Marketing costs are the expenses incurred by an organization in carrying out its marketing activities, including sales promotion costs, salespersons' salaries, advertising, and point-of-sale promotional materials, such as display stands.
The Marketing Director is responsible for overseeing all marketing functions within an advertiser's company, including advertising, sales promotion, research, and other marketing elements. This role is pivotal for driving the company's marketing strategy and ensuring alignment with overall business goals.
A Marketing Information System (MIS) is a structured approach that facilitates the systematic collection, analysis, and distribution of marketing data. This system enables marketing managers to make informed decisions.
The Marketing Mix is a cornerstone concept in marketing that involves the strategic combination of four key elements—Product, Price, Place, and Promotion—to effectively meet the needs and preferences of a target market.
A marketing plan outlines a company's strategic marketing efforts to promote its products or services. It serves as a comprehensive blueprint for marketing activities over a specified period.
Marketing research involves the systematic gathering, recording, and analyzing of data related to the movement of goods and services from producer to consumer. It covers market analysis, product research, and consumer research.
A marketing strategy is a comprehensive plan designed to promote products or services to target customers effectively, increasing brand awareness, sales, and customer loyalty.
The Markets in Financial Instruments Directive (MiFID) is an EU directive that aims to increase competition and enhance investor protection by providing a comprehensive regulatory regime for financial services and markets throughout the European Economic Area. MiFID superseded the Investment Services Directive (ISD) in November 2007.
Marking to market, also known as fair value accounting, is the practice of valuing financial assets and liabilities according to their current market prices. It is a commonly applied method in accounting and finance but remains controversial due to its impact on financial statements.
The amount by which the cost of a service or product has been increased to arrive at the selling price. It is calculated by expressing the profit as a percentage of the cost of the good or service.
Markup is a critical concept in marketing and retail, signifying the determination of a retail selling price based on a percentage increase over the wholesale cost. It can also refer to instructions for typesetters in the printing industry.
Various provisions of the tax law that require married people to pay more taxes in some situations than if they were single. The penalty is most pronounced for high-tax bracket couples earning equal amounts of income.
Marriage Value is the latent value released by the merger of two or more interests in land, often involving the union of the freehold and a long leasehold on the same property.
A filing status option for taxpayers who are married to each other and agree to report their combined income and deductions. For a given level of income, filing jointly typically results in a lower tax than filing separately. *However, see Marriage Penalty*.
Married Filing Separately (MFS) is a filing status option for married taxpayers who wish to be responsible for their individual tax returns.
A taxpayer who was legally married as of the last day of the tax year. This status impacts their ability to file a joint tax return and affects their tax liabilities and deductions.
A comprehensive overview of Marxism, detailing the political, social, and economic theories of Karl Marx. Examines applications in communist and socialist economies.
Maslow's Hierarchy of Needs is a theory in psychology that categorizes human needs into five levels, arranged in ascending order of importance. Developed by Abraham Maslow, this hierarchy includes physiological needs, safety needs, social needs, esteem needs, and self-actualization needs. The theory posits that only unsatisfied needs are motivators for behavior, and once a need is satisfied, the individual moves to the next level.
A nondirected marketing approach designed to appeal to all possible users of a product.
Mass communication refers to the process by which a person, group of people, or an organization transmits information through various forms of mass media to reach a large audience. This includes using widely circulating media such as newspapers, magazines, television, and radio to inform the general public.
Mass customization refers to the methods used to produce customized goods and services on a large scale. Combining elements of mass production with individualized customization, it's a key strategy in contemporary business that enhances customer satisfaction while maintaining cost efficiency.
Mass media refers to a broad spectrum of radio and television broadcast stations and networks, newspapers, magazines, and outdoor displays designed to appeal to the general public. It plays a vital role in shaping public opinion, disseminating information, and providing entertainment.
Mass production refers to the manufacturing or processing of uniform products in large quantities using interchangeable parts and machinery. It can be either a wholly automated process or a series of short, repetitive procedures.
A Massachusetts Trust is a business trust that confers limited liability on the holders of trust certificates, also known as a common law trust. This is a voluntary association of investors who transfer contributed cash or other property to trustees with legal authority to manage the business.
