the role of conducting and supervising a business.


the difference between the selling price and the purchase price of an item usually expressed as a percentage of the selling price. Compare mark-up.


the price increase between buying at wholesale and selling at retail often expressed as a percentage of the wholesale or cost price. Compare margin.


finding out what customers want, then setting out to meet their needs, provided it can be done at a profit. Marketing includes market research, deciding on products and prices, advertising promoting distributing and selling.

marketing plan

details of specific tasks worked out by and for a business concerning how market research, product choice and pricing, advertising, promotion and distribution will be done.

marketing strategy

a business’ approach to marketing its products/ services expresses in broad terms, which forms the basis for developing a marketing plan.

memorandum of association

a legal document that lays down the objects of a registered company and details of the regulation of the company’s business dealings. It is one of the two fundamental documents upon which registration of any company is based. See articles of association.


goods that may be sold or traded.


trading in a range of goods. Promoting the whole range of goods that are sold in a business.


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