Q-sort Technique

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. Push Money – Cash or … Read more

Puffery

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. Protective Tariff – An import duty … Read more

Profiteering

Profit Maximization Objective – A firm sets as its major objective that 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, … Read more

Product Proliferation

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 Manager – The product publicity manager is responsible for obtaining favorable publicity for new, improved, or existing products through such … Read more

Product Line

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 … Read more

Product Champion

Product Approach – A method used by salespeople to approach prospects in which salespeople demonstrate the product features and benefits as they walk up 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 … Read more

Price Structure

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 … Read more

Price Awareness

Preferential Tariff – Reduced tariff rate applied to imports from certain countries. Premarking – The price marking by the manufacturer or other supplier before goods are shipped to a retail store. It is also called prepricing. Premium – 1. (retailing definition) Merchandise offered at a lower price, or free, as an additional incentive for a … Read more

Predatory Pricing

Pool-Out – A commercial written in a fashion similar to an earlier commercial in an advertising campaign. Pooled Buying – The practice of independent merchants informally pooling their orders. Pooling – A process of combining shipments that are consigned to the same destination. this service, often provided by a third party provider, improves physical distribution … Read more

Pioneer Selling

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 … Read more