I believe this is better understood when non (necessarily) commutative rings are involved.
If $R$ and $S$ are rings, an $R$-$S$-bimodule $_RM_S$ is an abelian group $M$ which is also a left $R$-module and a right $S$-module, so that
$$
(rx)s=r(xs)
$$
for all $r\in R$, $x\in M$ and $s\in S$.
If $M_S$ is a right $S$-module and $N$ is a left $S$-module, then $M\otimes_SN$ has nothing more than the structure of abelian group, generally speaking. However, if $_RM_S$ is a bimodule, then $M\otimes_SN$ can be regarded as a left $R$-module by defining
$$
r(x\otimes y)=(rx)\otimes y
$$
extended by linearity (only with respect to sums). This is well defined, as the map
$$
l_r\colon M\times N\to M\otimes_SN
\qquad
l_r(x,y)=(rx)\otimes y
$$
is balanced, so it induces a group homomorphism $\lambda_r\colon M\otimes_SN\to M\otimes_SN$ such that $\lambda_r(x\otimes y)=(rx)\otimes y$. It is routine to verify that we get a left $R$-module structure on $M\otimes_SN$ by defining $r(x\otimes y)=(rx)\otimes y$ (extended by additive linearity).
When a ring $A$ is commutative, any $A$-module can be regarded as an $A$-$A$-bimodule in an obvious way; it's this feature that allows to regard $M\otimes_AN$ as an $A$-module, using the above setup.
In your case, $A/\mathfrak{m}$ is an $A/\mathfrak{m}$-$A$-bimodule, so $A/\mathfrak{m}\otimes_AM$ becomes an $A/\mathfrak{m}$-module by
$$
[a]([x]\otimes y)=[ax]\otimes y
$$
extended by additive linearity.