One Component of the External Environment Marketing Managers Must Understand

question 97

Essay

One component of the external environment marketing managers must understand and react to is the economic environment.Briefly describe the three economic areas of greatest concern to U.S.marketers and the marketing implications of trends in these three areas.

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Definitions:

Machine-Hours

Machine-hours represent a measure of production time, indicating the total hours a machine is operated in the manufacturing process of goods.

Variable Manufacturing Overhead

Costs that vary with the level of production output and are related to manufacturing the product but not directly traceable to specific units of product.

Job J

Likely a specific reference to a job or project within a company, requiring a definition based on its context.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead to individual products or job orders, based on a selected activity base like machine-hours or labor-hours.