Unfortunately,the NAICS System Will Not Allow Marketing Managers to Gather

question 152

Multiple Choice

Unfortunately,the NAICS system will not allow marketing managers to gather information about

• A)import competition in domestic markets.
• B)geographic distribution of industries.
• C)market share in a pure competition environment.
• D)demand for products and services.
• E)data on industries that are oligopolies.

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Definitions:

Finished Goods Inventory

Completed products that are ready for sale but have not yet been sold.

Work in Process

Inventory that includes goods partially worked on but not yet completed; it is found between raw materials and finished goods in manufacturing.

Standard Cost

A predetermined cost for a product or service, based on expected material, labor, and overhead costs, used as a benchmark to control actual costs.

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (or standard) cost, reflecting changes in material prices.