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Marketing refers to the promotion of products, especially advertising and branding. But marketing includes product management, pricing, promotion and distribution of a product or a service.
One of the most important operating decisions that a management must make is the pricing decision. Pricing refers to the assignment of a selling price to a product or service provided by the company. If the primary objective of pricing is to maximize profits, cost analysis can help select the price that will yield the greatest profit.
Pricing decisions may be influenced by internal factors, such as costs and profit objectives, and by external factors, such as competitor's pricing actions or regulatory pricing on profit guidelines.
Under normal circumstances, the prices are based upon total cost of sales so as to cover both fixed as well as variable cost and in addition to provide for certain desired margin of profit. Sometimes, it may become necessary to reduce the selling prices to the level of marginal cost or even below the marginal cost.
Target cost is the estimated cost of a product that enables a company to remain and compete in the market in the long-run. Target costing is a method of costing which is intended to reduce cost, where such reduction is aimed at the entire life cycle of product.
Viti Ltd, located in southern Viti Levu, manufactures a variety of industrial valves and pipe fittings that are sold to customers in the eastern states. Currently, the company is o
Input or exogenous variables These are variables of two types: 1) Controlled variables: These are variables that can be controlled by management. By changing the input
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tell me how go about charging for your services
After going through this section, you must be capable to: Know the need for establishing sound credit policy; Identify the different credit policy variables; Know the cred
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,730 and two jobs in process: Job No. 429 $2,150, and Job No. 430
Vogel's Approximation Method (VAM) This method is a heuristic and usually provides a better starting solution than the two methods described above. However, VAM generally yield
dentify and explain the many classsification of cost for planning,control,performance evaluation and decision making
#labour costing techniques
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