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Marketing Services
services which are produced or purchased by a marketing organisation for use in
the production, pricing, promotion and distribution of products which they
themselves market. Services commonly produced or purchased by organisations
for use by their own marketing departments include market research, advertising
and promotion.
Marketing Services Agencies
independent companies providing assistance to firms in getting products to their
target markets; they include marketing research agencies, advertising agencies,
sales promotions specialists, marketing consultants, etc.
Marketing Strategy
the determination of a firm's objectives, the selection of its target markets, the
development of an appropriate marketing mix for each, and the allocation of the
resources necessary to achieve its goals..
Marketing Synergy
the principle in marketing that the whole is greater than the sum of the parts;
putting the marketing mix variables together in a way that achieves maximum
effect.
Marketing-Oriented Company
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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.
Maslow's Hierarchy of Needs
a theory propounded in 1954 by Abraham Maslow, a U.S. psychologist, who
hypothesised that some innate human needs are more pressing than others, and
must be satisfied before any less pressing ones can be attended to. He arranged
human needs into five categories in ascending order - Physiological Needs,
Safety Needs, Belongingness and Love Needs, Esteem Needs and Self-
Actualisation Needs.
Maslow's Theory of Motivation
the theory that human needs are hierarchical in nature and that a person must
satisfy lower-order needs before higher-order needs can be attended to; thus,
when a lower-order need is satisfied it ceases to be a motivator. See Maslow's
Hierarchy of Needs; Freudian Motivation Theory; Herzberg's Theory of
Motivation.
Mass Marketing
a marketing philosophy in which the seller views the market as a homogeneous
whole, and, therefore, has only one marketing program (the same product, the
same price, the same promotion and the same distribution system) for everyone;
also referred to as Unsegmented Marketing or Undifferentiated Marketing. See
Differentiated Marketing; Product-Differentiated Marketing; Target Marketing.
Mass Media Advertising
advertising in a non-selective way by means of the popular media in order to
reach the widest possible audience.
Material Management
a relatively recent organisational trend in purchasing in which some companies
combine several functions - purchasing, inventory control, production scheduling,
traffic, and the like - into one high-level function under the control of a materials
manager.
Materials Handling
the activities involved in the physical handling and moving of inventory.
Mathematical Forecasting Techniques
mathematically stated relationships or models used to derive forecasts from
historical data.
Maturity Stage of Product Life Cycle
the third stage (after introduction and growth) in the life of a typical product; in
maturity, the product is well-known, has some loyal customers and strong
competition. See Product Life Cycle; Introductory Stage; Growth Stage; Decline
Stage.
MBO
abbrev. Management by Objectives
MCA
abbrev. Media Council of Australia
McKinsey 7-S Framework
a framework or model, developed by the McKinsey Company, a leading
consulting firm, for maximising success of the implementation of an
organisation's strategic planning; according to the McKinsey experts, companies
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which are excellently managed have seven elements in common strategy,
structure and systems (the three "hardware" elements of success) and style,
skills, staffing and shared values (the four "software" elements of success.)
Me-Too Competitive Strategy
see Follow-the-Leader Strategy; Breakthrough Opportunities.
Me-Too Products
risk-avoiding products which are not significantly different from those of
competitors. See Breakthrough Opportunities.
Measurability
one of the four major requirements (with actionability, accessibility and
substantiality) for useful market segmentation; Measurability, sometimes referred
to as Identifiability, expresses the notion that the size and purchasing power of
the segment must be able to be measured. See Accessibility; Actionability;
Substantiality.
Media Council of Australia
a body which represents the interests of advertisers, advertising agencies and
the media.
Media Evaluation
the assessment of the effectiveness of a particular media vehicle.
Media Mix
the combination of media types used to carry the advertiser's message.
Media Plan
a blueprint for a firm's advertising, giving details of the media mix, the specific
media vehicles and the media schedule.
Media Schedule
a plan which outlines when and how often a company will advertise.
Media Vehicle
a specific medium for the transmission of an advertiser's message.
Megamarketing
a term coined by U.S. marketing academic, Philip Kotler, to describe the type of
marketing activity required when it is necessary to manage elements of the firm's
external environment (governments, the media, pressure groups, etc) as well as
the marketing variables; Kotler suggests that two more Ps must be added to the
marketing mix - public relations and power.
Megatrend
a major movement, pattern or trend emerging in the macroenvironment; an
emerging force likely to have a significant impact on the kinds of products
consumers will wish to buy in the foreseeable future. Megatrends evident today
include a growing interest in health, leisure, lifestyle and environmental issues.
Membership Group
a reference group to which an individual belongs. See Aspirational Group;
Dissociative Group.
Memorised Presentations
rote-learned presentations of their products to buyers by salespeople; also called
Canned Presentations. See Stimulus-Response Approach.
Mental-States Approach
see Formula Approach.
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Merchandise Allowance
a trade sales promotion in which manufacturers offer payments or a quantity of
free merchandise to buyers for in-store promotion of their products.
Merchandisers
retail stores which sell finished, non-food items; four types of merchandisers
(categorised on the basis of service, price and product line) can be identified:
specialty stores (full-service, high-price, limited product line); department stores;
mass merchandisers; and discount stores (limited-service, low-price, wide
product line).
Merchandising Conglomerates
see Multi-Channel Marketing System.
Merchant
_an independent marketing intermediary.
Merchant Wholesaler
an independent marketing middleman buying and taking title to goods and
reselling them to retailers or industrial users. See Full Service Wholesaler;
Limited-Service Wholesaler.
Microanalytical Model
a descriptive model, designed to communicate, explain or predict some real
system or process, in which there is a dependent variable and a relatively large
number of independent, determinant variables. See Model; Macromodel.
Micro-environment
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