Peer Group

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A social group of equals, for example, in age, social class, education, etc. A group of products or businesses which are similar.

Pen Portrait

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A description of a person, a ‘character sketch in words’, now commonly a person-profile used for audience targeting purposes (marketing, recruitment, etc), although the expression dates back to the 1800s, originally referring to a description of a person, so as to produce a picture in the mind. ‘Pen Picture’ was an early alternative term.

Penalty Clause

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A clause in a contract which states that a specified sum of money must be paid by the party who breaks the contract.

Penetration Pricing

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The practice of charging a low price for a new product for a short period of time in order to establish a market share and attract customers.

Pension

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A private or government fund from which regular payments are made to a person who has retired from work, or who is considered too ill to carry on working.

Pension Fund

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A fund set up to collect money on a regular basis from employers and employees, which pays the employees pension when they retire from work.

Peppercorn Rent

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In the UK, a very low or nominal payment, which was originally a single peppercorn, made to secure a lease.