The master budget is the final coordinated overall budget for an organization, which includes functional budgets, the capital budget, the cash-flow budget, and the budgeted profit and loss account and balance sheet for a specific period.
A master file is a comprehensive computer file that holds essential standing data such as clients' names, addresses, and other critical information used for various business purposes.
A Master Lease is a primary lease agreement in which the lessee (tenant) holds significant control over the leased property, and it sets the terms under which the lessee can sublease the property to a subtenant.
A Master Limited Partnership (MLP) is a business structure that combines the tax benefits of a partnership with the liquidity of a public company. This unincorporated business entity is designed to generate steady income streams for its investors, known as limited partners, while being managed by a general partner.
A Master Limited Partnership (MLP) is a type of business organization that combines the tax benefits of a partnership with the liquidity of publicly traded securities.
A Master of Business Administration (MBA) is a graduate degree offered by many universities in which the student generally spends two years learning the common body of knowledge in business and a specialty such as accounting, business analysis, finance, management, marketing, or real estate.
A comprehensive strategy document utilized in various sectors such as general planning, real estate development, and taxation, outlining overall development or operational concepts and objectives.
A Master Policy is a single insurance contract that provides coverage on a group basis, typically issued to an employer, with group members receiving certificates summarizing the benefits provided.
The master-servant rule is a legal doctrine whereby an employer can be held liable for the negligent acts or omissions of an employee if those acts occur within the scope of employment and result in bodily injury and/or property damage to third parties.
A masthead in journalism is a crucial element that details the title, ownership, and important information of a publication, typically displayed on the first page of a newspaper or magazine’s editorial section.
A matched bargain is a type of stock transaction in which a sale of a specific quantity of stock is matched with a purchase of the same quantity of the same stock, often conducted electronically on exchanges.
The matching concept in accounting requires that expenses be matched with the revenues they generate within the same accounting period, ensuring accurate financial reporting.
The matching principle is a fundamental accounting concept that dictates pairing revenues with the costs that were incurred to generate those revenues. This ensures that a company's financial statements reflect a more accurate picture of its financial performance.
Materials represent the production supplies that are acquired by an organization as revenue expenditure from third parties. These are essential for manufacturing final products and are categorized into direct and indirect materials.
A clause in a loan agreement or bank facility stating that the loan will become repayable if there is a material change in the borrower's credit standing. The clause can be contentious because it is not always clear what constitutes a material change.
Material control is the management term referring to the process of ensuring that the necessary materials for production are available at the required place, time, and quantity while maintaining proper accountability and avoiding overstocking.
A material fact is a fact that is significant or essential to the issue at hand. In the context of legal proceedings or transactions, it is a fact that could sway a decision or compel the need for full disclosure.
A person or entity that supplies materials used in the construction or repair of a building or other property. If unpaid, a material man may file a mechanic's lien as a legal claim for the value of the materials provided.
Material Participation refers to the level of involvement by a taxpayer in the operations of a business activity on a regular, continuous, and substantial basis. This term is crucial in distinguishing between passive and active income for tax purposes.
Material Requirements Planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most notably, it ensures that materials are available for production, products are available for delivery to customers, and inventories are maintained at the lowest possible level.
A material transfer note is a form used to record the transfer of materials from one accounting code to another. It is a prime document that contains essential details including the description of the material, commodity code, job number, accounting codes to be credited and debited, and the value of the material transferred.
Materiality is an important accounting principle determining the significance of financial information and its impact on decision-making. This concept is essential for accurate financial reporting and is influenced by the size, nature, and circumstances of an item.
Materials cost is the expenditure incurred by an organization on direct or indirect materials. The expenditure on direct materials is part of the direct cost of sales, whereas the expenditure on indirect materials is categorized as manufacturing overhead.
Materials handling involves the moving, packaging, and storing of raw materials, in-progress inventory, and finished goods within a business, including shipping, receiving, and processing operations.
Materials Management is the administration of all activities concerned with the ordering, storage, and movement of materials, with a focus on optimizing the storage of raw materials, parts, and the manning of production operation centers.
Materials oncost represents the additional expenses associated with materials beyond their initial purchase price, including handling, storage, and transportation.
