ACCO 330 - CHPT 1

ACCO 330 - CHPT 1 - Strategy and Cost Management : An...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Blocher,Stout,Cokins,Chen, Cost Management 4e Strategy and Cost Management : An Overview
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Blocher,Stout,Cokins,Chen, Cost Management 4e 2 Strategic management Planning and decision-making Management and operational control Cost management information is assembled to support management Key Management Functions
Background image of page 2
Blocher,Stout,Cokins,Chen, Cost Management 4e 3 Strategic management Most important management function Involves identifying and implementing goals and action plans to maintain a competitive advantage Critical to a firm’s success due to global competition and rapidly changing markets Monitoring of Critical Success Factors (CSFs) is necessary Key Management Functions
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Blocher,Stout,Cokins,Chen, Cost Management 4e 4 Competitive Strategies Aspect Cost Leadership Differentiation Strategic Target Broad cross section of the market Focused cross section of the market Basis of competitive advantage Lowest cost in the industry Unique product or service Product line Limited selection Wide variety Production emphasis Lowest possible cost and essential features Innovation in differentiating products Marketing emphasis Low price Premium price and innovative features
Background image of page 4
Blocher,Stout,Cokins,Chen, Cost Management 4e 5 The SWOT analysis has four areas: S – strengths/internal W – weaknesses/internal O – opportunities/external T – threats/external Competitive Strategies SWOT Analysis Look at product lines, management, R&D, manufacturing, marketing, and strategy Look at barriers to entry, intensity of rivalry among competitors, substitute goods, and customer/supplier bargaining power
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Blocher,Stout,Cokins,Chen, Cost Management 4e 6 Planning and decision-making Short-run planning (budgeting) and profit planning (Cost-Volume-Profit analysis) Scheduling production and pricing Management and operational control Evaluate operations and management performance Key Management Functions
Background image of page 6
Blocher,Stout,Cokins,Chen, Cost Management 4e 7 Shift to a global business environment Economic interdependence and increased competition Focus on the customer Consumers expect functionality, quality and customization Shorter product life-cycles have intensified competition Changes in the Contemporary Business Environment
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 23

ACCO 330 - CHPT 1 - Strategy and Cost Management : An...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online