Product Differentiation

Product differentiation is a deliberate marketing and product strategy that emphasizes the unique qualities of a product or brand so consumers will prefer it…

Productivity

Productivity measures how much output is produced for a given level of input. Inputs can be labor hours, capital (machines, software), materials, or money.…

Production Costs

Key Takeaways – Production costs (also called product costs) are the direct and indirect expenses a business incurs to produce goods or deliver services.…

Product Portfolio

• A product portfolio is the full set of products and services a company offers; each product typically differs in growth, market share and…

Producer Surplus

Key takeaways – Producer surplus is the monetary gain producers receive when the market price exceeds their marginal (variable) cost of producing a unit.…

Procyclic

Key takeaways – Procyclic (or procyclicality) describes when a measurable economic variable—price, demand, output, policy stance, or indicator—moves in the same direction as the…

Procurement

Procurement is the end-to-end process organizations use to obtain goods, services or works needed to operate. It spans activities from defining requirements and sourcing…

Pro Forma Invoice

• A pro forma invoice is a preliminary, non‑binding document from a seller to a buyer that describes goods or services, estimates prices and…

Privileged Communication

Privileged communication is a legal protection that keeps certain communications confidential so they cannot be compelled as evidence in court. It exists to promote…

Privatization

Privatization is the transfer of ownership or management of goods, services, assets, or entire enterprises from the public sector (government) to private-sector entities. The…