TARGET COSTING AND ITS APPLICATION IN PRICING STRATEGIES
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Abstract:
This research explores the application of target costing in pricing strategies within Lagos State, Nigeria. The objectives are to: (1) assess the effectiveness of target costing in achieving competitive pricing, (2) evaluate its impact on product profitability, and (3) analyze the challenges of implementing target costing in various industries. A survey design was employed to collect data from financial managers and product development teams. The sample size, determined using Taro Yamane's formula, ensures statistical significance. Nestlé Nigeria Plc was chosen as the case study due to its application of target costing in product development and pricing strategies. The reliability coefficient score of the survey was 0.92. Findings reveal that target costing significantly aids in setting competitive prices and enhancing product profitability, although implementation challenges such as accurate cost estimation and market analysis were noted. It is recommended that companies in Lagos State adopt target costing techniques to optimize pricing strategies and improve profitability.
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