Keywords: contemporary issues in marketing topics
In an era of Super smart-phones, high-speed internet, and convergence of digital multimedia in day to day life, it is important that traditional marketing ways to evolve combined with the digitisation of advertising, sales advertising and brand management. Marketing has shifted from basic advertising and sales promotion, to a more personal and customised approach towards customers, delivering a whole new degree of involvement and experience to the consumers.
Marketing is the "The management process in charge of identifying, anticipating and gratifying customer requirements profitably. "(The Chartered Institute of Marketing) Marketing requires constantly adapting to the changing consumer needs, and gratifying them in a manner that is preferable to the opponents, in a profitable manner.
Through the years as it pertains to planning Managers has developed techniques and methods of forecasting future costs. One of such methods is Absorption costing and activity founded costing (ABC)
What is Absorption costing?
Absorption costing is the traditional approach to costing and stock analysis, having been developed around the 1870s to 1920s is greatly used by the making companies. The theory behind absorption costing to disperse all overheads of the developing cost centers as well as the direct cost between your finished products, and treat all non-manufacturing over head as period costs. CIMA identified Absorption Costing as "a way of costing that, in addition to direct costs, assigns all, or a proportion of, creation overheads costs to cost products by means of one or more quantity of absorption rates. "
What is activity founded costing?