BRAND LOYALTY Definition

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BRAND LOYALTY is a situation when a consumer is reluctant to switch from consumption of a favored good. The consumer is "loyal" to the brand.

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RECEIVING REPORT is a document completed in the receiving department, which identifies the purchase order that initiated the purchase, and the date, quantity, and condition of goods received.

ABSORPTION VARIANCE is the variance from budgeted absorption costing of manufactured product. See also ABSORPTION COSTING.

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