Question

Meaning, nature and significance of strategic cost management

Answer 1

obtain a degree in business administration, accounting or marketing if you eventually want to obtain a business management position.

Answer 2

Nature and significance of strategic cost management

Explanation:

• Strategic cost management is a process of reducing the total costs and also improving the strategic position of a business. It helps in the understanding of the cost that supports the business and which cost has no impact on the company business.

• It may be useful to increase the costs which support the strategic position of the business. This manufacturing firm is able to provide rapid turnover to the clients by maintaining tight control over the bottom neck production.  

• It is necessary to cut the costs in areas that may be countries as it may hamper the client experience and thus lead to a decline in sales. Thus strategic costing management is needed for maintaining the competitive position of s firm.

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