Encyclopedia

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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