Job Training Program
a public welfare program that provides occupational training for individuals who need it in order to find employment.
Just-in-time Inventory
an inventory method in which stock is scheduled to arrive exactly when it is needed.
Label
information about the product printed and attached to the product by the manufacturer, e.g., brand name, grade, weight, ingredients or care/use instructions.
Labor
a term which refers to the work people do or to the workers themselves.
Labor Union
a group of workers who have joined together for a common purpose to improve the terms and conditions under which employees work.
Law of Demand
economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.
Law of Supply
economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
Law of Supply and Demand
economic principle which states that the supply of good or service will increase when demand is great and decreases when demand is low.
Lead
the name of an organization or individual that might be interested in a salesperson's good and service.
Lead Time
amount of time that passes between placing an order and receiving the stock.
Leaders
persons who are expected to guide or direct the efforts of others.
Leadership Style
the manner in which a leader goes about the task of influencing others.
Leasing
contracting to use property which belongs to someone else for a specific period of time and a specific amount of rent.
Liabilities
debts, usually money, owed.
Lien
a legal claim to an item of property which protects the seller if the buyer does not complete his or her payments.
Lifestyle
a person's interests, values and activities.
Limited Liability
a condition in which business owners risk only the amount of their investment.
Limited Partnership
a type of partnership agreement in which a partner has limited liability.
Limited Warranty
a warranty that does not contain the provisions of a full warranty; may cover only certain repairs or specific parts.
Long-Term Goals
generally considered to be those goals which take a year or more to achieve.
Loss Leader
a product that is sold below cost.
Mail Survey
a method of collecting data through the use of questionnaires that are company or store collected.
Management
the process of planning, organizing, directing and controlling activities in order to achieve goals or objectives.
Manual Inventory Control System
counting and recording inventory by hand.
Manufacturer
a type of producer that changes the shapes of materials so that they will be useful to consumers.
Markdowns
reductions in the selling price of goods.
Market
a customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire; any circumstance under which buyers and sellers exchange goods or services for a price; a particular group of consumers who want o
Market Conditions
the economic circumstances of the market in which a firm does business.
Market Demand
the desire of buyers for goods and services.
Market Economy
an economic system in which the means of production and distribution are owned and controlled by individuals and businesses; a free enterprise system.
Market Price
actual price that prevails in a market at any particular moment.
Market Segmentation
the division of total market into smaller, more specific groups.
Market Share
an organization's portion of the total industry sales in a specific market; usually expressed as a percentage, e.g., a business would have a 20% market share if it makes 20% of all the sales of a particular product in a specific market.
Marketing
the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
Marketing Concept
a philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.
Marketing Information
all the marketing-related data available from inside and outside the business.
Marketing Information Management
a marketing function which involves gathering, recording, analyzing and disseminating information to aid in making marketing decisions.
Marketing Mix
the unique combination of strategies with in and among product, place, price and promotion which are used to attract customers to a business.
Marketing Research
the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services.
Marketying Strategies
plans of action for achieving marketing goal and objectives.
Marketplace
any place where the buying and/or selling of goods and services takes place.
Markets
buyers of goods and services.
Marking
indicating the price and other control information on merchandise.
Markup
the difference between the cost of a product and its selling price.
Mass Marketing
designing products and directing marketing activities in order to appeal to the whole market.
Mass Production
the production of a few products in large quantities.
Materials
industrial goods that become part of the finished product after they have been processed.
Materials-Inventory
stock used by a business in the production of other goods.
Maturity Stage
the product life cycle stage in which sales peak and then increase at a slower rate or start to decline.
Means of Production
all the resources required in the production of goods and services.
Medium (pl. Media)
the message channel used by a seller to promote a good, service or idea, e.g., radio, television, newspaper, magazines.
Medium of Exchange
something of value that can be used to obtain goods and services; most common form is money.
Mentor
an experienced worker who can act as a guide to new employees.
Merchandise Approach
an opening comment or question that helps direct the customer's attention to the merchandise; usually refers to goods an display in which the customer seems to be showing an interest.
Merchandise Classification
the categories into which products are divided, e.g., color, style number or size.
Merchandise Inventory
stock that wholesaler and retailers have on hand.
Merchandising
the process of having the right goods in the right place at the right time I order to make a profit.
Merger
the absorption of one company by another company.
Minimum Price
the lowest price at which a product can legally be sold.
Minimum Wage Law
a federal law that sets the lowest amount of hourly wages that a business may pay its employees.
Minor Points
a closing technique which involves getting the prospect to make minor decisions about a purchase before asking for the major decision of whether to buy or not; also known a stimulus- response close.
Minority Business Development Program
a public welfare program that provides advice and assistance to members of minority groups who wish to operate businesses.
Miscellaneous Operating Expenses
a form of operating expenses that includes expenses not covered under overhead or cost of merchandise, such as taxes, donations, bad debts and adverting.
Mixed System
an economic system in which individuals make cost decisions but some government control and ownership exist.
Monetary Policy
the government policy that determines the amount of money that will be in circulation and the level of interest rates.
Monopolistic Competition
a market characterized by many buyers and sellers and a range of prices rather than a single market price.
Monopoly
a condition which exists when a market is controlled by one supplier and there are no substitute goods of services readily available; a single business that influences the entire production of a particular good or service.
Morale
the state of a person's attitude or outlook on life that affects his or her approach to work.
Motives
the causes for or reasons underlying behavior; generally stem from unsatisfied needs.