often made on the quality of the product's physical features as created by the manufacturing process; the judgments are made by managers using proprietary standards. (3) Product quality may also be related to price, in which any particular lower price item might be said to have good quality for the money; this use equates product quality with product value.
    product repositioning
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    product safety
    Refer to "See Also" column to the right.
    product specialization
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    product specialization coverage
    Refer to "See Also" column to the right.
    product specifications
    Refer to "See Also" column to the right.
    product symbolism
    The sum total of what a product means to the consumer and what the consumer experiences in purchasing and using it.
    product trade life cycle
    An empirical cycle that recognizes the relationship between production, consumption, trade, and the product life cycle for certain countries at certain times in history. The model shows how production of mature products with stabilized technologies has relocated from the U. S. to the developing to the less developed countries of the world as companies take advantage of lower wage and other factor costs in various parts of the world.
    product transformation
    This occurs when the same physical product ends up serving a different function or use than that for which it was originally designed or created.
    product trial
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    product use test
    One of several key evaluation steps in the product development process. This involves giving a prototype or pilot plant product to persons or firms in the intended target market and asking them to use it for a time and report their reactions to it. The purposes of a product use test are (1) to see if the item developed by the organization has the attributes prescribed for it, (2) to learn whether it satisfies the market needs that were identified during the ideation process, and (3) to disclose information about how and by whom the item is used.
    product value
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  • product quality
  • product/market matrix
    A two-by-two matrix in which the column designations are current products and new products, and the row designations are current markets and new markets. The matrix thus defines four types of new product opportunities ranging from the upper-left quadrant of improved versions of current products to current users to the lower-right quadrant of diversification.
    1.(economic definition) The addition of utilities to goods or the rendering of services possessing utility. 2. (marketing definition) The creation of form utility, i.e., all activities used to change the appearance or composition of a good or service ith the intent of making it more attractive to potential and actual users.
    production cost
    The cost of producing a print ad, radio commercial, television commercial, or other advertising materials.
    Production era
    A time period in the United States during which firms emphasized manufacturing or producing products, usually at the expense of marketing strategy.
    production function
    The technical relationship, given a state of technical knowledge, relating to the amount of output capable of being produced by different sets of specified inputs.
    production orientation
    A business philosophy that emphasizes the output of products, usually at the expense of marketing strategy.
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  • production era
  • production scheduling
    A process that specifies a target output for the production capability of the firm. It is an important operational tool in planning the short-term resource and location focus in a manufacturing environment.
    production structure
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  • PIMS Program
  • production unit accounting (PUA)
    A specific philosophy of making use of expense figures beyond their accumulation into expense centers. It involves utilizing the expense data through units of measure to determine productivity for the purpose of controlling expense. It is common in department store expense management.
    1. (economic definition) A measure of the economic output per unit of input of some resource, e.g., the economic output per hour of human labor. [DLS] 2. (environments definition) A ratio of output per unit of input employed. It is measured by the U.S. Bureau of Labor Statistics as output per hour and output per combined unit of labor and capital per hour (multifactor productivity) for the business sector as a whole and for its major subsectors.
    productivity sales goal
    An objective for a salesperson based on the salesperson's efficiency assessed by dividing outputs by inputs such as sales per call.
    product-line pricing
    The establishing of prices for all items in a product line.
    product-market concentration strategies
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  • PIMS Program
  • product-market definition
    The boundaries of a market are defined by choices of distinct categories along four dimensions: (1) customer functions, or the pattern of benefits being provided to satisfy the needs of customers; (2) technology, which represents the various ways a particular function can be performed; (3) customer segments, which describes whose needs are being served and where they are geographically located; and (4) the sequence of stages of the value-added system. A product-market boundary is crossed when distinctly different competitive strategies are required. Within this market there may be submarkets composed of customers with similar patterns of uses or applications for the product.
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  • served market
  • product-related buying criteria
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  • buying criteria
  • professional advertising
    Refer to "See Also" column to the right.
    professional discount
    A discount granted to people in a specified professional field, especially those who are users of products in that field. For example, this includes discounts given to physicians by drugstores, especially to those who favor the store with prescription references.
    professional services marketing
    The marketing of advisory services offered by licensed or accredited individuals or organizations.
    Refer to "See Also" column to the right.
    profit analysis
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  • Profit Impact on Market Strategies
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  • PIMS Program
  • profit maximization objective
    A firm sets as its major objective the maximization of long-run profits. If not stated, this is often the assumed objective of a firm. There are, however, many other variables that may provide the basis of objectives for a firm. Other objectives relate to such variables as sales growth, market share, risk diversification, innovation, etc.
