BUSI 4220U Chapter Notes - Chapter 13: Customer Satisfaction, Indirect Costs, Gross Margin
Document Summary
Results are what managers and entrepreneurs are paid to deliver. Results are what attract investment capital to permit a company to grow. Setting standards of performance: for every line item in a marketing budget product development costs, advertising and promotional expenses, costs for salespeople, and so on specific and measurable standards of performance must be set. In full costing, analysts assign both direct, or variable, and indirect costs to the unit of analysis. Evaluating feedback data: typically, managers use a variety of information to determine what the company"s performance should have been under the actual market conditions that existed when the plan was executed. Strategic monitoring must provide some way of changing the firm"s thrust if new information about the environment and/or the firm"s performance so dictates. Identifying key variables: those concerned with external forces, those concerned with the effects of certain actions taken by the firm to implement the strategy.
