{"product_id":"the-target-costing-approach-an-explanation-of-the-goals-and-method-von-hendrik-vedder","title":"The Target Costing Approach","description":"\u003cp\u003eEssay from the year 2007 in the subject Business economics - Controlling, grade: 1,3, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, course: Vertiefung Controlling, language: English, abstract: Contemporary times are characterized by quick, dynamic, and continuing changes in the\u003c\/p\u003e\u003cp\u003eeconomy. Therefore, companies have to adapt flexibly and innovatively to these\u003c\/p\u003e\u003cp\u003echanges in order to stay competitive and cope with the increasing pressure of competition.\u003c\/p\u003e\u003cp\u003eIn particular, Asian and East-European competitors gain market share by offering\u003c\/p\u003e\u003cp\u003eproducts of better quality than in earlier times and for lower costs. Under these conditions,\u003c\/p\u003e\u003cp\u003ecosts represent a fundamental factor for the success of western companies. Accordingly,\u003c\/p\u003e\u003cp\u003emanagement and employees have to fully exploit the potential that cost management\u003c\/p\u003e\u003cp\u003eand reduction measures offer. However, costs are not the only buying decision\u003c\/p\u003e\u003cp\u003ecriterion. Customers expect products with high quality but for a low or moderate price.\u003c\/p\u003e\u003cp\u003eCorrespondingly, companies have to adjust their new product developments and production\u003c\/p\u003e\u003cp\u003esystems to market requirements. This can be achieved by the Target Costing\u003c\/p\u003e\u003cp\u003eapproach, a tool that is applied in more and more companies.\u003c\/p\u003e\u003cp\u003eTherefore, the aim of this essay is to explain the goals and method of Target Costing. It\u003c\/p\u003e\u003cp\u003estarts with giving some background information about Target Costing and its historical\u003c\/p\u003e\u003cp\u003edevelopment. Chapter three describes the goals of Target Costing. Then, the Target\u003c\/p\u003e\u003cp\u003eCosting process is explained in detail. Finally, this essay concludes by discussing that\u003c\/p\u003e\u003cp\u003eTarget Costing is an effective cost management tool for developing new products according\u003c\/p\u003e\u003cp\u003eto market requirements.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e[...]\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783640230365\"\u003e\u003ch3\u003eAn Explanation of the Goals and Method\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783640230365","offer_id":39440762994781,"sku":"9783640230365","price":17.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/ed260ad7-a741-4ecc-8117-2e9a672c7cc8.jpg?v=1777611290","url":"https:\/\/shop.autorenwelt.de\/products\/the-target-costing-approach-an-explanation-of-the-goals-and-method-von-hendrik-vedder","provider":"Autorenwelt Shop","version":"1.0","type":"link"}