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.
There is an unfavorable cost variance when the actual cost incurred is greater than the budgeted amount. There is a favorable cost variance when the actual cost incurred is lower than the budgeted amount.Whether a variance ends up being positive or negative is partially due to the care with which the original budget was assembled.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.