M

Macroenvironment
a number of broader forces that affect not only the company but the other actors in the environment, e.g. social, political, technological and economic

Macrosegmentation
the segmentation of organizational markets by size, industry and location

Mail order catalogue
usually a colour catalogue featuring products and prices sent through the mail and from which customers can select and order

Mail order
a non-store form of retailing using catalogues or other media as a promotional vehicle

Manufacturer brands
brands which are created by producers and bear their chosen brand name

Marginal cost pricing
the calculation of only those costs which are likely to rise/fall as output increases/decreases

Market
the people who represent the actual or potential demand for a product

Market development
to take current products and sell them in new markets

Market expansion
the attempt to increase the size of a market by converting non-users to users of the product and by increasing usage rates

Market intelligence
information on present and future customer needs

Market penetration
to continue to sell an existing product in an existing market

Market segmentation
the process of identifying individuals or organizations with similar characteristics that have significant implications for the determination of marketing strategy

Market share analysis
a comparison of company sales with total sales of the product, including sales of competitors

Market testing
the limited launch of a new product to test sales potential

Marketing audit
a systematic examination of a business’s marketing environment, objectives, strategies, and activities with a view to identifying key strategic issues, problem areas and opportunities

Marketing concept
the achievement of corporate goals through meeting and exceeding customer needs better than the competition

Marketing environment
the actors and forces that affect a company’s capability to operate effectively in providing products and services to its customers

Marketing information system
a system in which marketing information is formally gathered, stored, analysed, and distributed to managers in accord with their informational needs on a regular, planned basis

Marketing mix
a framework for the tactical management of the customer relationship, including product, place, price, promotion (4Ps). In the case of services three other elements to be taken into account are process, people and physical evidence.

Marketing objectives
there are two types of marketing objectives – strategic thrust, which dictates which products should be sold in which markets, and strategic objectives, i.e. product-level objectives, such as build, hold, harvest and divest

Marketing orientation
companies with a marketing orientation focus on customer needs as the primary drivers of organizational performance.

Marketing planning
the process by which businesses analyse the environment, decide upon courses of marketing action and implement those decisions

Marketing research
the gathering of data and information on the market

Marketing strategy
the approach a firm takes to securing and retaining profitable relationships with its customers, generally involving segmentation, targeting and positioning choices as well as adaptation of a suitable marketing mix

Marketing structures
the marketing frameworks (organization, training and internal communications) upon which marketing activities are based

Marketing systems
sets of connected parts (information, planning and control) which support the marketing function

Media coverage
mention of a particular event, product or organization in the media

Media relations
communications about a product or organization by placing news about it in the media without paying for the time or space directly

Mega-marketing
lobbying political power and public opinion

Member-get-member
a programme of customer recruitment incentivising existing customers or members to recruit others

Merger
the amalgamation of two or more organizations

Microenvironment
the actors in the firms immediate environment that affect its capability to operate effectively in its chosen markets, namely, suppliers, distributors, customers and competitors

Microsegmentation
segmentation according to choice criteria, DMU structure, decision making process, buy class, purchasing structure and organizational innovativeness

Misconceptions barrier
a failure by marketers to understand what customers really value about their service

Missionary salespeople
order-creators whose task is not to close the sales but to persuade the customer, e.g. a medical practitioner, to specify the seller’s products

Mobile defence
involves diversification or broadening the market by redefining the business

Modified re-buy
where a regular requirement for the type of product exists and the buying alternatives are known but sufficient (e.g. a delivery problem) has occurred to require some alteration to the normal supply procedure

Moments of truth
staff-customer contacts

Money-back guarantee
a promise by a retailer or manufacturer that if a customer is not happy with the purchase he or she may return the product in good condition and get a full refund

Money-off
a sales promotion that discounts the normal price