Macroeconomics |
A term indicating the study of the whole economy and the way it interacts. |
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Manager |
An employee with authority over a number of subordinates and the responsibility to plan and monitor their work. |
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Manpower Planning |
This is to decide on the type and number of staff required in the future, given the organisations objectives |
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Manual Worker |
An employee who works with his or her hands, usually in a factory. Manual workers can be sub divided into categories
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Market |
A place where buyers and sellers meet to exchange goods and services for money. |
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Market Failure |
This occurs when the supply and demand factors fail to allocate resources in the most efficient way. |
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Market Mapping | A tool used to gain an overview of how a market is segmented. | ||||
Market Orientated |
Where a firm will find out what the consumer wants before starting production. The product is made to suit the market. |
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Market Penetration |
A pricing strategy based on the desire to achieve high sales volume and high market share. This would involve sacrificing high profits in return for a high sales level. |
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Market Research |
Getting information about the consumers. Can be done using primary research (interviews, questionnaires) and/or secondary research (looking at statistics, reports, population figures). |
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Market Segment |
A small section of a market made up of consumers with similar characteristics, e.g. their age, sex, class etc. |
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Market Share |
The percentage of all the sales within a market that are held by one brand or company. The formula for calculation is:
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Marketing |
Identifying, anticipating and satisfying consumer demands at a profit |
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Marketing Mix |
The factors which make up the marketing plan of a firm. Often referred to as the 4 Ps, it is made up of price, place, promotion, and product. |
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Mass Production |
The production of identical products in vast quantities. |
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Maturity |
The peak sales period in a products life cycle. |
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Memorandum (Memo) |
A written message sent internally between people in a business. |
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Mentor |
An experiences and trusted employee that assists a new worker in settling into a new organisation. |
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Merger |
An agreement between the management and shareholders of two companies to bring together the firms under the leadership of one board of directors. |
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Middleman |
The agent or wholesaler who brings together buyers and sellers. |
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Minimum Wage |
Employers have to pay the workers over the age of 18 a minimum amount per hour. The rates are increased by the Government about once a year. |
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Minutes |
These record those present and the activities and discussions of a meeting. |
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Mission Statement |
A document dealing with the aspirations of an organisation. |
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Monetary Policy |
Decisions taken by the Government over the supply of money and rates of interest. |
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Monopoly |
Where a business controls more than 25% of the total supplies of a particular product or service. |
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Motivation |
This is the will to work due to the enjoyment of the job itself. |
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Moving Average |
A calculation of the trend that exists within a series of data over time. It enables erratic and seasonal factors within the data to be smoothed out so that a trend can be identified. |
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Multinational Corporations |
Large companies who own business interests in more than one country. |