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| There are 244 entries in the glossary. |
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| package | the wrapping, packet, carton, bottle, box, etc, used for containment, protection or promotion of a product also refers to the whole product or service offering at a given price, upon given terms |
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| packaged goods | a sub-category of consumer non-durable goods, toothpaste, shampoo and soap powder are packaged consumer non-durables, see consumer non-durables and non-packaged goods
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| packaging | the materials (glass, aluminium, cardboard, etc) originally intended merely to contain and protect a product, the role of packaging has been broadened so that, in addition to containment and protection, its purpose is to attract attention, provide additional product information, and assist in promotion
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| palletisation | the packing of goods on to small wooden platforms, or pallets, for ease of handling in shipment
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| parasitic advertising | advertising by one group which has an adverse effect upon another group, for example, the advertising of lamb may reduce sales of beef, the advertising of apples may reduce sales of pears
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| Pareto's principle | the idea or notion in business, commonly known as "the 80:20 rule", which says that eighty per cent of the revenue comes from twenty per cent of the products, that eighty per cent of the sales volume is derived from twenty per cent of the customer accounts, that eighty percent of the sales come from twenty percent of the sales force, etc, named after Vilfredo Pareto, the nineteenth century economist and sociologist
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| paretopoly | a market situation in which there are a few large sellers and many smaller ones
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| paretopsony | a market situation in which there are a few large buyers and many smaller ones
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| partner relationship management | the CRM element that extends sales, marketing, customer service and other enterprise business functions to resellers to foster better relationships |
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| partnership selling | an approach to selling, where the seller truly collaborates with the buyer and buying organization to help the buyer come up with the best solution
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| pass-up method | handling a buyer's objection by attempting to ignore or "pass off" the buyer's objection, especially if there is reason to believe that the objection is not made seriously and does not warrant a response
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| payback period | the time taken for a new product to recover its investment cost and to generate profits, used as a measure of performance for new products
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| payout frequency | the timing of incentive payouts, these can be weekly, bi-weekly, monthly, quarterly, semi-annually or annually
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| penetrated market | the individuals or organisations in a particular market who have already purchased the product
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| people-based services | services in which people, rather than equipment or machinery, play the major role in delivery, for example, people play the major role in the delivery of financial planning services
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| PEPEP Method | Professional Education Personnel Evaluation Program - an assessment of your professional career, it evaluates your professional goals and objectives, and sets up action items and proposed actions, as well as a way to assess your education and/or skills learned
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| per capita income | average income per person in a population
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| per diem expense plan | the payment of travel and accommodation expenses to a salesperson at a fixed daily rate
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| perceived | how something is seen or regarded by someone, usually by the prospect or customer, irrespective of what is believed or presented by the seller
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| perceived value | what someone believes merchandise to be worth, to successfully sell premiums, the consumer must be convinced the proposed premium is worth putting forth the extra effort required to earn the item |
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| percentage margin | the difference between cost and selling price, divided by the selling price plus tax (i.e. a product costs $1 and is sold for $2 plus tax produces a 50% margin) |
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| percentage-of-sales method | a method of setting a budget for promotion in which the sum to be expended in a given period is a fixed percentage of the sales income for the previous period
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| perception | the way in which an individual interprets stimuli received by the senses
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| perceptual mapping | a tool or process used in marketing research for charting the way individuals selected from the target market perceive different companies, products or brands, also called position mapping
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| perfect competition | see pure competition
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| performance allowance | a discount or price reduction given to a wholesaler or retailer who promises to perform some additional activity (special display, etc) to sell a greater quantity of product
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| performance appraisal | an evaluation of the activities and effectiveness of a salesperson, marketing officer, etc during a given period
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| performance period | the time span over which performance is measured for incentive purposes
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| performance price | the value to a consumer of the time saved by using a new product to complete a specified task, the performance price can often offset other "time prices", see non-monetary price and time prices
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| performance risk | concern in the buyer's mind that the product being considered for purchase will not work efficiently, also called functional risk, see risk
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| perishability | one of the four characteristics (with inseparability, intangibility and variability) which distinguish a service, perishability expresses the notion that a service cannot be made in advance and stored, see services marketing, inseparability, intangibility and variability
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| person marketing | marketing activity aimed at creating target market awareness, and a favourable opinion, of a particular person
