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Business English Exercises
 

Price-based or Target Costing

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Home > Teaching Business English > Business English Lessons, Advanced Level # 136
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The target cost is a financial goal for the full cost of a product, derived from estimates of selling price and desired profit (which top management sets on the basis of firm strategy and financial goals).

Correct answer: (c) derived

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Product selling price is constrained by the marketplace and is determined by analysis along the entire industry value chain and across all functions in a firm.

Correct answer: (a) constrained

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Common to most target-cost applications is a belief that large-scale cost planning and reduction must occur early in the product life cycle.

Correct answer: (b) Common

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However, Shank and Fisher believe there is no conceptual reason the methodology cannot be a value-added exercise applied to existing products during manufacturing.

Correct answer: (a) conceptual

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They posit that if managers were to believe that, during manufacturing, only incremental (i.e., slight) change is possible, firms would likely miss significant strategic opportunities.

Correct answer: (b) posit

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Shank and Fisher present a case study that demonstrates the relevance of target-costing techniques for a process-industry plant built in the 1890s that had been making largely the same products for fifty years.

Correct answer: (d) largely

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The firm's managers, who had used a standard-cost system for many years, might have concluded that kaizen costing was most appropriate for this plant.

Correct answer: (a) kaizen

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However, competitive realities necessitated a major strategic change that employed target costing as an important ingredient in cost-reduction efforts leading to strategic revitalization.

Correct answer: (c) ingredient

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The standard cost concept essentially dropped out of the picture.

Correct answer: (b) picture

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Because standard costing accepts the existing game rules and the existing value chain, the authors believe that fundamental cost breakthroughs are much more probable when using target costing.

Correct answer: (c) breakthroughs

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