THE INFLUENCE OF COST OPTIMIZATION ON BUSINESS PROFITABILITY
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- NGN 3000
ABSTRACT
THE INFLUENCE OF COST OPTIMIZATION ON BUSINESS PROFITABILITY
This study examines the influence of cost optimization on business profitability, focusing on: (1) the relationship between cost optimization and profit margins; (2) the strategies for effective cost optimization; (3) the challenges in achieving cost optimization. A survey research design is used to gather quantitative data. Taro Yamane's formula is applied to derive a sample size of 310 respondents from Enugu, representing a range of businesses. A retail company is chosen as the case study due to the direct correlation between cost optimization and profitability in retail operations. The reliability coefficient score for the survey instrument is 0.87. Findings reveal that businesses that successfully implement cost optimization strategies, such as process improvement, supply chain efficiency, and technology adoption, achieve significant profitability improvements. However, challenges include the complexity of optimizing costs across various business functions and the initial investment required. It is recommended that businesses develop comprehensive cost optimization plans, continuously review and improve their processes, and leverage technology to enhance efficiency and profitability.
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