target costing

  

Definition

Product costing method in which a final cost is determined after market analysis, and the product is designed or redesigned to meet it. See also target cost.

Use target costing in a sentence

  • We needed to do some target costing strategy so we could be ready to redesign the final cost after the analysis.

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  • The target costing method allowed us to reverse engineer our business plan as we wanted to ensure key features were implemented first.

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  • You should try and use a target costing strategy so that you can figure out the right amount to charge people.

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