Glossary of Terms

M
Macro environment
The external environment affecting a business including economic, legal, technological, political and social factors
Management systems
Systems designed to establish policies and objectives and to achieve those objectives within organisations
Market Based Management (MBM)
A business strategy that puts the needs and wants of customers at the centre of all business activity.
Market capitalisation
The value of the company on the stockmarket, expressed in dollars, after multiplying current share price by the number of shares in issue. See also, capital markets, listed company, public company
Market leader
The firm that has the largest share of the market, measured by sales (value or volume). See also, market share
Market research
Finding out information about the characteristics of potential customers to solve marketing problems and help with marketing decisions. See also, focus group, qualitative research, quantatative research
Market share
The proportion of the total market of a product or service that is held by an individual business. Usually expressed as a percentage.
Market specifications
Features or aspects of the final product requested by consumers.
Market trends
The general direction in which the market is moving to anticipate and meet changing needs
Marketing
The range of activities that relate to identifying, anticipating and satisfying customer needs (profitably) by means of standard tools such as market research and promotion. See also, marketing strategy, promotion
Marketing mix
Term used to emphasise the importance of mixing or blending various factors such as product, price, placement and promotion to achieve marketing objectives.
Marketing mix
Term used to emphasise the importance of mixing or blending various factors such as product, price, placement and promotion to achieve marketing objectives.
Marketing plan
A plan to achieve one or more marketing objectives for a product.
Marketing position
The share or percentage of the market a business has based on sales revenue. Can also relate to the how the business wants the product or brand to be viewed by the market. See also, market leader
Marketing strategy
A marketing plan designed to achieve marketing objectives; long-term plans designed to enable an organisation to identify and meet the wants and needs of its customers. See also, marketing
Marketplace
A place or situation where buyers and sellers meet to exchange goods and services.
Mentor
An assigned person who offers advice and support to another, often an employee.
Mentoring
Providing support or guidance for a person.
Merchant
A professional who deals with trade, dealing with commodities that they do not produce themselves, in order to produce profit.
Merger
Where two companies join together on an equal footing to operate as one business. See also, acquisition, takeover
Methodology
A set of inter-related phases, activities and tasks that make up the project process.
Methodology
The way in which you find out information; a methodology describes how something will be (or was) done. The methodology includes the methods, procedures and techniques used to collect and analyse information.
Mission statement
The statement of an organisation's current and future business goals
Modular buildings
Buildings that are constructed in a factory-controlled environment away from the building site. Modules are then linked together to form multi-purpose buildings
Monopoly
Situation where there is only one provider of a product or service in a particular market.
Mortgage
A form of security, most commonly in property purchases. The borrower conveys title to the lender subject to having it transferred back once the debt is paid. Chattel Mortgage refers to a mortgage over moveable possessions such as business equipment.
Multi-channel
The use of several media platforms including print, telematics, Internet and mobile communications to provide a service to customers.
Multi-national companies
A company that produces or sells it goods or services in more than one country
Multi-platform format
An advertising package that includes a range of entitlements such as billboards, online integration, product placement and television commercials.