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A-Z Glossary
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Glossary Definitions
- Management development programme
This refers to efforts by a company to provide leadership training usually to middle or top level personnel to assist them in upgrading their skills. An example of this would be a company facilitating or even paying for courses to encourage their managers to keep abreast with developments in Information Technology. - Management Development Strategy
This refers to efforts by a company to provide leadership training usually to middle or top level personnel to assist them in upgrading their skills. An example of this would be a company facilitating or even paying for courses to encourage their managers to keep abreast with developments in Information Technology. - CRH (10th Edition)
- Macroeconomics
A branch of economics that deals with the performance, structure, and behaviour of the economy as a whole. Macroeconomists seek to understand the determinants of aggregate trends in the economy with particular focus on national income, unemployment, inflation, investment, and international trade. In contrast, microeconomics is primarily focused on the determination of prices and the role of prices in allocating scarce resources. - The Pensions Board (11th Edition)
- Macro Environment
All external environmental forces which can affect how a company operates but which are beyond its control. These include: demographics, the economy, natural forces, social and cultural forces and government regulations. - Lucozade Sport (10th Edition)
- Managing Change
Change in the business environment is an important issue for managers and can be considered under issues of complexity and uncertainty. - RTE (5th Edition)
- Manpower planning
Usually a function of the Human Resources Manager in larger organisations and owner/managers in smaller concerns. It refers to the procedure of trying to forecast the number of workers a company will need in future years. - Market Capitalisation
The current total value of a company's issued shares. This is obtained by multiplying the current market price by the current number of shares in issue. - IFSRA (8th Edition)
- Market Economy
This is an economy whereby the consumer and the producer negotiate prices.This determines the value placed on items. The market economy differs from that of the planned
economy where the state owns or controls ‘factors of production’. standardized product or service. - Marketing Strategy
A plan which clearly outlines how a business is hoping to achieve its sales targets. - Musgrave Group (9th Edition)
- Market Niche
Adapting a company's product to more closely match the needs of one of more sub-segments where there is often little competition. - Coca-Cola Ireland (6th Edition)
- Market Penetration
The extent to which a product is recognised and bought by customers in a particular market. - O2 (8th Edition)
- Market Research
The process of gathering and processing data so that a company will know which goods and services to produce, what price to charge for them and which markets to sell them in. - RTE (10th Edition) | Bank of Ireland (9th Edition) | O2 (9th Edition) | Bus Eireann (9th Edition) | IFSRA (8th Edition) | Xtra-vision (8th Edition) |Masterfoods (6th Edition) | GlaxoSmithKline (6th Edition)| GlaxoSmithKline (5th Edition) | National Lottery (13th Edition)
- Market Segment
A part of the market which has its own distinct customer profile and buyer characteristics such that, for marketing purposes, it can be targeted separately from other segments of the market. - Cadbury (6th Edition) | Coca-Cola Ireland (6th Edition) |GlaxoSmithKline (5th Edition)
- Market Segmentation
This is the identification of specific market segments within a market, and developing different marketing offerings for each segment. - Danone (6th Edition)| Usit (6th Edition)
- Market Share
The percentage of total industry sales made up by a particular company's individual sales. - AIB (11th Edition)
- Marketing Mix
Any combination of the various elements of marketing. The most famous mix is the 4Ps – product, price, place, and promotion. The term media mix applies to any mix of media used for advertising or promotion, e.g., television, radio, newspapers etc. - Cadbury (10th Edition)
- Marketing communications mix
This refers to the way in which a company allocates its marketing budget between the various communications media. It would include deciding on how much of the budget to allocate to the print, radio, visual and other forms of communications media. - Marketing Concept
Marketing is a business attitude that puts the needs and wants of the customer first. This philosophy is called the marketing concept and seeks to find out what customers want. - Beiersdorf (6th Edition) | GlaxoSmithKline (5th Edition) | RTE (5th Edition)
- Marketing strategy