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| personal income | the wages, salary, etc earned by an individual
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| personal interview | a face-to-face meeting with a client, job applicant, buyer, marketing research respondent, etc
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| personal selling | a form of promotion utilising the services of a sales team, one of the major controllable variables (with advertising, sales promotion and publicity) of the promotion mix, see promotion mix
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| personality | the distinctive character of an individual, used as a basis for the psychographic segmentation of a market in which individuals of relatively similar personality, with similar needs or wants, are grouped into one segment, see psychographic segmentation
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| personality segmentation | the division of a heterogeneous market into homogeneous groups on the basis of personality characteristics and enduring patterns of behaviour such as aggressiveness, compliance or compulsiveness, see psychographic segmentation
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| persuasive advertising | advertising intended to persuade (rather than to inform or remind)
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| PERT | acronym for program evaluation and review technique, a quantitative technique used as a managerial tool in planning and controlling complex programs, common use has been made of PERT, originally introduced for use in the aerospace industry, in the coordinating, timing and scheduling of the many activities in the new product development process
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| phantom freight | a freight charge imposed upon a customer in excess of the true freight cost incurred by the supplier, for example, in the base-point pricing approach, a local customer will be charged a phantom freight when the freight charge is calculated from an arbitrarily-chosen, possibly distant, central point, see base-point pricing
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| physical distribution | the storage, handling and movement of goods within an organisation and their shipment to customers
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| physical distribution management | the management and control of the activities involved in the storage, handling and movement of goods within an organisation and in their shipment to customers
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| physical risk | concern in the buyer's mind that the product being considered for purchase will be harmful, unhealthy or cause injury
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| physiological needs | innate human feelings of deprivation related to an individual's biological well-being, see psychological needs
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| piggyback | a system of transportation requiring the transfer of containers from truck to rail, see birdyback and fishyback
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| pioneering advertising | advertising which is intended to create primary rather than selective demand, commonly used at the introductory stage of the product's life cycle, see primary demand and selective demand
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| pipeline | also known as the sales funnel, the tracking of suspects, to prospects to initial contact, to presentation, to sale and the volume of movement across these categories, see sales funnel is also described as the position of the prospect through the different stages of the sales cycle, length of the pipeline is the sales cycle time, which varies |
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| pipeline analysis | monitoring the success of the sales rep by understanding the rate and ratio of success moving suspects to customers through the various stages of the sales process, known as the pipeline or sales funnel
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| pipeline transportation | the carriage, delivery or shipment of a gas or liquid product by pipeline
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| place | one of the four controllable variables (with product, price and promotion) of the marketing mix, the delivery of a good or service to a consumer, also referred to as distribution, see marketing mix
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| place marketing | marketing activity intended to promote an awareness, and favourable opinion, of a particular place or region
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| place strategy | the element of a firm's decision-making concerned with developing an efficient and effective means of storing and handling finished products and of getting them efficiently to the target market
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| place utility | the value given to a product by virtue of the fact that it is where it is wanted
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| plain vanilla | slang term for a product with only the most basic features, see bells and whistles
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| planned cannibalisation | the expected loss of sales of a product in a line to a more recent product introduction; planned cannibalisation might occur when a company wants its customers to switch to another of its own products rather than to a product of a competitor, see cannibalisation
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| planned obsolescence | a tactic by which a manufacturer deliberately seeks to make earlier versions of its product appear undesirable in the eyes of consumers who have purchased them in order to expand the market for later versions by improving the characteristics of later versions or by altering consumers' perceptions of the desirability of the models they have already purchased
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| planning | see strategic planning, marketing planning, and sales planning
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| planning horizon | the total time span covered by a firm's marketing plans, the length of the planning horizon is commonly determined by the degree of uncertainty in the environment
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| point-of-purchase | marketing term for where product is displayed in a store |
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| point-of-purchase displays | a form of promotion used to support personal selling and advertising, displays, consisting of packages, signs, display cartons and so on (more common in the marketing of consumer goods) are used to provide additional product information and to impel on-the-spot buying
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| polyopoly | a market situation in which there are no large sellers but many small ones
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| polyopsony | a market situation in which there are no large buyers but many small ones
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| population | in marketing research, the total group that a researcher wishes to study, also called the universe
