Explain Step 5 of Constructing a Market-Attractiveness-Competitive-Position Matrix for Evaluating

question 4

Essay

Explain Step 5 of constructing a market-attractiveness-competitive-position matrix for evaluating potential target markets.

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Definitions:

Standard Labor Rate

The predetermined cost of labor per hour used to estimate the total labor costs of a production process or project.

Employment Taxes

Taxes imposed on employers and employees, typically including payroll taxes for social security and Medicare.

Per Hour

Per Hour typically relates to the rate of pay for workers or the measurement of productivity or operational output on an hourly basis.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost.