THE IMPACT OF TARGET COSTING AND ITS APPLICATION IN COST MANAGEMENT IN THE PHARMACEUTICALS
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Abstract: THE IMPACT OF TARGET COSTING AND ITS APPLICATION IN COST MANAGEMENT IN THE PHARMACEUTICALS
This study examines the impact of target costing on cost management within the pharmaceutical industry in Lagos. The objectives are to analyze how target costing is applied, assess its effectiveness in managing costs, and identify the challenges associated with its implementation. A survey design was employed, gathering data from 250 financial managers and cost accountants, derived using Taro Yamane's formula. A case study of a leading pharmaceutical company in Lagos provided detailed insights. The reliability coefficient score of the survey instrument was 0.87. Findings reveal that target costing significantly enhances cost management by aligning product costs with market-driven prices and focusing on cost reduction throughout the product lifecycle. However, challenges such as high implementation costs and resistance to change were noted. Recommendations include providing more training for cost accountants, simplifying the target costing process, and integrating it with other cost management practices to ensure comprehensive cost control.
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