A partnership is an association of two or more persons for the purpose of conducting business, with each contributing money, property, labor, or skill, and with all expecting to share in PROFITs and losses. Partners can be individuals, CORPORATIONs, estates partnerships, or TRUSTs.

The most common definition of parity is equality in price or value. Workers often ask for pay parity when they are transferred to another part of the country.

Parallel markets are two or more markets where the same PRODUCT, produced by the same company, are sold at different prices. Parallel markets are more common in Europe than in the United States and are the result of government price setting.

Packaging is one of many issues a firm must address when developing a MARKETING STRATEGY. At first glance, packaging seems like a relatively simple concern; it is needed to protect the PRODUCT and communicate what is inside. However, marketers have learned that, in addition to protecting and promoting a product, packaging needs to be cost-effective and environmentally sensitive.