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| population characteristics | variables including age, gender, income, marital status, education, nationality, race, religion, etc. upon which a population may be segmented
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| portfolio tests | a method of pre-testing an advertisement, after looking through a portfolio of different versions of a particular advertisement, respondents chosen from the target market are asked to recall in detail those which they can remember
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| POS | point of sale - where sales transaction takes place, usually electronic purchase
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| possession utility | the value given to a product by virtue of the fact that the purchaser has the legal right to own and use it freely
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| post-purchase evaluation | the quick mental assessment of a low-involvement product by a consumer after purchase, see low-involvement product
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| post-purchase satisfaction | the pleasure that a carefully selected high-involvement product gives to a consumer after purchase, see high-involvement product
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| postage stamp pricing | see uniform delivered pricing
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| poster | an outdoor advertising medium, a billboard
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| potential market | all the individuals and organisations in a particular market who have some level of interest in the product
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| PR | public relations
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| pre-approach stage | the first stage in the selling process, the stage in which a salesperson prospects for new accounts, qualifies them and prepares to make contact with the prospect
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| pre-ticketing | the practice by a vendor of placing a tag on each product sold listing its particular style, size, colour, etc, the pre-ticketing is designed to make re-ordering easier for a reseller
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| predatory pricing | a pricing practice by which a company hopes to inhibit or eliminate competition by charging lower than normal prices for its products in certain geographic regions
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| premiums | a type of sales promotion in which merchandise is given free or at a reduced price to purchasers of products, visitors to a store, or meeting a sales quota
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| preparation | work done by the sales person to research the company, solutions, possible objections, sales tactics, and plan the sales approach or sales call for a particular prospect or customer
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| presentation | when a sales person explains the product or service to the prospect (individual or group), including the product's features, advantages and benefits relevant to the prospect, presentations are usually verbal but can include use of visuals, slide shows, brochures, charts, and graphs |
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| press conference | a meeting to which media personnel are invited by a government body, organisation or company seeking to make a public announcement, usually to gain favourable publicity or to offset some negative reaction
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| press release | an announcement released to the news media by a government body, organisation or firm, usually to obtain publicity or to offset some negative reaction to it or its products, also called a news release
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| pressure group | any group of individuals who work together to exert an influence upon the decision-making of a company to achieve some specific outcome
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| prestige builder | the highest-priced item in a product line
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| prestige pricing | a pricing strategy in which prices are set at a high level, recognising that lower prices will inhibit sales rather than encourage them and that buyers will associate a high price for the product with superior quality, also called image pricing, see psychological pricing
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| prestige products | items of superior quality, high status merchandise
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| price | the value agreed upon by the buyer and the seller in an exchange, one of the four controllable variables (with product, promotion and place) of the marketing mix, see marketing mix
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| price adjustments | allowances, discounts, etc. granted by a seller to meet the requirements or circumstances of specific buyers
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| price band | the range within which a product can be priced as dictated by competitive intensity and the perceived value of the product to consumers
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| price bundling | a pricing strategy in which various products sold to a customer together are offered at a price less than the sum of the prices of the products sold individually
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| price ceiling | a price, usually imposed by law, above which market prices are not permitted to rise, also called a ceiling price, see price floor
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| price competition | a competitive situation in which price is used as the major means of differentiating the product of one firm from that of a rival, see non-price competition
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| price cycle | the regular, periodic fluctuation in the price of a product, especially of an agricultural product, owing to expansion or contraction in its supply
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| price discounting | see discount
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| price discrimination | a pricing strategy, generally illegal, in which a seller charges different prices to marketing intermediaries for the same product, see differential pricing
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| price elasticity | buyers' sensitivity to price, measured by the percentage change in quantity demanded that results from a percentage change in price, see price inelasticity
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| price fixing | agreement or collusion between competitors to maintain certain fixed price levels to avoid competition, see horizontal price fixing and vertical price fixing
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| price floor | a price, usually imposed by law, below which market prices are not permitted to floor, also called a floor price, see price ceiling
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| price gouging | a monopolistic pricing technique in which the seller takes advantage of the lack of competition by charging unusually high prices relative to a product's cost
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| price incentives | a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity
