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| There are 160 entries in the glossary. |
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| macro-environment | the major uncontrollable, external forces (economic, demographic, technological, natural, social and cultural, legal and political) which influence a firm's decision making and have an impact upon its performance
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| macromarketing | the study of marketing decision-making from a societal perspective
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| macromodel | a descriptive model, designed to communicate, explain or predict some real system or process, in which there is a dependent variable and a relatively small number of independent, determinant variables
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| macrosegmentation | the division of a market into broadly defined groups, each with its particular needs and wants, prior to further division or segmentation on the basis of more narrowly defined needs and wants
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| mail order house | a retailing organisation which uses catalogues rather than a sales force to promote its goods to customers, also called a catalogue retailer
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| mail order selling | a system of retailing in which customers order merchandise, usually from a catalogue, by mail, the goods are shipped direct to the customer's home
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| mail order wholesalers | wholesalers who use catalogues to sell to retailers too small for full-service wholesalers to serve profitably in the normal way
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| mail surveys | a relatively inexpensive method of obtaining data in a marketing research study, mail surveys keep interviewer bias to a minimum, but they require considerable time to conduct and response rates are generally low
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| maintenance selling | generating sales volume from existing customers
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| maintenance strategy | a planning or decision-making tactic appropriate for an organisation when growth opportunities are low but the firm is in a relatively strong position in the market, a maintenance strategy implies that the firm will continue to invest in the business, in a limited way, to maintain the current volume of business
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| major account | a large and complex prospect or customer, often having several branches or sites, and generally requiring contacts and relationships between various functions in the supplier and customer organization, often major accounts are the responsibility of designated experienced and senior sales people, which might be formed into a major accounts team, major accounts often enjoy better discounts and terms than other customers because of purchasing power leveraged by bigger volumes, and lower selling costs from economies of scale
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| major equipment | long-lived business assets that must be depreciated over time, capital items
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| majority fallacy | the erroneous belief that the biggest segment of a market will be the most profitable one for a firm to enter, competition will usually be keenest in the biggest segment
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| make or buy decision | a choice sometimes faced by a manufacturing company when considering the acquisition of a new product - to lease or purchase a product or to manufacture it internally
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| MAN | acronym used in selling for qualifying new prospects, does the prospect have the Money to pay? does the prospect have the Authority to buy? does the prospect have a Need for the product? also referred to as PAN - Pay, Authority, Need
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| management by objectives | an evaluation and control system in which individual salespeople set goals and objectives for themselves that are acceptable to management, progress towards these goals and objectives is reviewed periodically
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| managerial judgment | a forecasting method in which predictions about the likely level of sales for a specified future period are made by experienced senior managers
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| manchester man | an old term for a salesperson, originally used in reference to salespeople hired by textile firms in Manchester, England, in the late eighteenth century to sell the goods produced by the developing factory system
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| manipulative selling techniques | selling practices in which the salesperson attempts to overwhelm the prospective buyer, high-pressure methods
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| manufacturer's brand | a brand owned or controlled by an organisation the primary commitment of which is to production rather than distribution, also called a national brand
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| manufacturers' agent | an agent or representative used by manufacturers to supplement or even replace their own sales staff
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| manufacturers' rep | independent sales representatives that are not employed by the companies which provide the products and services they sell, manufacturers' reps typically represent multiple manufacturers in complementary industries and sometimes represent competing lines within industries
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| margin | the difference between the selling price of a product or service and the cost of producing, delivering or acquiring the product or service
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| marginal analysis | the determination of the change in total revenue and total cost that results from the sale of one more unit
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| marginal cost | the change in total cost that results from producing an additional unit
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| marginal profit | the change in the total profit that results from the sale of an additional unit
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| marginal revenue | the change in total revenue that results from selling an additional unit
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| marital status | whether an individual is married, single, divorced or widowed, an important variable in demographic segmentation
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| mark-down | if a firm reduces an item to sell it at below its original retail price, the difference between the original price and the reduced price is called the mark-down
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| mark-up | this is the money that a selling company adds to the cost of a product or service in order to produce a required level of profit, strictly speaking, percentage mark-up refers to the difference between cost and selling price as a factor of the cost, not of the selling price, so a product costing $1 and selling for $2 has been given a mark-up of 100%, (at the same time it produces a margin of 50%)
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| market | all the buyers and potential buyers of a product who profess some level of interest in it and who can afford it
