Question

Strategie cost management Issues issues in different elements of cost
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Answer 1

Answer:

Due to increased competition and ever changing customer’s preference and expectation, cost management has become a critical survival skill for many organisations. While every business organisation faces domestic as well as global competition, customers expect timely delivery of quality products at competitive price. Business enterprises can offer competitive price only if they manage cost effectively. They also need to increase revenues and maximize profits. Cost management focuses not just on controlling and reducing cost but also on increasing revenues and maximizing profits.

Business enterprises in the competitive world have threefold objectives.

Explanation:

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