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 co varies 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 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.
Primary Demand – The demand for a general product category, as contrasted with the demand for a branded product marketed by a firm.
Private Label – 1.(product development definition) A brand that is owned by the product’s reseller rather than by it’s manufacturer. In rare instances, the reseller may may be 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 who advertise their private brands and market them nationally and internationally. 2. (retailing definition) A brand 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: Non profit marketers collectively have been defined as the third sector or the independent sector.
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 represents 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 overtime.
Probability Sample – A sample in which each population element has a known, nonzero chance of being included in the sample.
Probe – 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 multivariate normal distribution (Thuston 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 1079). Unlike to 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.
Producer Price Index – A monthly price index of about2,800 commodities prepared by the U.S. Bureau of Labor Statistics, formerly known as the wholesale price index.
Producer’s Cooperative Marketing – A type of cooperative marketing that primarily involves the sale 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 member’s output.
Product – 1. A bundle of attribute (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 an 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 of tangible products is good, and it should be used with services to make the tangible/intangible pair, as subsets of the term product.
Product Adaptation Process – 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 and indirect way, (5) finding satisfaction in the trial, and (6) adopting the product into a standing usage or repurchase pattern.