Business Definitions – M

manufacturer’s agent – An agent who typically operates on an extended contractual basis, often sells in an exclusive territory, offers non-competing but related lines of goods, and has defined authority regarding prices and terms of sale.

market – Prospective buyers, individuals or organizations, willing and able to purchase the organization’s potential offering.

market development funds – The monetary resources a company invests to assist channel members increase volume sales of their products or services. Hereafter referred to by the acronym MDF.

market development strategy – A product-market strategy whereby an organization introduces its offerings to markets other than those it is currently serving. In global marketing, this strategy can be implemented through exportation licensing, join ventures or direct investment.

market evolution – Changes in primary demand for a product class and changes in technology.

market penetration strategy – A product market strategy hereby an organization seeks to gain greater dominance in a market in which it already has an offering. This strategy often focuses on capturing a larger share of an existing market.

market plan: its purpose and components – Often found within the business plan, the market plan provides details regarding the overall marketing strategy, pricing, sales tactics, service and warranty policies, advertising and promotion and distribution plans for the venture.

market redefinition – Changes in the offering demanded by buyers or promoted by competitors to enhance its perception and associated sales.

market sales potential – The maximum level of sales that might be available to all organizations serving a defined market in a specific time period.

market segmentation – The categorization of potential buyers into groups based on common characteristics such as age, gender, income, and geography or other attributes relating to purchase or consumption behavior.

market share – Total sales of an organization divided by the sales of the market they serve.

market development strategy – A product-market strategy whereby an organization introduces its offerings to markets other than those it is currently serving. In global marketing, this strategy can be implemented through exportation licensing, join ventures or direct investment.

market penetration strategy – A product market strategy hereby an organization seeks to gain greater dominance in a market in which it already has an offering. This strategy often focuses on capturing a larger share of an existing market.

marketing – The set of planned activities designed to positively influence the perceptions and purchase choices of individuals and organizations.

marketing audit – A comprehensive and systematic examination of a company’s or business unit’s marketing environment, objectives, strategies, and activities with a view of identifying and understanding problem areas and opportunities, and recommending a plan of action.

marketing cost analysis – Assigning or allocating costs to a specified marketing activity or entity in a manner that accurately captures the financial contribution of activities or entities to the organization.

marketing mix – The activities controllable by the organization and include the product, service, or idea offered, the manner in which the offering will be communicated to customers, the method for distributing or delivering the offering, and the price to be charged for.

marketing plan – A written document containing description and guidelines for an organization’s or a product’s marketing strategies, tactics and programs for offering their products and services over the defined planning period, often one year.

marketing-cost analysis – Assigning or allocating costs to a specified marketing activity or entity in a manner that accurately captures the financial contribution of activities or entities to the organization.

materials – Included in the cost of sales. These are materials involved in the assembly or manufacture of goods for sale.

materials included in the cost of sales – These are materials involved in the assembly or manufacture of goods for sale.

mission statement – A statement that captures an organization’s purpose, customer orientation and business philosophy.

moving weighted average – Moving weighted average is a statistical method to forecast the future based on past results. It is a subset of time series analysis. Detailed explanation goes beyond the scope of a glossary of terms, but should be included in any text on forecasting, statistics, or business forecasting.

multiple-channel system – A channel of distribution that uses a combination of direct and indirect channels where the channel members serve different segments.

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