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an approach to the generation of new product ideas in which a company's
strengths rather than market needs are given prime emphasis. See Demand-Pull
Approach.
Production Goods
a classification of industrial goods; goods purchased by industrial firms for use in
the manufacture of their finished products. See Industrial Product Classes.
Production Orientation
a management philosophy, concept, focus or state of mind which emphasises
production techniques and unit-cost reduction rather than the needs and wants of
the target market; the orientation assumes that consumers will favour those
products that are the most readily available and at the most affordable prices and
that a concentration on efficiencies in production and distribution will most readily
achieve the firm's objectives.
Profit and Loss Statement
an accounting statement showing income, expenditure and profit over a given
period.
Profit Centre
a division of an organisation with responsibility for generating its own income,
and with accountability for profits.
Profit Maximisation
see Current Profit Maximisation.
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Profit Objective in Pricing
setting prices with short-run profits rather than long-term market share in mind.
Profit Sharing
a compensation system in which employees are awarded a share of the
company's profits to encourage increased productivity.
Profitability Control
marketing effort intended to assess the level of profitability of each product in the
portfolio, of each market segment, of each marketing channel, etc.
Progressive Commission
a sales commission system in which the commission rate increases as the
salesperson sells more goods. See Regressive Commission.
Promotion
one of the four controllable variables (with product, price and place) of the
marketing mix.
Promotion Manager
an individual within an organisation responsible for promotional activities and
campaigns.
Promotion Mix
the range of means available to an organisation for communication with its target
market - advertising, sales promotion, personal selling, publicity and public
relations.
Promotional Adaptation
a strategy in which the same product is sold in different geographic locations but
with a unique promotional strategy for some or all of the different locations.
Promotional Allowance
a price reduction or discount granted by a manufacturer to a member of the
marketing channel in return for some form of special promotion of a particular
product.
Promotional Budget
the sum allocated in a particular accounting period for expenditure on promotion.
Promotional Campaign
a coordinated series of promotional efforts built around a single theme and
designed to achieve a specific objective.
Promotional Partnership
an alliance between a manufacturer of a product and another company for the
purposes of promotion; for example, Coca-Cola Co. may form a promotional
partnership with 20th Century Fox Film Corp., agreeing to pay that company to
display the soft drink prominently in a forthcoming feature film. See Movie Tie-
Ins; Entertainment Marketing.
Promotional Pricing
the temporary pricing of goods and services at lower than normal levels for a
special promotional effort.
Promotional Stock
merchandise offered at a reduced price to a reseller for some special promotion
or festive occasion; also referred to as Seasonal Stock.
Promotional Strategy
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the element of a firm's decision-making concerned with choosing the most
appropriate mix of advertising, sales promotion, personal selling and publicity for
communication with its target market.
Promotional Warranty
a warranty designed to reduce the perceived financial or performance risk that a
consumer might perceive in purchasing an expensive product. See Warranty;
Express Warranty; Implied Warranty; Protective Warranty.
Prospect
a potential customer. See Sales Leads; Suspect.
Prospecting
the first step in the selling process; the activity of seeking out potential
customers. See Sales Leads.
Prospecting Plan
a systematic approach to finding new customers involving the setting aside of
time after allowing for calls on existing customers specifically for prospecting.
Protectionism
Trade policies of governments aimed at protecting domestic industries by limiting
the volume of imports.
Protective Warranty
see Warranty; Express Warranty; Implied Warranty; Promotional Warranty.
Prototype
a sample or early version of a new product made or built specifically for trialling
and testing.
Prototype Testing
the trialling of a sample of a newly developed product on selection of customers
from the target market .
Proxemic Communication
a form of nonverbal communication or body language in which messages are
conveyed from one person to another by the changing space that separates
them during a conversation. See Kinesic Communication; Nonverbal
Communication; Tactile Communication.
Psychodrama
a qualitative marketing research technique in which respondents are asked to
engage in impromptu role-playing exercises intended to have them reveal their
feelings about certain products or brands. See Qualitative Marketing Research.
Psychodrawing
a nonverbal, qualitative marketing research technique in which respondents use
colours, shapes, symbols, etc. to express their feelings about certain products or
brands. See Qualitative Marketing Research.
Psychographic Segmentation
the division of a heterogeneous market into relatively homogeneous groups on
the basis of their attitudes, beliefs, opinions, personalities and lifestyles;
sometimes called "State-of-Mind" Segmentation.
Psychography
the study of the attitudes, beliefs, opinions, personalities and lifestyles of
individuals in a population.
Psychological Discounting
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the advertising of a product at a heavily reduced price, as in "Was $49.95, now
only $35.00"; the practice may be illegal under the Trade Practices Act unless the
reduction is a genuine one.
Psychological Needs
innate human feelings of deprivation related to an individual's mental well-being.
See Needs; Physiological Needs.
Psychological Repositioning
the attempt by a firm to alter the beliefs of prospective buyers about the key
attributes of its product offering, especially where the buyers generally
underestimate its quality. See Market Positioning; Real Positioning;
Repositioning; Competitive Depositioning.
Psychological Pricing
pricing intended to influence the customers' perception of the actual price of a
product; two common forms of psychological pricing are odd pricing and prestige
pricing. See Odd Pricing; Prestige Pricing.
Psychological Risk
see Risk; Emotional Risk.
Psychological Set
a consumer's mind set; his or her positive or negative feelings or predispositions
towards a particular brand or company. The consumer's mind set is formed by
his or her needs, perceptions and attitudes. See Attitudes; Needs; Perception.
Public Policy Environment
that part of a firm's external environment which consists of controversial issues or
matters of concern to governments, the media or influential pressure groups;
factors in this environment may have an influence on a firm's decision-making or
an impact upon its performance.
Public Relations
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