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  • objective
  • profit-based sales targets
    The purpose of profit-based sales target metrics is to ensure that marketing and sales objectives mesh with profit targets. Source: The MASB Common Language Project. http://www.themasb.org/common-language-project/ http://en.wikipedia.org/wiki/Profit-based_sales_targets
    The taking advantage of a situation such as famine or natural disaster to charge exorbitant prices and realize excessive profits.
    The excess of total revenues over total costs in a given time period.
    profit-volume ratio
    The dollar contribution per unit divided by the unit price. The profit-volume ratio indicates the rate at which fixed costs are recovered and, after the break-even point has been reached, the rate at which profits are earned as sales volume increases.
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  • project
  • program delivery
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  • rating
  • programmed merchandise agreement
    A joint venture in which a specific retailer and supplier develop a comprehensive merchandising plan to market the supplier's product lines
    programmed merchandising
    The careful planning and concentration o? purchases with a limited number of preferred, or key, vendors. It is usually for an entire line of merchandise and for extended periods of time, such as a year.
    A unit of activity in the product development process that usually deals with creating and marketing one new product. A project involves a multidisciplinary group of people, tightly or loosely organized, dedicated to the new product assignment that created the project. A project is often part of a larger unit of work, a program, which delivers a stream of new products, one from each project.
    The ego defense of projecting onto others the needs, hostilities, and anxieties that are subconscious to the individual. It is a mode of coping with these perceived undesirable feelings.
    projective techniques
    1. (consumer behavior definition) A psychological method of uncovering subconscious material within subjects. Ambiguous
    promise of performance
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  • warranty
  • promotion
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  • channel flows
  • promotion mix
    The various communication techniques such as advertising, personal selling, sales promotion, and public relations/product publicity available to a marketer that are combined to achieve specific goals.
    promotion models
    Models to estimate the effect of a promotion (e.g. temporary price change, etc.) include models based on market response functions, or a combination of empirical data with management subjective judgment as in BRANDAID. Promotion models often are stochastic and based on behavioral assumptions regarding retailers and consumers. Many of these models decompose the value of the promotion into components such as increased loyalty among current customers, attraction of deal prone switchers, etc. Inventory control-based promotion models have also been proposed, incorporating the inventory carrying costs of consumers and retailers. The increased availability and popularity of scanner data have focused attention on promotion models.
    promotion, word-of-mouth
    The product/service information, experience, and opinions discussed by consumers in social contexts.
    promotional advertising
    Advertising intended to inform prospective customers of special sales. It announces the arrival of new and seasonal goods, and it features, creates, and promotes a market for the merchandise items in regular stock.
    promotional allowance
    1.(retailing definition) An allowance given by vendors to retailers to compensate the latter for money spent in advertising a particular item in local media, or for preferred window and interior display space used for the vendor's product. 2. (sales promotion definition) The payments, price reductions, or other inducements used to reward channel members for participation in advertising and/or sales promotion programs.
    promotional campaign
    The combination of various advertising, public relations, sales promotion, and personal selling activities used by the marketer over a period of time to achieve predetermined goals.
    promotional department store
    A departmentalized store concentrating on apparel that sells a substantial portion of its merchandise in response to frequent promotions.
    promotional discount
    Refer to "See Also" column to the right.
    promotional elasticity of demand
    A measure of the change in quantity demanded relative to the change in promotional activity.
    promotional package
    The collection of sales promotion materials and offers developed by the seller to influence retailers, wholesalers, or salespeople to support a particular promotional theme.
    promotional stock
    A retailer's stock of goods offered at an unusually attractive price in order to obtain volume trade. It generally represents special purchases from vendors.
    Some element of the product or package used as evidence that the consumer has purchased the product. Common proofs-of-purchase are labels, boxtops, ingredient listings, etc.
    The ideas, information, or other material commonly disseminated through the media in an effort to win people over to a given doctrine or point of view.
    propensity to consume
    The relationship between consumption and saving at all levels of income.
    A unique, commercially exploitable entity, (typically in sports, arts, events, entertainment or causes). Source: IEG
    proposal evaluation and selection
    Refer to "See Also" column to the right.
    proposal solicitation
    Refer to "See Also" column to the right.
    The private or exclusive ownership of such things as a process, design, or patent that competitors cannot duplicate. In the pharmaceutical industry, proprietary products are those over-the-counter products that are differentiated from prescription products.
    proprietary drugs
    Drug products not requiring a physician's prescription, patent medicines, or over-the-counter remedies.
    proprietary store
    An establishment selling the same merchandise as a drug store, except that prescriptions are not filled and sold.
    A potential qualified customer who has the willingness, financial capacity, authority, and eligibility to buy the salesperson's offering.
    The process of identifying and qualifying potential customers.
