(Drury) Pricing Decisions and Profitability Analysis - A price-setting firm facing long-run pricing decisions - Pricing non-customized products/services using target costing
6 important questions on (Drury) Pricing Decisions and Profitability Analysis - A price-setting firm facing long-run pricing decisions - Pricing non-customized products/services using target costing
What does target costing entail?
The starting point is the determination of the target selling price.
What are the stages if target costing? (4)
2. Deduct a target profit margin from the target price to determine the target cost.
3. Estimate the actual cost of the product.
4. If estimated actual cost exceeds the target cost investigate ways of driving down the actual cost to the target cost.
What is required in the first stage? (3)
1. the customers' perceived value of the product
2. its differentiation value relative to competing products
3. the price of competing product
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What is looked at in the second stage?
What is done in the fourth (!) stage?
Product designers focus on modifying the design of the product so that it becomes cheaper to produce.
Manufacturing engineers also concentrate on methods of improving production processes and efficiencies.
What is target costing most suited for?
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