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Wednesday, 1 May 2024, 7:39 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Macroeconomic Objectives

Macroeconomic objectives serve as criteria for judging the performance of an economy.

Macroeconomics

Macroeconomics is the study of global or national aggregates, example inflation.

Maglev

Short for ‘magnetic levitation’. Technology enabling trains to move at high speeds above a guideway on a cushion generated by magnetic force.

Make to Order (MTO)

A production environment where a good or service can be made after receipt of a customer’s order. The final product is usually a combination of standard items and items custom designed to meet the special needs of the customer. 

Managed Floating

Managed floating; a currency is managed or dirty or a managed float when it is allowed to float, but authorities intervene from time to time to even out short-term fluctuations.

Manufacturing

Manufacturing is the production of goods through the use of labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy.

Margin of Safety

Margin of safety– the’ safety net’ due to the budgeted sales above the breakeven point.

Marginal Costs (MC)

Marginal costs (MC) are the extra costs incurred with the production of one extra unit.

Marginal Product (MP)

Marginal product (MP) measures the addition to the total number of items produced every time a new worker is employed.

Marginal Revenue (MR)

Marginal revenue (MR) is the extra revenue made when one additional item is sold.

Mark-Up

Mark-up – profit expressed in terms of cost price.

Marked Price

Marked price – Selling price VAT inclusive. (displayed price)

Market Demand

Market demand refers to the quantities of a product all individual households collectively are willing and able to buy at each price level.

Market Economy

A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. 

Market Prices

Market prices are used when calculating GDP through the expenditure method. Market prices include indirect taxes (e.g. VAT) and exclude subsidies.

Market Segmentation

Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

Market Structure

Market structure organisational features that dominate a market such as entry and exit, number of firms, etc.

Market Supply

Market supply refers to the quantities of a product all individual firms collectively are willing and able to produce at each price level.

Market Value

Market value refers to price as determined by demand and supply. Market value or OMV is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.

Marketing

The process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products, and services to create exchange that satisfy the organisational goals. 

Marketing Communications Mix

The integrated communications mix has seven elements: Advertising refers to any paid- for, non- personal communication about a product or service. Direct marketing occurs when the organisation communicates directly with the customer to get a response. The internet is used for direct interactive communication with the customer. Sales promotion is marketing activities that provide extra incentives to the salesforce, the distributors or the consumer, it aims to be to stimulate an immediate response. Publicity is non-personal information about the organisation, although the organisation will probably spend money on it, and it is carried out by an identifiable sponsor. Public relations aim to change customer attitude, and garner understanding and acceptance from the public. Personal selling is face-to-face selling to inform or persuade the customer to purchase the product or service.

Marketing Concept

Van Heerden and Drotsky (2018) highlight that the marketing concept is a philosophy and a way of doing business that is based upon consumer demand. It is driven by what consumers want and need, and then products are developed and sold in order to satisfy these demands.

Marketing Research

Is the process that provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process.


Marketing Segmentation

Is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.


Maslow’s Hierarchy of Needs Model

A useful way to understand consumers’ motives is to use Maslow’s hierarchy of needs model. This hierarchy of needs is a psychological theory created by Abraham Maslow in his 1943 paper "A therory of human motivation" it explores the reasons why people make the desisions they make.

Maximum Prices

Maximum prices refer to the maximum price producers can charge, also known as a price ceiling.

Means

Means are resources or inputs used in the production process, example natural resources.

Mergers

Occur when two separate entities combine forces to create a new, joint organisation.

 


Micro Environment

Factors or elements in a company’s immediate area of operations that affect performance and decision-making abilities.  These factors include competitors, customers, distribution channels,  suppliers and so forth.  

Microeconomics

Microeconomics is the study of individual entities in the economy, example a firm.

Mind Mapping

Mind mapping – a drawn picture containing the main points of a section of study material.

Minimum Prices

Minimum prices refer to the minimum price producers can charge, also known as a price floor.

Mobility

Refers to a movement of people or freight. It can have different levels linked to the speed, capacity, and efficiency of movements.

 


Monetary Policy

Monetary policy refers to the indirect intervention in economy by the reserve bank through manipulating money supply and interest rates.

Money

Money is the lubricant for earnings and spending. Money is not a resource.

Monopolistic

Monopolistic competition is a market form where there are many firms and many close substitute products.

Monopoly

Monopoly is often called the perfect form of imperfect competition. There is only ONE producer and entry to the market is blocked.

Motivators

Something that provides a reason or stimulus to do something.

Movement Along a Demand Curve

Movement along a demand curve refers to moving from one point on a demand curve to another point on the same demand curve.

Movement Along Supply Curve

Movement along supply curve refers to moving from one point on a supply curve to another point on the same supply curve.

Moving Averages

In statistics, a moving average is a calculation to analyze data points by creating a series of averages of different subsets of the full data set. It is also called a moving mean or rolling mean and is a type of finite impulse response filter. Variations include: simple, and cumulative, or weighted forms.