Bus G. "m'

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Management by Objectives

Back 1

A method of coordinating and motivating all staff in an organisation by diving its overall aim into specific targets for each department, manager and employee

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Manager

Back 2

Responisble for setting objectives, organising resources and motivating staff so that organisation's aims are met

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Margin of Safety

Back 3

The amount by which sales level exceeds break-even level of output

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Marginal Costs

Back 4

The extra cost of producing one more unit of output

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Marginal or contribution costing

Back 5

Costing method that allocates only direct costs to cost/profit centres, not overhead costs

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Market Capitalisation

Back 6

The total value of a company's issued shares

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Market Development

Back 7

This is the strategy of selling existing products to new markets

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Market Failure

Back 8

When markets fail to achieve the most efficient allocation of reosurces and there is under- or over-production of certain goods and services

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Market Growth

Back 9

The percentage change in the total size of the market (volume or value) over a period of time

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Market Orientation

Back 10

An outward-looking approach basing product decisions on consumer demand, as established by market research

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Market Penetration

Back 11

This is the objective of achieving higher market shares in existing markets with existing products

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Market Research

Back 12

This is the process of collecting, recording, analysing data about the customers, competitors and the market

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Market segment

Back 13

A sub-group of the whole market in which customers have similar characteristics

Front 14

Market segmentation

Back 14

Identifying different segments within a market adn targeting different products or services to them

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Market Share

Back 15

Sales of the business as a proportion of the total market sales

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Market Size

Back 16

The total level of sales of all produces in the market

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Market Skimming

Back 17

Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand

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Market Value

Back 18

The estimated total value of a company if it is taken over

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Marketing

Back 19

The management task that links business to consumer by identifying and meeting the needs of consumers profitably - it does this by getting the right product at the right price to the right place at the right time

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Marketing Mix

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The four key decisions that must be taken in the effective marketing of a product

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Marketing objectives

Back 21

The goals sets for the marketing department to help the business achieve its overall objectives

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Marketing/Promotion Budget

Back 22

The financial amount made available by the business for spending on marketing/promotion during a certain time period

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Marketing Plan

Back 23

a detailed, fully research written report on marketing objectives and the marketing strategy to be used to achieve them

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Marketing strategy

Back 24

Long term plan established to acheve marketing objectives

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Mark-up Pricing

Back 25

Adding a fixed mark-up for profit to the unit price of a product

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Mass Customization

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The use of flexible computer-aided production systems to produce item to meet individual customer's requirements at nass-production cost levels

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Mass marketing

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Selling the same products to the whole market with no attempt to target groups within it

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Matrix Structure

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An organisational structure that creates project teams that cut across functuional departments

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Median

Back 29

The value of the middle item when data have been ordered or ranked. It divides the data into two equal parts.

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Memorandum of Association

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This states the name of the company, the ddress if the head office through which it can be contacted, the maximum share capital for which the comapany seeks authorisation and the declared aims of the business

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Merger

Back 31

An agreement by shareholders and managers of two businesses to bring bother firms together under a common board of directors with shareholders in both businesses owning shares in the newly merged business

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Mission Statement

Back 32

A statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups`

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Mixed Economy

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Economic resources are owned and controlled by both private and public sectors

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Mode

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The value that occurs most frequently in a set of data

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Monetary Policy

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Concerned with decisions about the rate of interest and the supply of money in the economy

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Monopoly

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A situation in which there is one supplier that has control of at least 25% of the market

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Motivating factors

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Aspects of a worker's job that can lead to a positive job satisfaction such as achievement, recognition, meaningful and interesting work and advancement at work

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Motivation

Back 38

The internal and external factors that stimulate people to take actions that lead to achieving a goal

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Multinational Business

Back 39

A business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries

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Multi-site Locations

Back 40

A business that operates in more than one location