âOne of the most important changes to American Marketing Associationâs new definition for marketing is that marketing is presented as a broader activity,â said Nancy Costopulos, CMO of the American Marketing Association.he new definition reads, âMarketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.â.
A cost variance is the difference between the cost actually incurred and the budgeted or planned amount of cost that should have been incurred.ost variances are most commonly tracked for expense line items, but can also be tracked at the job or project level, as long as there is a budget or standard against which it can be calculated. These variances form a standard part of many management reporting systems.
For example, a company has an unfavorable variance in its cost of goods sold of $40,000. A detailed cost variance analysis reveals that the company sold several hundred more units than it expected, and the cost of those additional units comprised $35,000 of the variance. more refined approach is to split this difference into two elements: 1  Price variance. 2  That portion of the variance caused by a difference between the actual and expected price of the goods or services acquired. 3  Volume variance. 4  That portion of the variance caused by any change in the volume of goods or services ordered.