Encyclopedia

Small Business Encyclopedia
Letter: M

Magazine Advertising

Print ads that run in local or national magazines

Mailing List

A collection of names and addresses used by a company to send material to multiple recipients. On the internet, mailing lists include each person's e-mail address rather than a postal address.

Manufacturer's Representative

An independent sales agent who works on commission

Market Research

The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face

Market Surveys

The study of the spending characteristics and purchasing power of the consumer who are within your business's geographic area of operation; a research method for defining the market parameters of a business.

Market Testing

To test multiple marketing scenarios and select the most promising for expansion.

Marketing Campaign

A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods

Marketing Materials

The printed pieces, such as brochures, letterhead and business cards, you'll use to market your business

Marketing Plan

The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals

Media Planning

The process of establishing the exact media vehicles to be used for advertising

Mediation

A form of alternative dispute resolution in which the involved parties bring their dispute to a neutral third party, who helps them agree on a settlement; mediation is generally nonbinding, unless the parties agree to a resulting settlement

Medicare Taxes

The tax you withhold from your employees' paychecks to cover the cost of Medicare expenses

Mentoring

Educational and/or professional development support provided by experienced colleagues

Merchant Status

The relationship between a company and a bank or credit card company that allows the company to accept credit card payments from its customers

Mergers

The combination of one or more corporations, LLCs, or other business entities into a single business entity; the joining of two or more companies to achieve greater efficiencies of scale and productivity

Microloan

A SBA loan program that helps entrepreneurs get very small loans, from less than $100 to $25,000

Minimum Wage

A wage below which employers may not legally pay employees for specific kinds of employment

Mission Statement

A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies

Motivating Employees

Using both tangible and nontangible rewards to keep employees enthusiastic, loyal and interested in continual improvement

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