I just recently learned the term that I used as the subject of this post. I suppose everyone else already knows that it refers to a financial arrangement whereby a product is prominently displayed within fictional entertainment such as motion pictures and TV.
I saw an instance of product placement last night on a rerun of JAG. The Admiral, who was recuperating from a leg injury at home with a lady friend, asked her to make him a Wild Turkey on the rocks. We got to see her set the bottle on a coffee table as she handed him his drink.