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| price inelasticity | buyers' insensitivity to price, when the percentage change in quantity demanded is less than the percentage change in price, consumers are price-insensitive, see price elasticity
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| price leader | a firm whose prices set a lead for other firms in the industry to follow
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| price leadership | a situation which occurs when one or a few companies, usually larger companies, are consistently the first to institute price changes
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| price lining | pricing different products in a product line at various price points, depending on size and features, to make them affordable to a wider range of customers
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| price objection | an objection raised by a prospective buyer on the grounds of price, credit terms, discounts, allowances, freight charges, etc. related to the cost of a product offered by a salesperson
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| price packs | a type of sales promotion in which consumers are offered a reduction in the regular price of a product, the amount of the reduction is usually marked, or "flagged", prominently on the label or package, also called a "cents-off" deal
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| price sensitivity | see price elasticity
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| price space | the price difference between items in a product line, having the right amount of price space is often critical as too little space may confuse buyers and too much space may leave gaps which can be exploited by competitors, see product line
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| price wars | a conflict situation likely to occur in industries where products cannot be greatly differentiated, a decrease in price by one company will attract a large number of customers to it, forcing other companies to retaliate by cutting the price even further
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| price-elastic segments | segments of the market which are more responsive to price changes than other segments of the market, see price elasticity
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| price-taker | any firm which is unable to influence the general level of commodity prices by altering the quantity of the product produced, a firm operating in a perfectly competitive market situation is, necessarily, a price-taker, price-takers are sometimes also referred to as quantity adjusters as their chief decision is to adjust the amount they produce to a given price, see pure competition
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| price-value relationship | the connection that consumers make between price and quality, products with a higher price are commonly perceived to be of better quality
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| pricing | marketing activity concerned with the setting of prices for new products and the adjustment of prices for existing products
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| pricing strategy | the element of a firm's decision-making concerned with the setting of prices that will attract the target market and allow profit objectives to be met
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| primary advertising | advertising intended to create demand for a class or category of product rather than for a brand, see generic advertising and pioneering advertising
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| primary data | information that is obtained directly from first-hand sources by means of surveys, observation or experimentation, see secondary data
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| primary demand | demand for a product class rather than for a particular brand within the class
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| primary packaging | a product's immediate container or wrapper, see secondary packaging and shipping packaging
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| principle of integrating interests | a technique used in selling in which the salesperson, knowing the buyer's personal interests or buying motives, places emphasis on these in the presentation rather than on the features or benefits of the product
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| private brand | a brand owned by a wholesaler or retailer, also called a private label, see manufacturer's brand
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| private carrier | any form of transport operated by an independent organisation and used for the shipment of goods, see common carrier and contract carrier
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| private label | see private brand
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| private treaty | a market agreement arranged by a buyer and seller in private negotiation
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| prize | reward given to winner in a contest, sweepstakes or lottery, sometimes referred to as a sales incentive award |
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| PRM | see partner relationship management |
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| proactive marketing strategies | marketing activities which anticipate competitive action and attempt to forestall it, offensive strategies, see reactive marketing strategies
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| probabilistic models | a statistical tool in which the probability that an event will occur again is estimated using historical data, for example, in sales forecasting past purchasing behaviour is used to estimate the degree of probability with which consumers will purchase the same item again
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| probability sample | a sample in which each individual within a total population has a known chance of being chosen
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| probing | asking questions to better understand the prospect or customers needs, thorough probing increases the likelihood the sales person will uncover key information critical to guiding the call and ensuring the more appropriate recommendation
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| problem situation model | a model of a problem situation faced by a decision-maker, constructed (often by a marketing researcher) in order to get as clear a picture as possible of the problem, a problem situation model includes a description of the desired outcomes, the relevant variables, and the relationships of each of the variables to the outcomes
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| problem-solving approach | an approach to selling in which the salesperson works with the buyer to evaluate alternative solutions to a problem and to select the best, a consultative approach intended to build long-term relationships with customers, also called depth selling
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| process materials | a classification of goods bought by organisations for incorporation into a product, the process materials cannot be recognised in the finished product
