Marketing Discovers Consumer Needs by

question 230

Multiple Choice

Marketing discovers consumer needs by

• A) implementing a marketing program.
• B) conducting extensive marketing research.
• C) balancing the marketing mix elements-the 4 Ps of the marketing program.
• D) advertising to diverse groups of prospective buyers.
• E) copying the products and services of its competitors.

Understand the concepts of various variances related to overhead, labor, and material costs.

Calculate total overhead variance, labor price and quantity variances, and materials price and quantity variances.

Determine the impacts of actual costs versus standard costs on production budgeting.

Identify factors affecting the predetermined overhead rate and its calculation.

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Definitions:

Manufacturing Costs

The total expense involved in the manufacture of a product, including direct labor, direct materials, and manufacturing overhead.

Scrap Metal

Waste metal material that can be recycled or reused, often collected and sold by businesses or individuals.

Differential Analysis

The process of comparing the costs and benefits of alternative business decisions, focusing on differences in outcomes.

Finished Desk

A final product, specifically a desk, that has completed the manufacturing process and is ready for sale.