Macroeconomics

A term indicating the study of the whole economy and the way it interacts.

Manager

An employee with authority over a number of subordinates and the responsibility to plan and monitor their work.

Manpower Planning

This is to decide on the type and number of staff required in the future, given the organisations objectives

Manual Worker

An employee who works with his or her hands, usually in a factory.  Manual workers can be sub divided into categories

• skilled
• semi skilled
• unskilled

Market

A place where buyers and sellers meet to exchange goods and services for money.

Market Failure

This occurs when the supply and demand factors fail to allocate resources in the most efficient way.

Market Orientated

Where a firm will find out what the consumer wants before starting production. The product is made to suit the market.

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.

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).

Market Segment

A small section of a market made up of consumers with similar characteristics, e.g. their age, sex, class etc.

Market Share

The percentage of all the sales within a market that are held by one brand or company.  The formula for calculation is:

Marketing

Identifying, anticipating and satisfying consumer demands at a profit

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.

Mass Production

The production of identical products in vast quantities.

Maturity

The peak sales period in a products life cycle.

Memorandum (Memo)

A written message sent internally between people in a business.

Mentor

An experiences and trusted employee that assists a new worker in settling into a new organisation.

Merger

An agreement between the management and shareholders of two companies to bring together the firms under the leadership of one board of directors.

Middleman

The agent or wholesaler who brings together buyers and sellers.

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.

Minutes

These record those present and the activities and discussions of a meeting.

Mission Statement

A document dealing with the aspirations of an organisation.

Monetary Policy

Decisions taken by the Government over the supply of money and rates of interest.

Monopoly

Where a business controls more than 25% of the total supplies of a particular product or service.

Motivation

This is the will to work due to the enjoyment of the job itself.

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.

Multinational Corporations

Large companies who own business interests in more than one country.