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Essay Details:
Essay text:
This is captured by the equation
Target Cost = Price – Profit
At first sight the equation appears to reverse the familiar cost plus price equal profit that many firms use. However, behind the inversion of the equation are two very powerful ideas; (1) market price and profit margins are exogenous variables beyond the control of an organization’s management; and (2) customer and financial markets drive cost planning and not the other way around. Target costing, therefore, is a market driven system in which the needs of the customer and the likely reaction of competitors drive product and profit planning...
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Common topics in this essay:
- ABC Costing
- Activity Based Costing and the Theory of Constraints are, respectively, Overhead Absorption Costing and Marginal Costing in a different guise
- An Overview of Target Costing
- Costing Classification
- costing eg
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- Explain How Technological Advances Have Helped Organisations Create Products/Services Best Suited To Customers Needs And How They Were Able To Communicate Effectively With Their Target Audience.
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