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 means as news stories, pictures and captions in newspapers and magazines, product exposure in programs and movies, direct mail, videocassettes, promotional event in shopping malls, and satellite programs beamed to local TV stations. This manager may report to the marketing manager, advertising manager, or public relations manager.
Product Quality – (1) The measure of any particular attribute a product has (what flavor, how much, how lasting). (2) The measure of the intended customer’s reactions to that attribute, how it is liked, its affect. On Manufactured goods, the quality assessment is most often made on the quality of the product’s physical features as created by the manufacturing process; the judgments are made by managers using propriety standards. (3) Product quality may also be related to price, in which any particular lower price item might be said to have good quality for the money; this use equates product quality with product value.
Product Symbolism – The sum total of what a product means to the consumer and what the consumer experiences in purchasing and using it.
Product Trade Life Cycle – An empirical cycle that recognizes the relationship between production, consumption, trade, and the product life cycle for certain countries at certain time in history. The model shows how production of mature products with stabilized technologies has relocated from the U.S. to the developing to the less developed countries of the world as companies take advantage of lower wage and other factor costs in various parts of the world.
Product Transformation – This occurs when the same physical products ends up serving a different function or use than that for which it was originally designed or created.
Product Use Test – One of the several key evaluation steps in the product development process. This involves giving a prototype or pilot plant product to persons or firms in the intended target market and asking them to use it for a time and report their reactions to it. The purposes of a product use test are (1) to see if the item developed by the organization has the attributes prescribed for it, (2) to learn whether it satisfies the market needs that were identified during the ideation process, and (3) to disclose information about how and by whom the item is used.
Product-Market Definition – The boundaries of a market are defined by choices of distinct categories along four dimensions: (1) Customer functions, or the pattern of benefits being provided to satisfy the needs of customers; (2) technology, which represents the various ways a particular functions can be performed; (3) customer segments, which describes whose needs are being served and where they are geographically located; and (4) the sequence of stages of the value-added system. A product-market boundary is crosses when distinctly different competitive strategies are required. Within this market there may be submarkets composed of customers with similar patterns of uses or applications for the product.
Product/Market Matrix – A two-by-two matrix in which the column designations are current products and new products, and the row designations are current markets and new markets. The matrix thus defines four types of new product opportunities ranging from the upper-left quadrant of improved versions of current products to current users to the lower-right quadrant of diversification.
Production – 1. (economic definition) The addition of utilities to goods or the rendering of services possessing utility. 2. (marketing definition) The creation of form utility, i.e., all activities used to change the appearance or composition of a good or service with the intent of making it more attractive to potential and actual users.
Production Cost – The cost of producing a print ad, radio commercial, television commercial, or other advertising materials.
Production Era – A time period in the United States during which firms emphasized manufacturing or producing products, usually at the expense of marketing strategy.
Production Function – The technical relationship, given a state of technical knowledge, relating to the amount of output capable of being produced by different set of specified inputs.
Production Orientation – A business philosophy that emphasizes the output of products, usually at the expense of marketing strategy.
Production Scheduling – A process that specifies a target output for the production capability of the firm. It is an important operational tool in planning the short-term resource and location focus in a manufacturing environment.
Production unit Accounting (PUA) – A specific philosophy of making use of expense figures beyond their accumulation into expense centers. It involves utilizing the expense data through units of measure to determine productivity for the purpose of controlling expense. It is common in department store expense management.
Productivity – 1. (economic definition) A measure of the economic output per unit of input of some resource, e.g., the economic output per hour of human labor. 2. (environments definition) A ratio of output per unit of input employed. It is measure by the U.S. Bureau of Labor Statistics as output per hour and output per combined unit of labor and capital per hour (multifactor productivity) for the business sector as a whole and for its major subsectors.
Productivity Sales Goal – An objective for a salesperson based on the salesperson’s efficiency assessed by dividing outputs by inputs such as sales per call.
Professional Discount – A discount granted to people in a specified professional field, especially those who are users of products in that field. For example, this includes discounts given to physicians by drugstores, especially to those who favor the store with prescription references.