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| procurement costs | the costs involved in reordering an inventory item, the costs include the cost of processing and transmitting the order as well as the cost of the item itself
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| producer groups | independent financial services marketing organizations, comprised of financial advisors (e.g. life insurance agents, general insurance agents, investment advisors, group benefit and pension specialists, mutual fund representatives, financial planners, accountants, attorneys, and bankers)
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| product | physical item being sold or service you are selling a bundle of need-satisfying tangible (goods) and intangible (services) attributes offered to a buyer by a seller, see actual product, augmented product, and core product
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| product advertising | advertising in which a company promotes a particular good or service
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| product attributes | distinctive tangible and intangible features of a product that give it its value to a user
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| product audit | a systematic appraisal of a firm's product mix to evaluate its strengths and weaknesses and to assess the available opportunities
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| product category | the specific generic to which a good or service belongs, for example, while Coke is a brand name, the product category to which it belongs is soft drinks
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| product development | a growth strategy in which the firm develops new products for existing markets
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| product differentiation | a strategy which attempts (through innovative design, packaging, positioning, etc) to make a clear distinction between products serving the same market segment
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| product elimination | the decision to drop a product (for example, in the decline stage of its life cycle) in order to use the costs associated with it to enhance profits or to release resources that could be more effectively used in other ways
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| product extension | the introduction of a product that is known to the company but which has features or dimensions which are new to consumers, three types of product extensions are possible: revisions, additions and repositionings, see innovation and new product duplication
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| product failure | a product that does not meet management expectations in the marketplace
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| product flanking | a competitive marketing strategy in which a company produces its brands in a variety of sizes and styles to gain shelf space and inhibit competitors
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| product form competitors | firms offering slightly different variants of the same basic product
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| product item | a product variant with its own distinctive attributes (price, packaging, etc), also called a stock-keeping unit and a stock-taking Unit
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| product knowledge | detailed knowledge of a product's features and benefits required by a salesperson to persuade a prospect to purchase
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| product liability | the onus or responsibility imposed by legislation on a manufacturer to warn consumers appropriately about possible harmful effects of a product, to foresee how it might be misused, etc
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| product life cycle | a concept which draws an analogy between the span of a human life and that of a product, suggesting that, typically, a product's life consists of four stages - introductory, growth, maturity and decline, the concept is used as a tool to formulate marketing strategies appropriate to each of the stages
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| product line | a group of products manufactured or distributed by an organisation, similar in the way they produced or marketed, for example, Gillette markets a line of razors and blades, a line of toiletries, a line of pens and a line of cigarette lighters
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| product line brand name | a brand name applied to several products within a product line, see product line, individual brand name, family brand and corporate branding
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| product line expansion strategy | one of four possible segmentation strategies (with concentrated segmentation strategy, market segment expansion strategy and differentiated segmentation strategy) available to a firm in relation to the segment or segments it wishes to target, in a product line expansion segmentation approach a firm offers several products to one segment, see segmentation strategies, concentrated segmentation strategy, market segment expansion strategy, and differentiated segmentation strategy
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| product line extension | adding depth to an existing product line by introducing new products in the same product category, product line extensions give customers greater choice and help to protect the firm from a flanking attack by a competitor, see product line and product line stretching
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| product line featuring | a strategy in which certain items in a product line are given special promotional attention, either to boost interest (at the lower end of the line) or image (at the upper end), see product line
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| product line filling | introducing new products into a product line at about the same price as existing products, see product line
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| product line length | the number of different products in a product line, see product line
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| product line modernisation | a strategy in which items in a product line are modified to suit modern styling and tastes and re-launched, see product line
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| product line pruning | reducing the depth of a product line by deleting less profitable offerings in a particular product category, see product line
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| product line retrenchment | reducing the width of a product mix by decreasing the diversity of items offered across product categories, product line retrenchment is common following the failure of brand leveraging to launch a brand into a related category, see product line and product mix width
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| product line stretching | introducing new products into a product line, see product line, downward stretching, two-way stretching and upward stretching
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| product management system | a system which ensures that total marketing control of a product line or brand rests with the person who has profit responsibility for it
