Dictionary of Procurement Terms

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Search Results: 31-40 of 118 results for “M”

  • Market Testing

    A service contracting technique that refers to the use of public-private competitions to compare or benchmark in-house service delivery approaches and costs against the private sector. (Ferrell & Hirt, 2002)

  • Market Value

    The price which a product, service, or property might be expected to bring if offered for sale in a fair market, i.e., a market that is not prone to fluctuations.

  • Market-Based Pricing

    A pricing strategy that sets the value of a product from the market prospective and is based on ​supply and ​demand.

  • Market-Oriented Pricing

    Price setting that occurs when prices are defined according to the range of the quality of the product or service provided by the Supplier.

  • Marketable Securities

    Temporary investment of “extra” cash by organizations for up to one year in U.S. Treasury bills, certificates of deposit, commercial paper, or Eurodollar loans. (Ferrell & Hirt, 2002)

  • Marketing

    A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. (Ferrell & Hirt, 2002)

  • Marketing Channel

    A group of organizations that moves products from their producer to customers; also called Channel of Distribution. (Ferrell & Hirt, 2002)

  • Marketing Mix

    The four marketing activities​, ​product​, price, promotion, and distribution, that the business can control to achieve specific goals within a dynamic marketing environment. (Ferrell & Hirt, 2002)

  • Maslow’s Hierarchy (of Need)

    A theory developed by Abraham Maslow, that arranges the five basic needs of people: physiological, security, social, esteem, and self-actualization, into the order in which people strive to satisfy them. Once a need is satisfied, it is no longer a motivator. (Ferrell & Hirt, 2002)

  • Mass Production

    Large-scale manufacturing, often designed to meet the demand of a particular product. (Business, 2002)