Marketing Concept and Philosophy

The marketing concept and philosophy is one of the simplest ideas in marketing, and at the same time, it is also one of the most important marketing philosophies. At its very core are the customer and his or her satisfaction.

Marketing Research

Marketing research is the function that links the consumer, customer, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process.

Mechanistic Organizations

Nearly one-half century ago, Burns and Stalker noted that mechanistic organizations are often appropriate in stable environments and for routine tasks and technologies. In some ways similar to bureaucratic structures, mechanistic organizations have clear, well-defined, centralized, vertical hierarchies of command, authority, and control.

Meeting Management

Most organizations use meetings in the course of their work, and these meetings can be successful or unsuccessful, depending on whether they are managed properly. Managers must learn to properly organize and conduct meetings to contribute to organizational effectiveness.


Mentors are individuals with advanced experience and knowledge who take a personal interest in helping the careers and advancement of their protégés. Mentors may or may not be in their protégés' chain of command, be employed in the same organization as their protégés, or even be in the same field as their protégés.

Mergers and Acquisitions

A merger takes place when two companies decide to combine into a single entity. An acquisition involves one company essentially taking over another company.

Miles and Snow Typology

In their 1978 book Organization Strategy, Structure, and Process, Raymond E. Miles and Charles C.

Mission and Vision Statements

An organizational mission is an organization's reason for existence. It often reflects the values and beliefs of top managers in an organization.

Models and Modeling

A model is an abstraction of reality or a representation of a real object or situation. In other words, a model presents a simplified version of something.


From a managerial perspective, morale embodies the collective spirit and motivation of a group of employees. Other terms used to designate this concept include espirit and espirit de corps.

Motivation and Motivation Theory

The term motivation is derived from the Latin word movere, meaning "to move." Motivation can be broadly defined as the forces acting on or within a person that cause the arousal, direction, and persistence of goal-directed, voluntary effort. Motivation theory is thus concerned with the processes that explain why and how human behavior is activated.


Multimedia is the term used to describe two or more types of media combined into a single package—usually denoting a combination of some or all of the following: video, sound, animation, text, and pictures. Multimedia gives the user the opportunity to influence the presentation of material.

Multinational Corporations

Multinational corporations have existed since the beginning of overseas trade. They have remained a part of the business scene throughout history, entering their modern form in the 17th and 18th centuries with the creation of large, European-based monopolistic concerns such as the British East India Company during the age of colonization.

Multiple-Criteria Decision Making

Real-world decision-making problems are usually too complex and ill-structured to be considered through the examination of a single criterion, attribute, or point of view that will lead to the optimum decision. In fact, such a unidimensional approach is merely an oversimplification of the actual nature of the problem at hand, and it can lead to unrealistic decisions.


Nepotism describes a variety of practices related to favoritism; it can mean simply hiring one's own family members, or it can mean hiring and advancing unqualified or under qualified family members based simply on the familial relationship. The word nepotism stems from the Latin word for nephew, especially the "nephews" of the prelates in medieval times.

New Product Development

The dynamics of markets, technology, and competition have brought changes to virtually every market sector and have made new product development one of the most powerful business activities. The monumental changes that constantly impact commerce have forced companies to innovate with increasing speed, efficiency, and quality.

Non-Compete Agreements

A non-compete agreement, or covenant not to compete, generally is a contract in which one party agrees not to compete with another party in exchange for payment of some consideration. Non-compete agreements are most commonly found in employment contracts, particularly with management or sales employees; in agreements among shareholders or partners of a business; in contracts for the sale of a business; and in agreements for the funding of a business.

Nonprofit Organizations

In the United States, nonprofit organizations (NPOs) are organizations that qualify for tax-exempt status under the U.S. Internal Revenue Code.

North American Industry Classification System

The North American Industry Classification System or NAICS (pronounced "nakes") is a system for organizing data on industries and companies for standardized reporting. Implemented in 1997 for the United States and Canada and in 1998 for Mexico, the classification system replaces the U.S.