What exactly does MK mean?

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It normally stands for "Mark", as in Mark 1, Mark 2...

The word Mark, followed by number, is a common way to name a product in a production line, similar in meaning to "Type". It is often abbreviated as Mk or M. Because a mark is often made to measure height or progress, by metonymy the word mark is used to mean a level of development, and level designations like "Mark I", "Mark II" etc. come to be used as proper names. However, since the same name is used for a wide variety of products, it can have varied connotations for different persons.
http://en.wikipedia.org/wiki/Mark_(designation)
 
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