Maintained Markup (at Retail) Based on the actual prices received for merchandise sold during a time period less merchandise cost, expressed as a percentage.

Maintenance-Increase-Recoupment Lease Has a provision allowing for rent increases if a property owner's taxes, heating bills, insurance, or other expenses rise beyond a certain point.

Manufacturer (National) Brands Produced and controlled by manufacturers. They are usually well known, supported by manufacturer ads, somewhat pre-sold to consumers, require limited retailer investment, and often represent maximum product quality to consumers.

Markdown A reduction from selling price to meet the lower price of another retailer, adapt to inventory overstocking, clear out shopworn merchandise, reduce assortments of odds and ends, and increase customer traffic.

Markdown Percentage The total dollar markdown as a percentage of net sales (in dollars).

Marketing Research in Retailing Entails the collection and analysis of information relating to specific issues or problems facing a retailer.

Marketing Research Process Embodies a series of activities: defining the issue or problem to be studied, examining secondary data, generating primary data (if needed), analyzing data, making recommendations, and implementing findings.

Market Penetration A pricing strategy in which a retailer seeks to achieve large revenues by setting low prices and selling a high unit volume.

Market-Segment Product Groupings Place various products appealing to a given target market together.

Market Skimming A pricing strategy wherein a firm charges premium prices and attracts customers less concerned with price than service, assortment, and status.

Markup The difference between merchandise costs and retail selling price.

Markup Percentage (at Cost) The difference between retail price and merchandise cost expressed as a percentage of merchandise cost.

Markup Percentage (at Retail) The difference between retail price and merchandise cost expressed as a percentage of retail price.

Markup Pricing A form of cost-oriented pricing in which a retailer sets prices by adding per-unit merchandise costs, operating expenses, and desired profit.

Marquee A sign used to display a store's name and/or logo.

Massed Promotion Effort Used by retailers that promote mostly in one or two seasons.

Mass Marketing Selling goods and services to a broad spectrum of consumers.

Mass Merchandising A positioning approach whereby retailers offer a discount or value-oriented image, a wide and/or deep merchandise assortment, and large store facilities.

Mazur Plan Divides all retail activities into four functional areas: merchandising, publicity, store management, and accounting and control.

Megamall An enormous planned shopping center with 1-million-plus square feet of retail space, multiple anchor stores, up to several hundred specialty stores, food courts, and entertainment facilities.

Membership Club Aims at price-conscious consumers, who must be members to shop.

Memorandum Purchase Occurs when items are not paid for by the retailer until they are sold. The retailer can return unsold merchandise. However, it takes title on delivery and is responsible for damages.

Merchandise Available for Sale Equals beginning inventory, purchases, and transportation charges.

Merchandise Buying and Handling Process Comprised of an integrated and systematic sequence of steps from establishing a buying organization through regular re-evaluation.

Merchandise Space The area where nondisplayed items are kept in stock or inventory.

Merchandising Consists of the activities involved in acquiring particular goods and/or services and making them available at the places, times, and prices and in the quantity to enable a retailer to reach its goals.

Mergers Involve the combination of separately owned retail firms.

Micro-Merchandising A strategy whereby a firm adjusts shelf-space allocations to respond to customer and other differences among local markets.

Minimum-Price Laws State regulations preventing retailers from selling certain items for less than the cost plus a fixed percentage to cover overhead. These laws restrict predatory pricing and loss leaders.

Model Stock Approach A method of determining the amount of floor space to carry and display a proper merchandise assortment.

Model Stock Plan The planned composition of fashion goods, which reflects the mix of merchandise available based on expected sales. The model stock plan indicates product lines, colors, and size distributions.

Monthly Payment Credit Account Requires the consumer to pay for a purchase in equal monthly installments. Interest is usually charged.

Monthly Sales Index A measure of sales seasonality that is calculated by dividing each month's actual sales by average monthly sales and then multiplying the results by 100.

Mother Hen with Branch Store Chickens Organization Exists when headquarters executives oversee and operate the branches. This works well if there are few branches and the buying preferences of branch customers are similar to customers of the main store.

Motives The reasons for consumers' behavior.

Multidimensional Scaling A statistical technique that allows attitudinal data to be collected for several attributes in a manner that allows data analysis to produce a single overall rating of a retailer (rather than a profile of individual characteristics).

Multiple-Unit Pricing A policy whereby a retailer offers discounts to customers who buy in quantity.

Mystery Shoppers People hired by retailers to pose as customers and observe their operations, from sales presentations to how well displays are maintained to in-home service calls.

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