Materials requisition, also known as stores issue note or stores requisition, is a document used in organizations to authorize the transfer of materials from stores for specified uses.
A Materials Returns Note (MRN), also known as a Stores Returns Note (SRN), is a document used to record the return of materials to the store. Similar to a materials requisition, it is considered a prime document used to debit stock and credit expenditure.
A Materials Returns Note (MRN) is a document used in the inventory and supply chain management process to record the return of materials from production or other departments to the warehouse or storage location.
Materials variances measure the differences between expected and actual costs related to direct materials used in the production process. These variances help in controlling and analyzing cost efficiency and effectiveness in manufacturing.
A matrix is a mathematical term describing a rectangular array of elements such as numerical data, parameters, or variables. Each element within a matrix has a unique position, defined by the row and column.
Matrix Accounting employs a matrix, an array of figures arranged in rows or columns, to record accounting transactions and events, offering an alternative to traditional T accounts for financial tracking and analysis.
Matrix organization involves superimposing a group or interdisciplinary team of project specialists, such as scientific and engineering personnel, onto a functional organizational design. Members in a matrix organization hold dual allegiance, both to the project they are assigned and their original departmental hierarchy.
A mature economy refers to the economy of a nation whose population has stabilized or is declining and whose economic growth is no longer robust.
Maturity refers to the date at which legal rights in something ripen. In commercial contexts, such as negotiable instruments, it is the time when the paper becomes due and demandable. It also applies to character and emotional development in personnel management.
The specific day when a financial obligation, such as a bond, bill of exchange, or insurance policy, comes due for payment, marking the end of its term.
Maximum capacity refers to the highest amount or output that a system, facility, company, or equipment can handle under specified conditions without having to violate specific regulations or operational constraints.
The maximum stock level represents the highest quantity of inventory planned to be held by a company. Surpassing this limit results in excess stock, which could indicate overstocking and tie up capital and storage resources unnecessarily.
MBO is an abbreviation that can refer to either 'Management Buy-Out' or 'Management by Objectives.' The term's meaning depends on the context in which it is used, encompassing significant concepts in corporate finance and management techniques respectively.
MCT can refer to an individual recognized as a Member of the Association of Corporate Treasurers or it can stand for mainstream corporation tax, a standard rate of corporate tax applied to profits of companies.
MD&A (Management Discussion and Analysis) provides a narrative explanation of a company's financial statements, offering insights into the company's performance, financial condition, and future outlook in a comprehensive manner.
Meals and entertainment expenses are costs incurred by businesses for client meals or entertainment activities that qualify for tax deductions. These expenses must have a bona fide business purpose to be eligible.
Meals and Incidental Expenses (M&IE) refer to the daily allowance for meals and other related costs incurred by employees during business travel, as defined by the federal government.
The mean return is a key metric in security analysis, representing the expected value or average of all possible returns on investments within a portfolio. It is also used in capital budgeting to determine the mean value of the probability distribution of possible returns.
The Arithmetic Mean is a statistic calculated as the sum of all values in the sample divided by the number of observations. It is a fundamental measure of central tendency used in statistical analysis.
A Mechanic's Lien is a legal claim against a property that has been remodeled or improved. It is filed by contractors, subcontractors, or suppliers who claim they have not been paid for their work or materials. The lien ensures that these entities receive payment for their contribution to the construction or repair of buildings or other structures. This lien remains in effect until the debt is settled, and in certain circumstances, it may provide priority over other creditors in the event of liquidation or sale of the property.
Mechanization refers to the process of performing tasks using machines, mechanical equipment, or mechanical aids. Unlike automation, mechanization does not typically include self-correcting feedback mechanisms.
The Medallion Stamp Program is a securities transfer process approved by the Securities Transfer Association. It enables participating financial institutions to guarantee signatures for the transfer of securities.
Media refers to the various channels of communication that serve multiple functions, such as entertainment, news, information dissemination, and advertising. It is the plural form of medium, representing different forms of communication methods and platforms.
A media buyer is responsible for purchasing time and space in various media outlets to deliver advertising messages effectively. Their role is crucial in ensuring that advertisements reach the right audience at the right time.
