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Essay

An Overview of Target Costing

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Issue:

Business

 

Written by:

Edward J

 

Date added:

September 13, 2015

 

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Grade:

A

 

No of pages / words:

7 / 1954

 

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8463 times

 

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Essay content:

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...
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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...
displayed 300 characters

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