Category: Glossary

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…

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…

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…

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…

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…

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…

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…

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…

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…

Physical Distribution

Perceived Role Accuracy – The degree to which the salesperson’s perception of role set members demands-particularly company superiors- is accurate. Perceived Role Ambiguity – The degree to which a salesperson feels he or she does not have the information necessary…