A Media Plan is a crucial element in an advertising strategy. It specifies the media to be used, outlining media objectives and strategies within a designated timeframe and budget.
Media weight refers to the volume of audience delivered by an advertising campaign, measured in terms of the number of commercials, advertisements, insertions, time parameters, and budget. It essentially represents the total audience reach of the advertising effort.
The median is a statistical measure that represents the middle value in a data set, effectively dividing the dataset into two equal halves. It is particularly useful in representing a data set without the distortion that large deviations can cause with the average (mean).
Mediation is a voluntary and structured process whereby a neutral third party helps disputing parties to communicate and negotiate to reach a mutually acceptable resolution.
Jointly administered federal and state government health insurance program provided under Title XIX of the 1965 amendment of the Social Security Act. Medicaid provides health insurance assistance for individuals with low income and limited assets.
Medical care refers to amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, including associated transportation and insurance premiums.
A medical examination, often referred to as a physical checkup, is frequently required for applicants of life and/or health insurance. It helps to ascertain if they meet the insurance company's underwriting standards or should be classified as substandard or uninsurable.
Medical Expense Deduction refers to the allowable itemized deduction by individuals for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums, limited to the amount that exceeds 7.5% of the taxpayer's adjusted gross income (AGI).
Medicare, a federal health insurance program established under Title XVIII of the Social Security Act, provides basic health coverage to seniors aged 65 and over, individuals with permanent kidney failure, and those under 65 with long-term disabilities, administered by the Health Care Financing Administration with applications handled by the Social Security Administration.
Medicare Hospital Insurance, also known as Medicare Part A, provides coverage for essential hospital and medical services. Eligibility typically requires previous contributions to the Social Security or Railroad Retirement Systems, or sufficient governmental employment.
Medicare Medical Insurance, also known as Medicare Part B, is an optional coverage offered to all Medicare Part A beneficiaries that aids in paying for physician services, outpatient care, home health services, durable medical equipment, and some preventive services.
The hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA). The Medicare tax is 2.9% of all earnings, with employers and employees each responsible for a portion.
Medigap is a type of health insurance policy designed to cover the areas of noncoverage under Medicare, including deductibles, coinsurance, and medical expenses that exceed Medicare's approved amounts.
In both artistic and communication contexts, 'medium' refers to the method, instrument, or material used to convey messages or create works.
A medium of exchange is any commodity or product that is universally accepted in a market for the purpose of trade and that functions as a standard measure of value and wealth.
A medium-sized company must meet specific criteria to qualify for certain filing exemptions, making the preparation of financial statements crucial. Companies that are public, banking, or insurance firms, or fall under certain categories cannot claim these exemptions.
A medium-sized group is a defined financial categorization of companies that meet specific criteria regarding net worth, turnover, and number of employees. This term is used for regulatory and reporting purposes.
A bond with a maturity of 2 to 10 years, considered to be between short-term and long-term bonds in terms of maturity and risk.
A financial instrument issued in a eurocurrency with a maturity period typically ranging from three to six years. These notes can be either unsecured or asset-backed.
A Medium-Term Note (MTN) is a type of debt security that generally matures in five to ten years, offering issuers flexible financing and investors a range of maturities and interest rate structures.
Mutual assent to terms by parties to a contract. A traditional rule of contract law is that the agreement, to be legally enforceable, must be accurately expressed within the terms of the contract the parties create, for therein lies the required meeting of the minds.
Mega- is a metric prefix denoting multiplication by \(10^6\) or 1,000,000. In measuring the capacity of computer disks and RAM, it is equivalent to \(2^{20}\) or 1,048,576.
A megabyte (MB) is a unit of digital information storage commonly used in computer science, representing approximately one million bytes. It is prevalent in quantifying file sizes and storage capacity.
A megabyte (MB) is a unit of digital information storage equal to 2^20^ bytes or approximately one million bytes. It is commonly used to quantify the capacity of microcomputer hard disks and high-density floppy disks.
A state of complete computer network overload that grinds all traffic to a halt.
A Member Bank is a financial institution that is part of the Federal Reserve System, including all nationally chartered banks and state-chartered banks that meet certain standards and are accepted for membership.
