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.
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 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 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.
Piggyback – 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 movements of goods.
Piggyback Marketing – An arrangement whereby one manufacturer obtains distribution of products through another’s distribution channels.
Pilferage – The stealing of a store’s merchandise.
Pioneer Selling – Selling a new 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 Innovativeness – A strategy of trying to be the first to market new types of products. The highest order of innovativeness (others are adapting, emulating, and imitating), it is often based on technical breakthroughs.
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 Economy – 1. (economic definition) An economy in which a government 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.
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.
Planogram – A visual plan showing the physical allocation of product display space within a product grouping used for standardizing merchandise presentation.
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.
Point of Diminishing Return – That point at which total production begins to increase at a decreasing rate with successive applications of inputs.
Point of Sale Transfer – Payment for retail purchases by using electronic funds transfer card.
Point Size – The unit 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-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.
Point-of-Sale (POS) – A data collection system that electronically receives and stores bar code information derived from sales transactions.
Polarity of Retail Trade – A trend in retailing that indicates that the predominant retailing institutions are on one hand (pole), specialty, single lined, boutique type retail institution.
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 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.
Pool – A group of commercials for a product or service that an advertiser has ready for use as part of an advertising campaign.