    A phase of the business cycle characterized by high-level production, increased demand for capital goods, and a tendency toward full employment.
    protection department
    The operating unit of a retail store that is responsible for protecting the merchandise or other assets from pilferage (internal or external). Those working in the department may be store employees or outside people. It is sometimes referred to as a loss prevention department or function.
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  • security
  • protectionism
    The use of legal controls to protect domestic businesses and industries from foreign competition.
    protective tariff
    An import duty or tax applied to goods imported from abroad with an intention to exclude these products or greatly reduce imports of them.
    The first physical form or service description of a new product, still in rough or tentative mode. Occasionally a prototype may precede research and development if making it is easy (e.g., cake mixes). With complex products, there may be component prototypes as well as one finished prototype. On services, the prototype is. simply the first full description of how the service will work, and comes from the systems design or development function.
    proximo dating
    This specifies the date in the following month on which payment must be made in order to take the cash discount-e.g., terms of "2%, 10th proximo, net 60 days," meaning that the bill must be paid prior to the tenth day of the month following purchase in order to take the discount, but that a credit period of 60 days from the first of the month is allowed.
    pruning decision
    The act of deciding which products to delete from the line.
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  • abandonment
  • PSA
    Refer to "See Also" column to the right.
    psychic income
    The intangible gratification or value that is derived from products, services, or activities, such as the improvement in a consumer's self image as a result of purchasing certain highly desirable products.
    psychoanalytic theory
    A psychological theory developed by Sigmund Freud that emphasizes unconscious motivation.
    psychogenic drives
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    psychographic analysis
    1.(consumer behavior definition) A technique that investigates how people live, what interests them, and what they like; it is also called life style analysis or AlO because it relies on a number of statements about a person's activities, interests, and opinions. 2. (marketing research definition) A technique that investigates how people live and what interests them.
    psychographic segmentation
    The process of dividing markets into segments on the basis of consumer life styles.
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  • database
  • Psychographics
    Quantified psychological profiles of individuals, based on their attitudes and behavior, as defined by the Amsterdam-based European Society for Opinion Marketing and Research. Source: IEG
    psychological drives
    Those drives that are not based on the basic biological needs of the individual but rather are social in origin. The need for self actualization, status, and belongingness are examples.
    psychological perceived risk
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  • perceived risk
  • psychological pricing
    A method of setting prices intended to have special appeal to consumers.
    psychological stress
    Refer to "See Also" column to the right.
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  • ego defenses
  • PUA
    Refer to "See Also" column to the right.
    public affairs
    A management function concerned with the relationship between the organization and its external environment, and involving the key tasks of intelligence gathering and analysis, internal communication, and external action programs directed at government, communities, and the general public.
    public convenience and necessity
    A phrase used in the regulated transportation environment that describes the certificate required to qualify as a common carrier. A carrier desiring to enter into business in the pre-1980 regulated transportation environment was required to prove public convenience and necessity.
    public domain
    The status of works on which copyrights have expired or do not exist, or which do not have copyright protection. It is also land owned by the government.
    public market
    A wholesale or retail market primarily for foodstuffs, supervised or administered by a municipality that rents space or stalls to dealers. It is also called a municipal market or a community market.
    public nonprofit marketer
    A nonprofit marketer that is a unit of a national, state, or local government.
    public opinion
    The consensus view of a population on a topic.
    public policy
    A course of action pursued by the government pertaining to people as a whole on which laws rest.
    public relations
    That form of communication management that seeks to make use of publicity and other nonpaid forms of promotion and information to influence the feelings, opinions, or beliefs about the company, its products or services, or about the value of the product or service or the activities of the organization to buyers, prospects, or other stakeholders.
    public relations manager
    This manager oversees plans and programs designed to promote a favorable image for a company or institution among its various publics such as customers, dealers, investors, government, employees, and the general public. The marketing aspects of the public relations job are concerned with obtaining publicity for marketing programs (such as for a new product launch). The responsibility for product publicity may reside with the public relations manager or with the product publicity manager. The public relations manager would normally report to corporate management whereas the product publicity manager would normally report to the marketing manager.
    public sector
    Those marketing activities that are carried out by government agencies for public service rather than for profit.
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  • private sector
  • public service announcement (PSA)
    1.(advertising definition) An advertisement or commercial that is carried by an advertising vehicle at no cost as a public service to its readers, viewers, or listeners. 2. (sales promotion definition) An announcement aired free of charge that promotes either government programs, nonprofit organizations, or community service activities. 3. (social marketing definition) A promotional message for a nonprofit organization or for a social cause printed or broadcast at no charge by the media.
    The person responsible for managing the publicity program for a product, service, or organization.
    The non-paid-for communication of information about the company or product, generally in some media form.
    publicity functional expense
    Refer to "See Also" column to the right.
