Page 687 - Introduction to Business

GLOSSARY G-13

the major components of the marketing function (Ch 8; modem A device that translates digital signals into analog sig-
Ch 17) nals and vice versa (Ch 17)
marketing managers Managers in charge of developing firm modified rebuy The buying decision for organizations that
marketing strategies (Ch 5) involves the consideration of different suppliers for an
marketing mix The combination of products or services, item previously bought on a straight rebuy basis (Ch 8)
prices, promotion, and distribution used to market prod- monetary policy A policy followed by the central bank (the
ucts or services to specific markets over a specific period Fed in the United States) to control the money supply in
of time (Ch 8) an economy, and hence to manage inflation, economic
marketing research The process whereby marketers are pro- growth, employment, and the exchange rate; A central
vided with information so that effective marketing deci- bank framework for using policy tools to affect operating
sions can be made (Ch 8) targets, intermediate targets, and economic goals (Ch 2;
market-oriented systems Financial systems that have large Ch 14)
securities markets (Ch 14) money market instruments Short-term securities that have
markup The difference between what a retailer pays for a maturities less than one year (Ch 14)
product and the price at which it is sold (Ch 9) monolithic approach An approach for implementing an ERP
Maslow’s hierarchy of needs The principle that physiological system where all the modules of the system are from a
needs are basic and must be satisfied before a person is single ERP software vendor (Ch 18)
motivated to satisfy higher levels of needs that have more monopoly The industry market structure where there is
subtle origins (Ch 7) essentially a single supplier of goods or services that has
master production schedule A schedule where the produc- the power to set prices (Ch 1)
tion rate strategy is broken down into weeks (Ch 16) Montana Wrongful Discharge from Employment Act A law in
match demand strategy A strategy where capacity is the state of Montana outlawing the doctrine of employ-
increased as demand increases (Ch 16) ment-at-will (Ch 6)
Material Requirements Planning (MRP) A computer-based moral hazard risk The risk that managers of insured institu-
technique for calculating the materials required by a pro- tions will take excessive risk and act imprudently (Ch 14)
duction plan (Ch 16) mortgage A claim on property, given to a person or institution
materials management The movement of raw materials, in- that has loaned money in case the money is not repaid
process materials, and semifinished goods to a manufac- when due (Ch 15)
turer from a supplier (Ch 10) motivation The drive to achieve a goal in life (Ch 7)
matrix organizational structure The structure of an organiza- motivation factors Factors such as the job itself, responsibil-
tion around team project situations where employees ity, and advancement which determine job satisfaction
report to more than one manager (Ch 5) (Ch 7)
maturity stage The third stage of the product life cycle motive A specific need or desire that arouses an individual and
in which profits drop and revenues are maximized directs his or her behavior toward achieving a goal (Ch 7)
(Ch 9) multicurrency A property of ERP systems to handle multiple
medical insurance An insurance policy that covers most costs currencies (Ch 18)
associated with doctor, hospital, and pharmacy drug multilanguage A property of ERP systems to simultaneously
expenses (Ch 14) operate in multiple languages (Ch 18)
megabyte One million bytes (Ch 17) multinational A property of ERP systems to handle the
merchant wholesalers Wholesalers that purchase merchan- accounting standards of multiple countries (Ch 18)
dise and resell it (Ch 10) multinational company An organizational structure where
mergers and acquisitions The process of identifying, valuing, financial management and control are concentrated at a
and taking over a foreign firm to meet a company’s growth home base, but other business functions such as produc-
objectives (Ch 2) tion, sales, and marketing are decentralized to business
merit pay plans Pay plans that compensate individuals on the units in other countries (Ch 17)
basis of their individual contribution to the organiza- multinational enterprises Firms that have a home base in
tion (Ch 6) one country, but own and control plants (factories) or
microbusiness A small business with fewer than five employ- other businesses in one or more foreign countries (Ch 2)
ees (Ch 4) multiplexer A communications processor that enables a
microcomputers Computers that satisfy the needs of individ- single communications channel to carry simultaneous
ual users (Ch 17) information transmissions from multiple sources (Ch 17)
middle managers Managers who implement the decisions, municipal securities Debt securities issued by state and local
policies, and strategies of the top managers (Ch 5) governments to raise funds, with coupon payments that
midrange computers Computers that are medium-sized and are exempt from federal income taxes (Ch 13)
capable of serving the needs of many business organiza- mutual fund A pool of commingled funds contributed by
tions (Ch 17) many investors and managed by a professional fund advi-
mission statement Statements spelling out the basic purpose sor in exchange for a fee (Ch 15)
of the enterprise (Ch 5)
mixed economic system The economic system that exhibits national brands Products that carry the brand name of the
elements of both the capitalist and the command eco- manufacturer (Ch 9)
nomic systems (Ch 1) National Labor Relations Act (NLRA) A federal law of 1935
mobile commerce or m-commerce The use of handheld establishing employee right to unionize (Ch 6)
devices for purchasing goods and services over the National Labor Relations Board (NLRB) The federal agency
Internet (Ch 18) with regulatory authority over U.S. labor laws (Ch 6)

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