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| market analysis | the systematic evaluation or assessment of a company's businesses or products, two variables frequently used in the evaluation are market attractiveness (including market growth rate) and business strength (including relative market share)
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| market atomisation strategy | see complete segmentation and custom marketing |
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| market broadening | a strategy in which a company looks beyond its existing product to the need or want of the consumers which buy it, thus a company which makes soap powder, knowing that what its consumers want is whiter clothes, might expand its operations to make a bleach
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| market challenger | a company holding a major market share and competing vigorously with the market leader for outright leadership
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| market development | a strategy by which a company seeks growth by taking its existing products into new markets
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| market diversification | a strategy in which a company seeks growth by adding products and markets of a kind unrelated to its existing products and markets
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| market driven economy | an economy controlled by market forces rather than by government action
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| market dynamics | changes that occur within the market, but external to a company which influence its decision-making and impact upon its performance
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| market entry barrier | any circumstance or feature of a market which inhibits or deters a firm from entering it, the greatest market entry barrier is the presence of a firmly entrenched competitor with a significant competitive advantage
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| market expansion | a growth strategy in which an organisation targets existing products to new markets, market development by targeting new geographic markets, new demographic or psychographic segments, or totally new users
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| market factor | any external variable affecting the level of a company's sales
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| market follower | a company content to maintain its existing market share behind an established market leader
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| market forecast | the anticipated sales for a market as a whole during a given period, taking into account prevailing environmental circumstances
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| market growth rate | the rate, commonly expressed as a percentage per annum, at which a market is increasing in size
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| market index | a combination of market factors used to predict the likely level of sales
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| market leader | the company whose products hold the largest market share
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| market minimum | the level of sales that a firm can expect to achieve in a market without promotional effort of any kind
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| market niche | a small but profitable segment of a market unlikely to attract competitors
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| market nicher | a company whose products serve segments too small to be of interest to firms with larger shares of the market, also called market specialists, threshold firms or foothold firms
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| market opportunity | a newly identified market or product gap within a market which a company can exploit
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| market opportunity evaluation | the matching of an identified market opportunity to an organisation's objectives and resources
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| market penetration | a growth strategy in which a company concentrates its efforts on its target market in order to attract a higher percentage of users of its product
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| market penetration pricing | an approach to pricing in which a manufacturer sets a relatively low price for a product in the introductory stage of its life cycle with the intention of building market share
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| market planning process | a systematic approach to the achievement of marketing goals, steps in the process include situation analysis, setting of objectives, strategy formulation, development of action programs, implementation, and control, review and evaluation
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| market positioning | the size or value in dollars of a total market should all those who profess a level of interest in a product, and can afford to buy, purchase it
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| market potential | the size or value in dollars of a total market should all those who profess a level of interest in a product, and can afford to buy, purchase it |
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| market protection strategy | marketing decisions and actions taken by a firm to protect its current market share from competitors
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| market research | the systematic gathering of information about a market by means of survey, observation or experimentation
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| market sector | part of the market that can be described, categorized and then targeted according to its own criteria and characteristics
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| market segment | a group or sector within a heterogeneous market consisting of consumers or organisations with relatively homogeneous needs and wants, those within a market who will respond to a given set of marketing stimuli in a particular way
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| market segment expansion strategy | one of four possible market segmentation approaches (with concentrated segmentation strategy, product line expansion strategy and differentiated segmentation strategy) available to a firm in relation to the segment or segments it wishes to target, in a market segment expansion approach a firm targets one product to several segments of the market, thus expanding the market for one product, see segmentation strategies, concentrated segmentation strategy, product line expansion strategy, and differentiated segmentation strategy
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| market segmentation | the division of a totally heterogeneous market into groups or sectors with relatively homogeneous needs and wants
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| market share | a company's sales expressed as a percentage of the sales for the total industry
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| market skimming pricing | a pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market
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| market testing | introducing a new product and marketing program into a market on a limited basis in order to test both before a full launch, see new product development |
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| market-based marketing organization | a marketing structure of an organization in which staff specialists have responsibility for particular markets (rather than for particular products of the organization), an appropriate structure when the needs of each market served by the firm differ widely |