    1. (legislation definition) Groups of people with common interest in a specific area, domain, topic or organization. 2. (sales promotion definition) Those groups that have an actual or possible interest in or impact on the company's efforts to achieve its goals.
    1. (advertising definition) An exaggerated advertising claim that would be generally recognized as such by potential customers. 2. (consumer behavior definition) An advertising term implying gross exaggeration but usually not considered deception because it is assumed not to be believable. Examples are the mile-high ice cream cone or the world's softest mattress. 3. (sales definition) The exaggerated statements made by a salesperson about the performance of a product or service.
    pull strategy
    1. (physical distribution definition) A manufacturing strategy aimed at the end consumer of a product. The product is pulled through the channel by consumer demand initiated by promotional efforts, inventory stocking procedures, etc. 2. (sales promotion definition) The communications and promotional activities by the marketer to persuade consumers to request specific products or brands from retail channel members.
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  • push strategy
  • pulsing
    An advertising timing or continuity pattern in which there is noted variation of media spending in the media schedule. There is some spending during all periods of the schedule, but there are periods in which the spending is notably heavier than others. This approach stands in contrast to a continuous media pattern in which equal amounts of spending are allocated to all time periods of the schedule.
    punch card
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  • trade card
  • punishment
    Refer to "See Also" column to the right.
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  • law of effect
  • purchase
    Refer to "See Also" column to the right.
    purchase analysis
    Refer to "See Also" column to the right.
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  • value analysis
  • purchase contract
    A written agreement between the buying and supplying organizations that specifies the terms of the transaction: product specifications, price, payment schedule, delivery terms, penalties and the like. It differs from the purchase order in that it is generally written by and signed by both parties.
    purchase decision, in organizational buying
    That phase of the organization's buying process in which alternative offers of suppliers are evaluated and a selection of one (or more) supplier is made.
    purchase history
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  • database
  • purchase incidence decision
    Refer to "See Also" column to the right.
    purchase intention
    A decision plan to buy a particular product or brand created through a choice/decision process
    purchase order
    A (generally standard) document that is issued by a purchasing organization to a supplier requesting items in the quantities, prices, time, and other terms agreed upon.
    purchase requisition
    An internal document issued by the user (or requiring) department to the purchasing department, specifying goods or services required. It authorizes the expenditure, and often includes suggested suppliers and prices.
    purchase returns and allowances
    Refer to "See Also" column to the right.
    purchase stage, in organizational buying
    Refer to "See Also" column to the right.
    A generic term used to describe a title, a function, or a process by which a firm acquires the factors necessary to produce and distribute goods and services.
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  • procurement
  • purchasing agent
    1. (industrial definition) A member of the purchasing department responsible for one or more categories of products purchased. 2. (retailing definition) An independent middleman, buying broker for a principal or principals (usually wholesalers), paid a commission or fee for services.
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  • gatekeeper
  • purchasing department
    The organizational unit responsible for learning the needs of operating units, locating and selecting supplier(s), negotiating price and other pertinent terms, and following up to ensure delivery.
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  • procurement
  • purchasing manual
    An internal document specifying rules for the relationships between the purchasing department, using departments, and suppliers. It details the principles and approved procedures associated with procurement.
    purchasing power
    A consumer's ability to buy goods and services as distinguished from the amount of money a consumer has.
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  • buying power
  • purchasing power parity
    An economic principle stating that a change in the relationship between price levels in two countries will require an adjustment in the currency exchange rate to offset the price level differences.
    pure competition
    A market model in which (1) a lower price is the only element that leads buyers to prefer one seller to another, and (2) the amount that each individual seller can offer constitutes such a small proportion that acting alone it is powerless to affect the price.
    Pure Food and Drug Act (1906)
    This act banned adulteration and misbranding of foods and drugs sold in interstate commerce.
    purposive sample
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  • judgment sample
  • Push
    Is the delivery ("pushing of') of information that is initiated by the server rather than being requested ("pulled") by a user. Pointcast is the most well known push service that pushes information based on the users profile. Source: Lazworld
    push money
    Cash or other incentives paid directly to retail salespeople by the manufacturer to encourage sales of the manufacturer's brand over competitive brands. It also is used to influence the retail sale of specific products in a line.
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  • spiff
  • push strategy
    1. (physical distribution definition) A manufacturing strategy aimed at other channel members rather than the end consumer. The manufacturer attempts to entice other channel members to carry its product through trade allowances, inventory stocking procedures, pricing policies, etc. 2. (sales promotion definition) The communications and promotional activities by the marketer to persuade wholesale and retail channel members to stock and promote specific products.
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  • pull strategy
  • PX
    >>See Also
  • post exchange
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