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 standard-cost items, two variances can be calculated, purchase price variance (PPV) and exchange rate variance. The purchase price variance is the difference between the standard costs for the material and landed cost elements and the corresponding actual costs from the matched, posted, and extracted vouchers.