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| marketing | the systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products
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| marketing advantage | the competitive edge that can be gained by more accurately identifying customer needs and wants and by developing products which deliver superior satisfactions, or by being more effective and efficient in positioning, promotion or distribution
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| marketing budget | the amount allocated for expenditure on marketing activities in a specified period
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| marketing channels | the path or route taken by goods and services as they move from producer to final consumer, in addition to the goods and services themselves, title, information, promotion and payment also move along the marketing channels carry, also known as distribution channels
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| marketing concept | a business orientation or philosophy that holds that organisational success is dependent upon the efficient identification of the needs and wants of target markets and the effective satisfaction of them
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| marketing consultants | independent marketing specialists hired by companies, usually on a short-term contract basis, to advise on a wide range of marketing matters, including marketing planning and management, marketing research, marketing communications, etc
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| marketing controller | an individual, usually with training in finance and marketing, responsible for analysing and evaluating a company's marketing expenditures
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| marketing cost analysis | a tool used in marketing planning in which the costs associated with selling, billing, warehousing, promoting and distributing of certain products or product groups, or to certain customers or customer groups, are examined to assess their profitability
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| marketing database | data brought into an organisation through marketing research projects or a marketing information system and used as an aid to decision making
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| marketing department | a division within a company with responsibility for the planning and co-ordination of all marketing activities
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| marketing era | the period following the end of the Second World War which saw the emergence of the marketing concept as the prevailing trend in business
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| marketing ethics | the standards or moral principles governing the marketing profession
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| marketing expense-to-sales ratio | a marketing control measure used to determine whether the cost of the marketing activities engaged in to produce the level of sales in a given period was excessive, total marketing expenses are expressed as a percentage of total sales revenue
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| marketing implementation | the activities involved in putting marketing strategies into action in order to achieve marketing objectives
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| marketing information system | an organisational section or entity whose purpose is to gather, organise, store, retrieve and analyse data relevant to a firm's past, present and future operations on an on-going basis in order provide support for management's marketing decisions, its four major components are an internal records bank (internally generated marketing information), a marketing intelligence bank (information from external sources), an analytical bank (statistical techniques and mathematical models); and an "ad hoc" marketing research bank (research into non-recurring problems)
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| marketing intelligence | information gathered from sources external to the firm for use in decision-making, see marketing information system
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| marketing intermediaries | independent firms which assist in the flow of goods and services from producers to end-users, they include agents, wholesalers and retailers, marketing services agencies, physical distribution companies, and financial institutions
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| marketing management | the analysis, planning, organisation, implementation and control of the marketing activities of the firm
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| marketing mix |
product, price, promotion and place (distribution) - that the firm blends to produce the desired market response, also called the four Ps
combining marketing elements, including advertising, promotional products, direct mail and public relations, into one cohesive marketing program
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| marketing model | computer based simulations of realistic marketing situations which allow alternative decisions to be tested for optimum results
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| marketing myopia | an influential article by U.S. academic, Theodore Levitt, published in Harvard Business Review in 1960, Levitt described the failure of management to define adequately the scope of their business as "marketing myopia" - short-sightedness in marketing, a failure by a firm to define its mission broadly enough result in the over-emphasis of product and the under-emphasis of customer needs and wants
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| marketing objectives | specific, measurable aims or expected outcomes of marketing activity to be achieved in a given period
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| marketing opportunities | circumstances in the external environment which offer an organisation the chance to satisfy particular consumer needs and wants at a profit
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| marketing organization | the structure of the marketing function within the organization, the two most commonly used approaches to organizing the marketing effort are a product-based organization and a market-based organization |
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| marketing plan | a detailed, written account and timetable of the objectives, methods to be used by a firm to achieve its marketing goals
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| marketing research | a formal, planned approach to the collection, analysis, interpretation and reporting of information required for marketing decision-making
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| marketing research objectives | the aims or purpose of a marketing research study, objectives are often expressed as hypotheses to be tested
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| marketing research-to-sales ratio | a marketing control measure used to determine whether the amount spent on marketing research in a given period was excessive in relation to its sales, total marketing research expenditure is expressed as a percentage of total sales revenue
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| marketing services | services which are produced or purchased by a marketing organisation for use in the production, pricing, promotion and distribution of products which they themselves market, services commonly produced or purchased by organisations for use by their own marketing departments include market research, advertising and promotion