A plan which clearly outlines how a business is hoping to achieve its sales targets. - Musgrave (11th Edition)
- Market Economy
Mthis is an economy whereby the consumer and the producer negotiate prices.This determines the value placed on items. The market economy differs from that of the planned
economy where the state owns or controls ‘factors of production’. standardized product or service. - Department of Foreign Affairs (7th Edition)
- Mass production
The large-scale production of identical goods on a continuous basis. The process requires high automation almost always on an assembly line basis. The labour required is usually unskilled to semi-skilled. Orders are seldom received in advance. Suitable for products like cars, golf balls, biros etc. - Masterbrand
A corporate brand name that dominates all products or services in a range or across a business. A Masterbrand incorporates the company mission and values and translates them into a more accessible form. (Other examples: Lego and Nescafé) - Cadbury (9th Edition) | Cadbury (8th Edition)
- Means tested
This means that an investigation will be done to determine whether or not an individual or family is eligible to qualify for assistance from the government. - The Pensions Board (13th Edition)
- Media Exposure
Exposure through non-personal communication channels including print media, broadcast media and display media. - Bord Failte (6th Edition)
- Mediation
The attempt to settle a dispute through a neutral party. - Department of Health (9th Edition) | LRC (11th Edition)
- Megabrand
A brand that spans across product classes to assist customers in seeing relationships between products. A Megabrand can break existing categorisation structures and extend a brand in new ways. Also called a range brand. (Other examples:Weight Watchers; Oral-B). - Cadbury (8th Edition)
- Mentor
This refers to a service provided in many organisations to new staff particularly young, first time employees. A person who has knowledge and familiarity in any field of work or study, and who is prepared to help a colleague or fellow student is known as a mentor. - Diageo Ireland (10th Edition) | CRH (5th Edition)
- Merger
This is the combining together of two or more firms into a single business on a basis that it is mutually agreed by the firms’ managements and approved by their shareholders. It is an important form of external growth and market entry for firms. Privatisation – The transfer of ownership of an industry or firm from the State or Government ownership to private ownership. - Lucozade Sport(10th Edition) | AIB (7th Edition) | AIB (11th Edition)
- Microprocessor
A microprocessor is a computer processor or microchip. It is the "engine" that goes into motion when you turn your computer on. A microprocessor is designed to perform operations. Typical microprocessor operations include adding, subtracting, comparing two numbers and fetching numbers from one area to another. These operations are the result of a set of instructions that are part of the microprocessor design. When the computer is turned on, the microprocessor is designed to get the first instruction as part of its memory. After that the program that is loaded into computer memory drives the microprocessor. - Enterprise Ireland (6th Edition)
- Mission Statement
This is a written statement of the organisation's long-term aims and objectives. It is written to support the purposes of an organisation and provide employees with an indication of what the organisation is trying to achieve. - NRA (10th Edition) |An Garda Siochana (9th Edition) |Department of Education and Science (9th Edition)| Department of Transport (9th Edition)| | Bus Eireann (8th Edition) | FSPB (7th Edition) InterTradeIreland (6th Edition) | Irish Sports Council (6th Edition) |The Courts Service (5th Edition) | DAA (13th Edition) | National Lottery (13th Edition)
- Monetary Policy
Monetary policy is any policy of a central bank which affects the size of the money supply, a broadly based view of price stability, the cost of money, (rate of interest) and the value of the currency (rate of exchange). - The Central Bank (5th Edition)
- Monopolistic competition
A market where there is usually only one firm in the industry. It may have the backing of the government, as is the case of a statutory monopoly like ESB. It may have control over the supply of raw materials, be a patent holder or the costs of entering the industry may be so prohibitive as to frighten off potential competition. - Monopoly
When a single company controls a market to the exclusion of all competitors, it is said to have a monopoly on that market. - O2 (8th Edition) | Iarnród Éireann (8th Edition) | EU Commission (11th Edition)
- Multinational
A company which does business in many countries but may have a standardised product or service. - CRH (7th Edition)
- Multiples
A number of shops, owned by the one owner. - Musgrave Group (9th Edition)
