What are the benefits of target costing?
An example of an AI chatbot conversation about the benefits of target costing in business.
What are the benefits of target costing?
Target costing helps businesses control costs, improve product quality, and enhance competitiveness by aligning costs with market prices.
Can you explain how it improves product quality?
By focusing on cost management from the start, companies can prioritize quality features that meet customer expectations without overspending.
What industries benefit the most from target costing?
Manufacturing, electronics, and consumer goods industries often benefit the most due to their competitive pricing and cost control needs.
Are there any challenges associated with target costing?
Yes, challenges include accurate market research, potential internal resistance, and the need for cross-functional collaboration.
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