“M”

MAANZ: Marketing Association of Australia and New Zealand

Macro-environment: the markets uncontrollable, external forces to an entity (economic, demographic, technological, natural, social and cultural, legal and political) which influences an entity’s decision making processes and has a real impact upon its performance in a market.

Macro-segmentation: the separation of a market into homogenous segments or groups, each with their own unique ‘set’ of traits, prior to a deeper segmentation on the basis of more narrowly defined ‘needs and wants’ driven by the association with the brand/drivers being identified.

Maintenance Marketing: marketing activity intended to maintain or grow the current sales level in a highly competitive market environment

Maintenance Strategy: a plan to manage a brand/market for an entity when organic growth opportunities are low but the entity is in a relatively strong market position. The maintenance strategy allows for a limited investment in the market to maintain the current sales volumes.

Marketing Plan: A document which allows for the optimisation of limited resources of a firm to create demand for their services and products in a given time frame. The marketing plan has set objectives which can be, brand recognition, market position, revenue and overall intangible values described as brand equity.

Manufacturer’s Brand: a brand owned or controlled by an organisation the core competency of which is to produce product as white label to be rebadged by brand owners such as; Woolworths, Coles, Aldi. Two examples are Simplot and SPC Ardmona even though they have competing brands in the market.

Maintenance Marketing: marketing activities and plans designed to maintain the current status quo in a competitive market.

Marginal Analysis: the calculation of the change in Total Revenue and Total Cost that results from the sale of one more units.

Marginal Cost: the change in Total Costs that results from producing incremental units.

Marginal Profit: the change in the Total Profit that results from the sale of additional unit(s).

Marginal Revenue: the change in Total Revenue that results from selling an additional unit(s).

Market: all the potential buyers and existing buyers of a product who profess some level of interest in it and who can afford it.

Market Development: a growth strategy by which an entity seeks to create growth by taking its existing products into new and emerging markets.

Market Driven Economy: an economy controlled by ‘market forces’ rather than by government intervention or regulation.

Market Forecast: the forecast sales for a market as a sum during a given period; such as quarters or annually, taking into account market conditions.

Market Leader: the company whose brands and products hold the largest market share.

Market Niche: a small but profitable segment of a market unlikely to attract competitors. Virgin are an example of a ‘mass-nicher’ in that Virgin like to have a small slice of a given markets most valuable customers such as Credit Cards. Their goal is not to have large market share but to have valuable customer market share.

Market Opportunity: a newly identified market or latent product gap within a market which a company market to that is not currently being served.

Market Penetration: a growth strategy in which an entity focuses on the target market to attract a higher percentage of users/buyers to their products and services.

Market Positioning: marketing communications to manage the way a product is perceived by consumers.

Market Research: the systematic gathering of customer information in a market by means of surveys, observation or experimentation to gain customer and market insight.

Marketing: the integrated planning, implementation and review of a mix of business communications and advertising activities to create an image in the mind of a consumer to create demand and preference for a given companies products and serves over the competition.

Marketing Audit: the periodic and objective review of an organisation’s marketing strategy, objectives and long term goals normally set to market measures such as sales, brand recognition and customer loyalty.

Marketing Budget: the amount invested in marketing activities in a given timeframe.

Marketing Communications: the sending of messages to target market recipients by a firm of its products and services to their target markets.

Marketing Consultants: independent marketing specialists to advise on a wide range of marketing such as; marketing planning and management, marketing communications, emarketing.

Marketing Database: data brought into an organisation through marketing communications to aid in future market activities, product development and customer life cycle management.

Marketing Ethics: the professional standards or moral principles governing the marketing profession.

Marketing Mix: Product, Price, Promotion and Place – also called the Four Ps.

Marketing Objectives: specific, measurable aims or expected outcomes of marketing activity to be achieved in a given period.

Marketing Opportunity Analysis: the examination and assessment of the entity’s external environment in order to identify market existing or latent ‘needs and wants’.

Marketing Program: the combination of all of an organisation’s marketing plans in-market.

Marketing Strategy: the firm’s objectives, selection of its target markets, the development of an appropriate marketing programme, and the planned investment to reach those targets

Marketing-Oriented Company: one which subscribes to the philosophy that to survive and prosper it must satisfy the needs and wants of its target markets more effectively and efficiently than its competitors. A good example would be Southwest Airlines, Wal-Mart and Enterprise Car Rental.

Media Plan: a plan for a marketing investment with advertising, detailing the media mix, the specific media vehicles and the media schedule.

MRSA: Market Research Society of Australia.