Mainframe A computer with a large central processing unit and huge memory.

Management style The approach, attitude, and manner of giving orders, and directing and controlling others.

Market The population sector that is most likely to purchase your product or service. The demand, actual or potential, for a product or service.

Market economy An economy in which the setting of prices and allocating of resources are determined largely by the forces of supply and demand.

Market niche The special advantage in the marketplace where a business places itself. Should be based on some competitive advantage (e.g., location, patent, intimate knowledge of area, etc.). Maximizing effectiveness of the niche requires identification of customers (target market), clear understanding of customer benefits, ability to communicate the benefits of the offering to the right customers, and an overall plan to coordinate efforts and measure results.

Market research The systematic gathering, recording, and analyzing of data relating to the marketing of goods and services.

Market segment A group of potential customers who are similar in some important way. Can be demographic, geographic, psychographic, or based on other consumer characteristics.

Market share The amount of a company’s sales for a particular product as a percentage of total industry sales for that product.

Marketing All those activities involved in creating an interest or desire for your product or service.

Marketing board In Canada, a group given power by the government to regulate production, distribution, and prices of any one product.

Marketing mix The particular combination of design, price, distribution, and advertising strategies chosen to profit from a given product.

Marketing plan The marketing program that outlines what you want to accomplish (objectives) and how you propose to achieve these goals (strategy).

Marketing strategy An outline of methods to reach marketing goals. Marketing strategy starts with market research, in which consumer needs and attitudes and competitor’s products are assessed, and continues through into advertising, promotion, distribution and, where applicable, customer servicing and repair, packaging, and sales and distribution.

Markup The amount a vendor adds to the purchase price of a product to take into account the vendor’s expenses plus profit. Not the same as net profit, since a small markup on a large quantity of goods sold may produce more profit than a large markup on a small quantity of goods sold.

Maximum-minimum control A method for deciding how much to buy and when to buy based on the maximum that can be on hand and the minimum that must always be available.

MB (Megabyte) A unit of storage on a computer. For example, 1 MB equals 1024 kilobytes

Medium-term financing Loans or other credit on which the principal does not have to be repaid for three to five years.

Merchandise Goods bought and sold in a business. Merchandise or stock is a part of inventory.

Merchant bank A bank that exists to finance and invest in business ventures, and does not deal with the general public.

Middle management Those managers between first line supervisors (foremen, etc.) and the executives at the top. Middle management includes the specialized support staff who assist executives in analyzing decisions and getting the job done.

Minimum turnover method A technique for deciding on how much to buy based on maintaining a certain level of inventory turnover for a certain item.

Misleading advertising Advertising that lies, implicitly or explicitly, about the price, quality, or use of a product. Illegal.

Modem The device that enables computers to communicate and transmit information over telephone lines; acronym for modulate/demodulate.

Money market The sources of short-term credit and securities. An organized, distinct industry, whose members are banks and other financial institutions, governments, and the Bank of Canada.

Money supply The sum of money available for investment within an entire economy at any one time.

Monopoly The domination of the entire market for a product by one supplier.