What a PMP actually is
In programmatic terms, a PMP is a curated auction: the seller assembles an inventory package, invites a defined list of buyers, and sets a price floor. You still bid, but only against the invited group, and the inventory is narrower and usually higher quality than the open exchange.
Two variants sit alongside it and are often confused with it. A preferred deal gives a buyer fixed pricing and priority for a set window without a volume commitment. A programmatic guaranteed deal pairs fixed pricing with a guaranteed volume commitment on both sides. All three are activated the same way — through a deal ID in your DSP — which is why the mechanics below apply to each of them.