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Malcolm Baldridge National Quality Award

The Baldrige Award is given by the President of the United States to businessesmanufacturing and service, small and largeand to education and health care organizations that apply and are judged to be outstanding in seven areas: leadership; strategic planning; customer and market focus; measurement, analysis and knowledge management; human resource focus; process management; and results.

   

Managed fund

A fund that is managed by an investment company for a number of investors.

   

Management consultant

An individual who works independently to assist and advise clients with managerial responsibilities regarding various organizational issues.

   

Margin

A companys earnings expressed as a percentage of revenue (also referred to as profit margin).

   

Market life cycle

The period of time during which a considerable portion of the buying public remains interested in purchasing a given product or service.

   

Market order

A buy or sell order whereby a broker is to carry out the order at the best available price.

   

Market penetration

The degree to which a product is recognized and purchased by customers in a specific market.

   

Market price

The price for securities and other exchangeable goods traded on a stock exchange.

   

Market segmentation

The process of dividing a market with a purpose of gaining a major portion of sales in a subgroup within a category instead of a more limited share of purchases by all category users.

   

Market share

The percentage of the total sales (from all sources) of a given type of product or service attributable to a specific company.

   

Market value added (MVA)

A financial metric used to measure the difference between the market value of a company and the capital contributed by investors.

   

Market value

The most probable price (in terms of money) that buyers are willing to pay for particular goods or services.

   

Marketing mix

An analysis tool that helps establish a companys competitive advantage by providing an easy-to-read representation of the companys position in the marketplace based on the concept of the four Ps of marketing--product, price, place and promotion.

   

Masculinity

Tendency of a culture to emphasize traditional gender roles and value achievement, assertiveness and performance.

   

Matrix organization

An organizational structure where employees report to more then one manager or supervisor.

   

Maturity

The time at which a financial instrument, such as a note or bond, becomes due.

   

McKinsey 7S framework

A framework for strategy implementation first developed by this strategy consulting firm. The 7S that must be aligned are strategy, structure, systems, shared values, skills, staff and style.

   

Mean

A measure of central tendency, the mean is the average value of a series of numbers.

   

Median

The middle value in a series of values arranged in rank order.

   

Medicare

A health insurance program, administered by the Social Security Administration, which is broken into two distinct categories: Medicare Part A, which helps with hospital costs, and Medicare Part B, which requires a monthly fee and is used to pay medical costs for people 65 years of age and older, some disabled people under 65 years of age, and people with End-Stage Renal Disease (permanent kidney failure treated with dialysis or a transplant).

   

Merger

The joining of two or more different organizations under one common owner and management structure.

   

Metrics

A measure used to determine the effectiveness and value of implemented HR programs in increasing performance and profits.

   

Mini-max budgeting

A budgeting tactic in which two separate budgets are developed based on maximum assumed outputs and minimum assumed outputs.

   

Minority business enterprise

A small business enterprise that is at least 51 percent owned by one or more minorities or, in the case of a publicly owned business, at least 51 percent of all classes or types of the stock are owned by one or more minorities and whose management and daily business operations are controlled by one or more minorities.

   

Mission statement

A statement illustrating what the company is, what the company does and where the company is headed.

   

Mode

The most frequently occurring value in a set of ranked data observations.

   

Monopoly

Persistent market situation where there is only one provider of a particular product or service.

   

Moonlighting

Working one or more full- or part-time jobs in addition to an individuals regular full-time job.

   

Multinational company (MNC)

A company that has operations in different countries and is mainly staffed by local nationals but whose decisions are largely made by headquarters personnel.

   

Municipal bond

An often tax-exempt bond issued by federal, city, county, state or local government agencies to finance capital expenditures for public projects.

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