Free Essay: Contributions of Target and Life Cycle Costing to the Modern Business Sphere

Published: 2022-04-07
Free Essay: Contributions of Target and Life Cycle Costing to the Modern Business Sphere
Type of paper:  Course work
Categories:  Business Research
Pages: 3
Wordcount: 629 words
6 min read

One importance that can be derived from the sources used in this paper is their time relevance. In particular, all these sources are less than a year old supporting the fact that they reflect the modern issues. Thus, they are not outdated, which is indeed a requirement in this paper. Buranyi (2017) engages the concept of target and life cycle costing by telling about the perspective of the scientific publishing industry. In his analysis, he cites that costs involved in the production process have a great influence on the profitability prospects of each firm. In this regard, it is impossible to project what a firm will accrue in form of revenue if certain fundamental steps are not undertaken. Then that is where both target and life cycle costing come into play. Buranyi (2017) is supporting my point of view by giving out classic examples to support the same. He takes the case of Elsevier who are primary participants in the science publishing industry. In that case, he offers an analysis of their production and operation costs and delivers a revenue figure that was obtained back in 2010 by this firm. PS724m is the profit that was obtained by this organization in 2010, which was forested with the use of both target and life cycle costing. He goes ahead to give the competitiveness of the business by highlighting other key players such as Google and Amazon in the same industry. Then this bears relevance to my paper in the sense that my paper is focused on the contributions of target and life cycle costing to the modern business sphere.

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It is the same type of approach that has been employed by Vaughan (2017) in trying to describe how the government regulations can influence the market sphere. In this regard, he is explaining the situation with the case of SSE Company, which is a firm tasked with the supply of electricity in the United Kingdom. The case in point is that the government gets involved in the matters of business and particularly to protect the consumers. Since this is adversely affecting the business environment for SSE and other players, they are compelled to set up prices to avoid making losses. The government might not understand the production costs; however, the firm's CEO understands everything. Given that it will be futile to operate in the market without making profits; this makes the firm to engage the use of both target and life cycle costing to evaluate its profitability prospects. It is from this perspective that they now show defiance to the government for setting up the price caps on electricity. Then this is again useful in my research since the concept of target and life cycle costing seems to apply.

Finally, Wearden et al., (2017) embraces the use of target and life cycle costing from the standpoint of the UK's economy. He talks about the implications of the high rate of unemployment to the economy. In another instance, he gives the case of rise in the value of a particular currency or else depreciation. The effect can be seen in the case of UK's inflation following the Brexit. Remarkably, the effects of inflation will be reflected in the production industry and consequently marketing. In this article, the authors talk about the implications of inflation in an economy by giving the UK as a case example. Unemployment has been seen as a critical associate in this case; hence, leading to a poor household. In that perspective, this will be helpful in my paper as it will avail information about how economic status of a country can affect production and marketing. Such will then affect target and life cycle costing for every company in that economy. In essence, these articles have no biased information and critically evaluate the condition.

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