Mark up Table – A tabulation giving markup percentage on cost price with the corresponding markup percentage on retail price.
Master Carton – A container that ids used primarily to protective purpose in transportation and warehousing. It contains multiple, usually identical, products that may be individually packaged for resale.
Master Production Schedule – A detailed listing of how many end items are to be produced and when they will be produced . A materials requirements planning system requires a valid and detailed master production schedule as critical first input in the system.
Materialism – The evaluation of the self in terms of how much is owned or how much can be consumed. The importance that people attach to worldly possessions.
Materials Handling – A term applied to the study of physical flow in logistics system. It is usually used to describe a mechanical or electro-mechanical set of devices that facilitate the physical handling of products in a logistics environment.
Materials Management – Either an organizational component or an approach to managing the material flow process of the firm. A distinctive characteristic of the term is that it includes the purchasing function as an integral part of the material flow process. The term materials manager is also used to describe a related job function.
Materials Requirements Planning (MRP) – A production and inventory planning system that integrates product components, manufacturing and procurement schedules, leadtimes, and capacities against output requirements.
Mathematical Programming – A set of optimization models whose aim is to find the maximum (or minimum) of an objective function subject to certain constraints. The most commonly used mathematical programming technique is linear programming (LP), a linear objective function subject to linear constraints. LP provides both the values of the decision variables for the optimal solution and the shadow prices for the constraints (i.e., the change in value of the objective function per unit change in the value of the constraints). Other mathematical programming techniques include integer programming (for integers opposed to continuous values), nonlinear programming, quadratic programming, and dynamic programming. Dynamic programming is a general type of approach to solve multistage problems in continuous or discrete space under certainty or uncertainty. Uncertainty can be incorporated in linear programming as well as either stochastic programming (feasible solutions are allowed to have a small probability of violating the constraints). Mathematical programming has been used in marketing, especially in media selection and sales force allocation problems.
Matrix Organization – This organization attempts to combine functional and product forms of organization to obtain the advantages of each. teams of functional personnel (e.g., manufacturing, research and development, finance, and sales) report to a manager with profit responsibility bearing a title such as business manager, category manager, or new product manager. The functional personnel also report to their functional bosses, who are responsible for maintaining the quality of functional performance. Comment: In this arrangement, functional personnel report to two bosses, which requires a high order of understanding and cooperation if it is to be effective. Matrix organization has met with mixed results and has both critics and champions.
Maturity Stage of Product Life Cycle – The third stage of the product life cycle in which initial rapid growth is over and sales level off (though there may be intermittent surges and declines over the years before the final decline sets in). During the maturity stage price competition becomes very strong, similar products are made available by competition , the adoption process is mostly over, and profits fall.
Maximum Acceptable Price – The highest price a buyer is willing to pay for a product or service. It is also called a reservation price.
Maximum Operating Stock – The largest quantity of inventory that should ever be on hand during normal operating conditions, usually at the stock keeping unit level. It consists of merchandise to sell during the buying period, the cushion, and the basic low stock.
Maximum System of Stock Control – The system of setting, for each item of staple merchandise carried, an amount large enough to take care of probable demands of customers, and of reordering, periodically, the difference between the actual stock and the maximum set.
Meaning – People’s personal interpretation of information in the environment; it is essentially the same as beliefs and knowledge.
Means-ends Chain – A simple knowledge structure that organizes consumers’ product knowledge by linking product attributes to the more abstract consequences and finally to high-level consumer values.
Measurement – A rule for assigning numbers to objects to represent quantities of attributes.
Mechanical – The final photo-ready assembly of all of the elements of a print ad, brochure, or other printed material that is transmitted to the printer. This is also known as a paste-up.
Media Buy – The purchase of a specific amount of time or space in an advertising media vehicle. It is sometimes referred to as buy.
Media Buying – The advertising agency function that involves negotiating with the salespeople of various advertising media in order to obtain needed time and space for advertising agency clients at the most favorable prices.
Media Buying Service – An organization that specializes in buying media time and space for advertisers. Some media buying services also engage in media planning activities for their clients.
Media Kit – A package of promotional materials relating to a specific advertising media vehicle, including the rate card, audience statistics, case studies showing success stories, and related materials.
Media Mix – The specific combination of advertising media (including network television, local television, magazines, newspapers, specialty advertising, etc.) used by a particular advertiser and the advertising budget to be allocated to each medium.