Small Business Encyclopedia
Letter: P
Packaging
The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean
Partnership
A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.
Patents
A form of protection that provides a person or legal entity with exclusive rights for making, using or selling a concept or invention and excludes others from doing the same for the duration of the patent
Payables Management
The administration of a company's outstanding debts, or liabilities, to vendors for purchases of goods and services made on credit
Payroll Management
The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions
Performance Reviews
An analysis of an employee's work habits undertaken at a fixed point in time to determine the degree to which stated objectives and expectations have been reached
Permits
A legal document giving official permission to do something
Podcast
A podcast is a pre-recorded audio program that's posted to a website and is made available for download so people can listen to them on personal computers or mobile devices.
Point of Sale (POS) System
A computerized network operated by a main computer and linked to several checkout terminals
Positioning
How you differentiate your product or service from that of your competitors and then determine which market niche to fill
Press Kit
A comprehensive package of information outlining a company's products and services most frequently sent to members of the press
Press Release
A public relations announcement issued to the news media and other targeted publications for the purpose of letting the public know of company developments
Pricing a Product
To establish a selling price for a product
Pricing a Service
To establish a selling price for a service
Primary Market Research
Iinformation that comes directly from the source--that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.
Private Label Sales
Licensing your product to another company to sell under its own name, rather than under yours
Product Development
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product
Professional Employer Organization (PEO)
A company that technically "employs" the workers of several other companies and oversees all HR-related functions
Professional Service Providers
Individuals who provide your company with specialized service, including but not restricted to lawyers, accountants and management consultants
Property Insurance
Insurance that protects the physical property and equipment of a business against loss from theft, fire or other perils; all-risk coverage covers against all risks; named-peril coverage covers only against specific perils named in the policy.
Prospecting
The search for potential customers or buyers
Prototype
A replica of a product as it will be manufactured, which may include such details as color, graphics, packaging and instructions
Public Relations
Using the news or business press to carry positive stories about your company or your products; cultivating a good relationship with local press representatives
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