Mercantilism

Media Model – A mathematical formula (or computer algorithm) used in combination with audience data from a specific media vehicles to estimate the reach, frequency, and exposure distribution of alternative media schedules.

Media Planning – The advertising agency function that involves the determination of advertising objectives, advertising strategies, and advertising tactics relating to the advertising media to be used by specific clients. A media plan includes a statement of objectives, target market definition,types of advertising media to be used, and the amount of resources to be allocated to each (the media mix), and a specific time schedule for the use of each media vehicle.

Media Relations – The activities involved in working with the media to generate publicity for a product, service, or organization. this includes establishing contact with members of the media, providing publicity materials, and being available to answer any questions the media might have.

Media Representative – A person or a company that specializes in selling space or time in advertising vehicles to advertisers and advertising agencies.

Media Schedule – A specific schedule showing the media vehicles (including dates, positions in the publication or time of the day, and size of ad space or duration of commercials) to be used during an advertising campaign.

Media Vehicle – A specific newspaper, magazine, radio station, television program, outdoor advertising location, edition of Yellow Pages,etc., that can be employed to carry advertisements or commercials. for example, The New Yorker magazine is a media vehicle in the magazine is a media vehicle in the magazine category of advertising media.

Media Weight – A measure of the amount of advertising media used in an advertising campaign. It can be expressed in terms of dollar amounts, gross rating points, circulation data, or other means.

MEDIAC – A model providing a decision support system for the advertising media selection and scheduling decision (Little and Lodish 1969). Little and Lodish (1966) describe the perspective adopted by the model: “The population is divided into ‘market segment.’ Each segments has its own potential and media habits. A media schedule consists of insertions in ‘media vehicles’. An insertion brigs about exposures in the various market segments. The exposures serve to increase what we shall call ‘exposure value’ in the market segments. However, people are subject to ‘forgetting’, and so the retained exposure level decays with time in the absence of new exposures. The ‘anticipated sales’ to a market segment increases in exposure level but with diminishing returns.

Membership Group – A small group of individuals in which the individual is psychologically and formally a member. A fraternity, the Rotary club, or a bowling team are examples of membership groups. It is those groups in which the individual has direct, face-to-face psychological relations and interdependence with other members.

Memorandum Purchase and Dating – This indicates that merchandise shipped to a buyer is returnable within a specified period of time. Payment for goods kept longer or sold need not to be made until this time, though legal title usually transfers at the time of shipment.

Memorandum Terms – A special form of indefinite future dating under which the title of the merchandise passes to the buyer, and the buyer assumes all risk of ownership.

Mercantile Trade Credit – The credit one businessperson extends to another when selling goods on time for resale or commercial use.

Mercantilism – A set of economic policies designed to give to a country an advantage by developing a favorable balance of trade, encouraging agriculture and manufacturing, creating a merchant marine, and establishing foreign trading monopolies.

Merchandise Budget – A statement prepared by management containing planned dollar commitments for all the components of the merchandise plan (sales, reductions, stocks, margins, and purchases) for a seasonal period.

Merchandise Classification – A subdivision of a selling departments; a dissection of a department’s inventory, purchase, and/or sales figures for the purpose of closer control.

Merchandise Control – The determination and direction of merchandising activities, both in terms of dollars (dollar control) and in terms of units (unit merchandise control).

Merchandise Cost – The billed cost of merchandise less any applicable trade discounts or quantity discounts, plus inbound transportation costs if paid by the purchaser.

Merchandise in-transit – Merchandise with its legal title passed to the retailer, but which has not been charged to a merchandise selling department.

Merchandise Line – A group of products closely related because they are intended for the same end use, are sold to the same customer group, or fall within a given price range.

Merchandise Management – The analysis, planning, acquisition, promotion, and control of merchandise sold by a retailer.

Merchandise Mix – The breadth and depth of merchandise inventory carried by retail establishments.

Merchandise Plan – A plan, generally for departments stores, for a six-month period, by months, in which the chief elements enter into gross profit. The essential are sales, markdowns, retail stocks at the first of each month, purchases, and markup percentages. Inventory shortages, cash discounts, and alteration costs may also be budgeted.

Merchandise Productivity Analysis – A financial analysis of the productivity (performance) of various merchandise categories.

Merchandising – A term of many varied and not generally adopted meanings. It can (1) relate to the promotional activities of manufacturers that bring about in-store displays, or (2) identify the product and product line decisions of retailers.

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