Maintenance – all actions necessary to retain an item or asset in optimal condition.

Management – the role of leading and directing a business.

Margin – the difference between the cost and the selling price of an item usually expressed as a percentage of the selling price. ( See ‘Mark-up’.)

Market forces – the influences at play in a market.

Marketing – finding out what customers need and want and then creating, communicating, offering and exchanging offerings of value with others.

Marketing plan – written document that details the necessary information and actions needed to obtain marketing objectives. Marketing strategy – a business’s overall approach and direction to marketing its products/services, which forms the basis for developing a marketing plan.

Market power – a level of dominance or impact in a market that allows a business to influence the circumstances of that market.

Market segmentation – the process of dividing potential customers into segments. Each segment consists of a group of consumers with similar requirements, which can be distinguished from the requirements of other consumers in the market. There will be distinct differences between the goods and services needed to meet the requirements of each segment.

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