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| marketing services agencies | independent companies providing assistance to firms in getting products to their target markets, they include marketing research agencies, advertising agencies, sales promotions specialists, marketing consultants, etc
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| marketing strategy | the determination of a firm's objectives, the selection of its target markets, the development of an appropriate marketing mix for each, and the allocation of the resources necessary to achieve its goals
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| marketing synergy | the principle in marketing that the whole is greater than the sum of the parts, putting the marketing mix variables together in a way that achieves maximum effect
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| Maslow's hierarchy of needs | a theory propounded in 1954 by Abraham Maslow, a U.S. psychologist, who hypothesised that some innate human needs are more pressing than others, and must be satisfied before any less pressing ones can be attended to, he arranged human needs into five categories in ascending order - physiological needs, safety needs, belongingness and love needs, esteem needs and self-actualisation needs
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| Maslow's theory of motivation | the theory that human needs are hierarchical in nature and that a person must satisfy lower-order needs before higher-order needs can be attended to, thus, when a lower-order need is satisfied it ceases to be a motivator
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| mass marketing | a marketing philosophy in which the seller views the market as a homogeneous whole, and, therefore, has only one marketing program (the same product, the same price, the same promotion and the same distribution system) for everyone, also referred to as unsegmented marketing or undifferentiated marketing
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| mass media advertising | advertising in a non-selective way by means of the popular media in order to reach the widest possible audience
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| maturity stage of product life cycle | the third stage (after introduction and growth) in the life of a typical product, in maturity, the product is well-known, has some loyal customers and strong competition
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| maximum (compensation) | the total incentive opportunity a sales representative can earn in a given period, sometimes a maximum is referred to as a 'cap', 'lid', or 'ceiling'
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| MBO | management by objectives
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| McKinsey 7-S framework | a framework or model, developed by the McKinsey Company, a leading consulting firm, for maximising success of the implementation of an organisation's strategic planning, according to the McKinsey experts, companies which are excellently managed have seven elements in common strategy, structure and systems (the three "hardware" elements of success) and style, skills, staffing and shared values (the four "software" elements of success)
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| measurability | one of the four major requirements (with actionability, accessibility and substantiality) for useful market segmentation, measurability, sometimes referred to as identifiability, expresses the notion that the size and purchasing power of the segment must be able to be measured
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| media plan | a blueprint for a firm's advertising, giving details of the media mix, the specific media vehicles and the media schedule
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| media vehicle | a specific medium for the transmission of an advertiser's message
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| megamarketing | a term coined by U.S. marketing academic, Philip Kotler, to describe the type of marketing activity required when it is necessary to manage elements of the firm's external environment (governments, the media, pressure groups, etc) as well as the marketing variables, Kotler suggests that two more Ps must be added to the marketing mix - public relations and power
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| megatrend | a major movement, pattern or trend emerging in the macroenvironment, an emerging force likely to have a significant impact on the kinds of products consumers will wish to buy in the foreseeable future, megatrends evident today include a growing interest in health, leisure, lifestyle and environmental issues
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| membership group | a reference group to which an individual belongs, see aspirational group, and dissociative group
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| memorandum of understanding | a formal agreement in principle between two parties |
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| memorised presentations | rote-learned presentations of their products to buyers by salespeople, also called canned presentations
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| merchandise allowance | a trade sales promotion in which manufacturers offer payments or a quantity of free merchandise to buyers for in-store promotion of their products
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| merchandisers | retail stores which sell finished, non-food items, four types of merchandisers (categorised on the basis of service, price and product line) can be identified - specialty stores (full-service, high-price, limited product line), department stores, mass merchandisers, and discount stores (limited-service, low-price, wide product line)
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| merchant | an independent marketing intermediary
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| merchant wholesaler | an independent marketing middleman buying and taking title to goods and reselling them to retailers or industrial users
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| metrics | anything that can be tracked and measured is a metric
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| micro-environment | the factors or elements in a firm's immediate environment which affect its performance and decision-making, these elements include the firm's suppliers, competitors, marketing intermediaries, customers and publics
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| micromarketing | the study of marketing decision-making from the perspective of an individual firm or organisation
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| micromarkets | markets in which the volumes of demand are relatively small owing to the fragmentation or splintering of mass markets, markets in which there is great diversity in the needs and wants of customers
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| microsales analysis | the analysis of the sales performance of an organisation during a particular accounting period by close examination of the work of individual representatives, or of specific products, regions, territories, etc, which failed to achieve the expected results
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| microsegmentation | the division of a market into smaller groups of customers on the basis of more narrowly defined needs and wants, after having already divided or segmented it on the basis of broadly defined needs and wants
