Legal Articles

MARITIME LAW

Law governing sea or seaport bound actions conducted and commerce transacted. Registration, license, and inspection procedures for ships and shipping contracts, insurance and carriage of goods and passengers are included.

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MARKET CONCENTRATION

A relatively large market percentage covered by a relatively small group of entities accounts for this extent or degree.

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MARKET ECOLOGY

An entity’s plans, policies, and strategies collectively impacted by Cultural, economic, political, social, and technological environments.

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MARKET MAPPING

various market conditions plotted on a map as this type of study of consumers and products to identify trends and corresponding variables. By examining these related variables, this tool is helping companies locate problem areas and identifying the problem’s source.

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MARKET PORTFOLIO

A return rate carries a high risk being involved with this set of investments.

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MARKET SHARE

A brand, product, or company in a market it dominates, shown by total sales volume as a percentage of overall sales.

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MARKET-BASED PRICE

In a competitive market, many buyer and many sellers use a bargaining process to arrive at this type of price.

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MARKETING MIX

Commonly termed as 4Ps: product, price, place, and promotion as the controllable elements of a product’s marketing plan for this type of planned mix.

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MARKUP

1. In Budgeting, this is a line-by-line budget review by a committee formed for the purpose of approval, disapproval, or modification. 2. In Distribution, this is the price increases at different stages, or price points, starting at the producer and ending with the ultimate buyer. 3. In Pricing. to provide for profit in the item’s selling price, this is an item’s cost price plus interest, labor, taxes, utilities, and profit margin.

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MASS MEDIA

Principally using the national newspapers, radio, and television for impersonal broadcasting a message through these various channels to the general public, .

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MASTER PLAN

Several related subplans incorporated together to make one master plan.

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MATERIAL COST

Product production’s monetary investment. Things that incur material costs, for example, are the ingredients of a meal or the parts of a machine. The cost of labor to produce the product is separate from this cost. The total cost of a product and its eventual sale price are arrived at by combining the material cost with the cost of labor.

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MATERIALS QUANTITY VARIANCE (MQV)

In a manufacturing operation this is material’s standard cost minus material used actual cost. A company calculates that the materials needed to manufacture one of its products costs $5, as an example. The actual cost during a certain period is $6. The company discovers that The materials quantity variance is $1 times the number of units manufactured.

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MATURE MARKET

One that is functioning without change or innovation or has no growth.

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MAXIMIZATION

With no regard to cost or expense this is choosing the path with the best or highest expected outcome. By contrast, optimization is selecting the most cost-effective alternative. Also refer to satisficing.

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MBF

Board feet of lumber symbol for one thousand, not 1 million. One MBF equals 2.36 cubic meters or 83.33 cubic feet. Also refer to MCF.

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MEASUREMENT NOISE

slight price or volume upticks or downticks causing errors in determining the asset’s value. This type of noise is a short-term phenomenon. Also known as observational noise.

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MEDIA CHANNEL

Newspapers, radio stations, television stations, and the like used in reaching intended audience as this type of specific medium.

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MEDICAL EXAMINATION

Conducted by a doctor acting as the insured’s agent, a prospective insured receives this type of physical evaluation.

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MEDICARE SUPPLEMENT INSURANCE

Medicare supplemental insurance coverage cannot duplicate the benefits provided to the insured by Medicare, but often times the insured’s deductibles or copayments will be paid.

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