Macro/Micro – A multistep, nested approach to industrial market segmentation, in which one moves from general macro criteria at the level of the organization, such as SIC code and size of the buying firm, trough criteria at the level of the organization, such as SIC code and size of the buying firm, through criteria at the level of the order or application, such as order size and urgency, to specific micro criteria at the level of the buying center, such as risk perception and attitude toward the vendor.
Macroenvironment – The collection of uncontrollable forces and conditions facing a person or a company, including demographic, economic, natural, technological, political, and cultural forces.
Macromarketing – The study of marketing process, activities, institutions, and results from a board perspective such as a nation, in which cultural, political, and social, as well as economic interaction are investigated. It is marketing in a larger context than any one firm.
Mail Questionnaire – A questionnaire administered by mail to designated respondents under an accompanying cover letter and its return, by mail, by respondent to the research organization.
Mail-Order House – An establishment primarily engaged in distributing merchandise through the mail as a result of mail or telephone orders received.
Maintained Item – A specific item that is continuously maintained in assortments.
Maintained Markup – 1. The amount of markup that the retailer wishes to be maintained on a particular category of merchandise after allowing for markdowns or other reductions. It is net sales minus cost of goods sold. 2. The differential between the cost of goods sold and net sales.
Maintenance and Repair Service – Business services aimed at keeping the plant and equipment in good operating condition or repairing inoperable equipment. They are usually available from the original equipment manufacturer, but in many industries specialized organizations perform this function as well. Examples are window cleaning and air conditioning system repairs.
Maintenance, Repair, and Operating Items and Supplies (MRO) – Maintenance items are the supplies used to preserve the plant and equipment in good working conditions such as paint, mops, and brooms. Repair items are the materials or replacement items used to keep equipment in good operating condition or to repair inoperable equipment such as light bulbs, new switches, new valves. Operating items are the supplies used to operate the equipment such as fuel, oil, typing paper.
Majority Fallacy – A marketing strategy that directs a new product to an entire market, or to the largest segment in it, solely because of it’s size. Today, this “shotgun” approach is felt to be almost always inferior to the alternative strategy of targeting to smaller segments.
Makegood – The rescheduling of an ad or commercial by an advertising media operator when it has been incorrectly printed, broadcast, or distributed or when unavoidably cancelled or preempted.
Mall Intercept – A method of data collection in which interviewers in a shopping mall stop or intercept a sample of those passing by to ask them if they would be willing to participate in a research study; those who agree are typically taken to an interviewing facility that has been set up in the mall where the interview is conducted.
Mall-type Shopping Center – A grouping of stores near the center of a shopping center plot with parking area surrounding the store concentration on all sides. All or most of the store face a mall or pedestrian shopping area.
Management Information System (MIS) – A set of procedures and methods for the regular, planned collection, analysis, and presentation of information for the use in making management decisions.
Management-by-Exception Leadership – A leadership style wherein sales managers intervene only when their sales people have failed to meet their performance standards (e.g., a sales quota). If sales personnel are performing as expected, the sales manager will take no action.
Manifest Conflict – Overt behaviors, such as disagreements or blocking behaviors, that arise as a result of the earlier states of conflict.
Manipulation Check – A measurement that is taken in an experiment to make sure that subjects accurately perceived the actual changes in the treatment variable.
Manufacturer’s Agent – An independent business person who is paid a commission to sell a manufacturer’s products or services but does not take title to the products.
Manufacturer’s Brand – A brand owned by a manufacturer, as distinguished from a brand owned by a reseller.
Manufacturer’s Export Representative – Combination export management firms often refers to themselves as manufacturer’s export representatives whether they act as export distributors or export commission representatives.
Manufacturer’s Sales Branches and Sales Offices – The captive wholesaling operations owned and operated by manufacturers. Sales branches carry inventory, whereas sales offices do not.
Manufacturer’s Agent – An agent who generally operates on an extended contractual basis; often sells within an inclusive territory; handles noncompeting but related lines of goods; and possess limited authority with regard to prices and terms of sale.
Manufacturing Resource Planning (MRP-II) – An extension of standard MRP (Materials Requirements Planning) to include planning and feedback in the manufacturing system. It also integrates the manufacturing plan into the financial business plan of the firm. It is sometimes referred to as “closed-loop” MRP.
Margin – The difference between the selling price and total unit costs for an item.
Marginal Analysis – A technique of explanation that focuses on the impact of producing, marketing, or consuming one more unit.
Marginal Cost (MC) – The net change in total cost that results from producing and marketing in one additional unit.
Marginal Efficiency of Capital – The rate of discounts that, when applied to the whole series of future incomes from a capital good, will bring the sum of their present value equal to the cost or supply price of the capital good.