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| middleman | an independent marketing intermediary, an agent, wholesaler, retailer, etc
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| mindset | a term evolved from cognitive behavioral psychology - a set of beliefs or way of thinking that determine somebody's behavior and outlook, see cognitive psychology and sales mindset
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| minor points close | a closing technique in which a salesperson attempts to get the buyer to agree to the value or usefulness of various smaller attributes and features of a product so that it will be easier to get a favourable response to the bigger decision - to purchase the product
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| missionary selling | selling in which the salesperson's role is to inform an individual with the power to influence others to buy a product, rather than to make a direct sale to that person, a missionary salesperson is also known as a detailer
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| misunderstanding | a type of concern or objection where the customer believes you cannot provide a particular feature or benefit when in fact you can
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| mix (compensation) | the division between base salary and incentive total target compensation as expressed as a percent of total target compensation
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| model | a set of variables and their interrelationships which are designed to represent some real system or process
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| modified rebuy | a buying situation in which an individual or organisation buys goods that have been purchased previously but changes either the supplier or some other element of the previous order
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| money hours | the hours in a sales professional's day where s/he can talk with prospects and/ or customers, the most valuable hours of a salesperson's day
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| money-based competitors | other organisations offering products on which a company's potential customers might spend their money
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| monitoring time | part of the non-monetary price a consumer pays for a product, the time it takes individual to work out that a particular product item needs to be replenished, see non-monetary price and time prices |
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| monopolistic competition | a market situation in which there are many sellers and many buyers of products which can be differentiated on price and other features, see oligopolistic competition, pure competition, and pure monopoly
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| monopoly | a market situation in which there is only one seller
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| monopsony | a market situation in which there is only one buyer
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| moral pricing | a pricing method used where the product is socially or politically sensitive and costs are difficult to identify
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| motivation | that which provides the inner drive for a person to act
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| motive | an inner state directing a person towards the satisfaction of a need
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| moving average | a forecasting method using the average volume achieved in several recent sales periods to predict the volume likely to be sold in the next period
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| MRO supplies | maintenance, repair and operating supplies
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| multi-channel marketing system | a system in which a producer uses more that one channel of distribution, commonly, producers who use multichannel marketing systems operate their own retail stores as well as sell through other wholesalers and retailers, multichannel retailers are also called merchandising conglomerates
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| multibrand strategy | the use of more than one brand within a product category in order to counteract brand switching and to increase shelf space opportunities
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| multichotomous question | a closed-ended question in a marketing research questionnaire in which a respondent must choose one response from two or more possible alternatives
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| multidimensional scaling | a multivariate statistical technique concerned mainly with the relationships, differences, similarities, interaction, substitutability, etc, among behavioural data
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| multilevel in-depth selling | a tactic used by selling organisations where the buying centre of a large and important company includes many participants, the selling team spends maximum time with company personnel, attempting to reach as many as possible of the decision participants at all levels
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| multilevel marketing | a form of direct selling in which distributors of a product attempt to locate and sell to end-users and to others who will become distributors
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| multinational corporation | an organisation operating in several countries, often having a substantial share of their total assets, sales, and labour force in foreign subsidiaries
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| multiple channel system | the use of more than one channel of distribution to sell a product, e.g. direct mail, direct to major retailers, through wholesalers to smaller retailers, etc
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| multiple exchanges | a term used in non-profit marketing in reference to the fact that non-profit organisations must deal with donors in receiving funds and with their clients in allocating them
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| multiple marketing channels | more than one distribution channel serving either a single market or different target markets
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| multiple niching |
a strategy adopted by a company operating simultaneously in more than one market niche, see market niche and single niching
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| multiple packaging | the practice of placing several units of a product (chocolate bars, soups, yogurt, etc) in one container when offering them for sale in order to increase total sales, to help introduce a new product or to win consumer acceptance
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| multiple segmentation approach | targeting a number of distinct segments in the same market and developing a separate marketing mix for each
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| multiple sourcing | buying supplies from several vendors so that the risk of any one source being unable to supply is minimised
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| multiple unit pricing | offering a lower price per unit for the purchase of two or more products of the same type when bought together than when units are bought singly
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| mummy dust | a slang term referring to the ingredients, parts or accessories that manufacturers sometimes add to their products to enhance them, but for which no scientific basis can be found, also referred to as whiffle dust
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Glossary V2.0 |
