What are target costing strategies?
An example of an AI chatbot conversation about target costing strategies in business.
What are target costing strategies?
Target costing strategies are methods used to determine the desired cost of a product based on market conditions and customer expectations.
How do companies implement target costing?
Companies implement target costing by setting a target cost based on competitive pricing and then working backward to achieve that cost through design and production efficiencies.
What are the benefits of using target costing?
The benefits include improved cost management, enhanced product quality, and better alignment with customer needs, leading to increased profitability.
Can you give an example of a company that uses target costing?
Sure! Toyota is a well-known example; they use target costing to maintain competitive pricing while ensuring high quality.
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