Define Ethics and Social Responsibility

question 219

Essay

Define ethics and social responsibility. Why are these two concepts important for marketers? Give an example of each behaviour.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the expected cost, indicating how effectively a company is managing its raw material costs.

Accounts Payable

The amount a company owes to its suppliers or creditors for goods or services received that have not yet been paid for.

Work in Process

Products that are in the middle of the production process but are not yet finished.

Material Price Variance

The difference between the actual cost of materials and the standard cost multiplied by the quantity purchased.