Introduction Large firms around the world produce millions of products each month. Every product we buy is then the sum of the parts of several by-products. Let’s take an example of a garment business; it manufactures different garment wears like Shirts. That manufactured shirt utilizes raw cotton, stitching threads, sewing machines, colors, and skilled labor

Introduction Lifecycle costing is one of the product costing methods that looks at the phases or stages of the product lifecycle. Today’s global market is ever-changing and the internet of things influenced by social media has already revolutionized the way customers’ used to buy. There are a number of Smartphone brands out in the market,

Introduction How do customers’ become loyal to the brands that they buy repeatedly? Or in certain demography a particular brand is popular? How do brands achieve that success? These brands produce quality products; provide value for money for their products to the customers. These brands apply a concept of Total Quality Management (TQM) throughout their

Marginal Costing is an accounting system in which fixed costs attributable to the relevant production period are written off in full against the contribution, and the variable costs are charged to cost units

When a customer visits a shopping mall and buys a product, Say a T-Shirt; what does it look for in that product? Product quality, brand value, price tag, product representation (packaging)… almost certainly before customers buy a product, they look for alternatives, make comparisons with other brands and then decide to purchase their desired product.