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| product manager | an individual given responsibility for the planning and coordinating of a firm's marketing activities related to a single product, product line or market
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| product mix | the variety of distinct product lines and items manufactured or distributed by an organisation, see product item and product line
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| product mix consistency | the degree of closeness or relatedness between product lines in the product mix, see product line and product mix
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| product mix width | the number of distinct product lines manufactured or distributed by an organisation, see product line and product mix
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| product modification | any substantial change made to the attributes (size, shape, colour, style, price, etc.) of a product, modification of a product is usually undertaken in an attempt to revitalise it in order to increase demand
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| product objection | an objection by a prospective buyer to the quality or characteristics of the goods offered by a salesperson, see objections
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| product offer | how the product or service is positioned and presented to the prospect or market, normally includes features, advantages, and benefits for the potential prospects |
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| product organization | the deployment of a firm's sales force or the organisation of its marketing activities so that a separate division is responsible for each of its major products or product groups, see organizational structure |
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| product orientation | a management philosophy, concept, focus or state of mind which emphasises the quality of the product rather than the needs and wants of the target market, the orientation assumes that consumers will favour products that offer the most quality, performance and features and that the organisation's objectives will be most readily achieved by a concentration on these
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| product petrification | a term used to describe the small but persistent demand by loyal customers for a declining product, see product life cycle and decline stage
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| product portfolio | the mix of products manufactured or distributed by a company, see product mix and product mix width
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| product portfolio analysis | an examination of each of the products manufactured or distributed by the company to assess future marketing strategies
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| product position map | a tool used in comparing consumer perception of the differences between products or brands, consumers are asked to mark the particular location of a product or brand on a two-dimensional "map", where the axes of the map are attributes felt by consumers to be important, see perceptual mapping
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| product positioning | see market positioning
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| product positioning strategy | marketing decisions and actions intended to create a particular place for a product in the market and in the minds of consumers, a product positioning strategy may attempt to differentiate a marketing offer from a competitor's or to appear similar to it
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| product recall | the advertised request by a company that a product be returned to it by those who have already purchased it, a product recall is often deemed desirable when a product proves to be unsafe or unreliable
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| product strategy | the element of a firm's decision-making concerned with developing the most appropriate products for its target market
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| product testing | exposing consumers to a new product, in final or prototype form, so that they might compare it to their usual brand and rate it, the results of product testing will indicate to the company whether further evaluation of the product in test markets is desirable, see concept development and testing, and new product development
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| product-based marketing organization | a marketing structure of an organization in which staff specialists have responsibility for various products of the organization (rather than for particular markets), most appropriate when customer needs are differentiated by product, see market-based marketing organization |
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| product-differentiated marketing | a marketing philosophy in which the seller views the market as a homogeneous whole, but produces two or more products for it, the products, differing in attributes (price, style, quality, etc), are designed to offer variety rather than to satisfy the needs and wants of different market segments, see mass marketing and target market
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| product-push approach | an approach to the generation of new product ideas in which a company's strengths rather than market needs are given prime emphasis, see demand-pull approach
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| production goods | a classification of industrial goods, goods purchased by industrial firms for use in the manufacture of their finished products, see industrial product classes
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| production orientation | a management philosophy, concept, focus or state of mind which emphasises production techniques and unit-cost reduction rather than the needs and wants of the target market, the orientation assumes that consumers will favour those products that are the most readily available and at the most affordable prices and that a concentration on efficiencies in production and distribution will most readily achieve the firm's objectives
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| profit and loss statement | an accounting statement showing income, expenditure and profit over a given period
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| profit center | a division of an organisation with responsibility for generating its own income, and with accountability for profits
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| profit objective in pricing | setting prices with short-run profits rather than long-term market share in mind
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| profit sharing | a compensation system in which employees are awarded a share of the company's profits to encourage increased productivity
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| profitability control | marketing effort intended to assess the level of profitability of each product in the portfolio, of each market segment, of each marketing channel, etc
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| progressive commission | a sales commission system in which the commission rate increases as the salesperson sells more goods, see regressive commission
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