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Target costing is defined as "a disciplined process for determining and achieving a full-stream cost at which a proposed product with specified functionality, performance, and quality must be produced in order to generate the desired profitability at the product’s anticipated selling price over a specified period of time in the future."
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Some people argue that PCM is a synonym for target costing. [1] [2] [3] However, others argue that PCM is different, because target costing is a pricing method, whereas, PCM is focused on the maximum profit or minimum cost of a product, regardless of the price at which the product is sold to the end customer. [4]
For instance, premium pricing is used when a more affluent segment is the target, but a lower-priced strategy might be used when price-conscious consumers are the target. Price can also be used tactically, as a means to advertise, short stints of lower prices increase sales for a variety of reasons such as to shift product over-runs or out of ...
The transformation of a labor-product into a commodity (its "marketing") is in reality not a simple process, but has many technical and social preconditions. These often include the following ten (10) main ones: The existence of a reliable supply of a product, or at least a surplus or surplus product.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology".
Target price may mean: A stock valuation at which a trader is willing to buy or sell a stock Target pricing – the price at which a seller projects that a buyer will buy a product