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What is Sealed bid pricing
Another from of competition oriented pricing is the sealed bid pricing. In a large number of projects, industrial marketing and marketing to the government, suppliers are asked to submit their quoted as a part of tender. The price quoted reflects the firm's cost and its understanding of competition. If the firm was to price its offer only at its cost level it may be the lowest bidder and may even get the contract but may not make any profit out of the deal. So it is important that the firm uses expected profit at different price level to arrive at the most profitable price. This can be arrived at by considering the profit and profitability of getting a contract at different prices. This method obviously assumes that the firm has complete knowledge or information about the competition and the customer.
Implementation of the Decisions Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan
Describe Financial budgets Financial budgets: financial budgets are concerned with cash receipts and disbursements working capital expenditure financial position and business o
REGRESSION ANALYSIS A regression equation identifies an estimated relationship between a dependent variable (the cost) and one or more independent variables (the cost driver).
ABC Analysis (Pareto Analysis) In ordinary parlance, ABC analysis can be best compared with our class society where the population is categorized into Top, Middle and Lower cla
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Painter Ltd, which manufactures and sells a single product, is currently producing and selling 102,000 units per month, which represents 85% of its full capacity. Total monthly cos
After going through this section, you must be capable to: Know the concept and characteristics of working capital; Identify with the difference among net working capital
what are characteristics of relevant cost?
Difficulties in cost reduction 1) Resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not been properly explained to t
SK 2 Chapter 10: Master budgeting Objective How organisations strive to achieve their financial goals by preparing a number of budgets that together form an integrated business pla
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