Cost Accounting and the objectives Essay Example | Topics and Well Written Essays - 500 words

Cost Accounting and the objectives - Essay Example Relevant revenues/costs show future costs/revenues that will change by the decision taken while irrelevant costs/revenues are not affected by the decision. Inclusion of both quantitative and qualitative data ensures that an informed decision is made. This is because it ensures that all factors are taken into consideration. Short run pricing decisions has a less than one year time horizon while long-run pricing decisions have a year or longer time horizon. Example of short-run pricing decision is pricing a one-time only special order or adjusting output volume and product mix. A long run pricing decision includes pricing of a product in a major market where there is some leeway in price setting. Target pricing refers to an estimated price for a good or a service that prospective buyers will be willing to pay. The balanced scorecard is a strategic planning as well as management technique used by organizations in aligning the performance of an organization to its objectives and vision. It has four perspectives namely, financial perspective, customer perspective, learning and growth perspective and business process perspective. Financial perspective learning and growth perspective measures employee retention, knowledge management and employee satisfaction. Business process perspective measures costs and quality of business processes. Customer perspective requires that customers be satisfied, retained to increase the company market share. Financial perspective advocates timely and accurate financial data. A cost pool refers to a grouping of individual expenses or costs, regularly by division or a service center. It is from such cost pool that allocation of costs is made. For instance, the maintenance department cost is accumulated in a cost pool before allocated to the departments that use its services. Cost pools are normally utilized for the production

Fashion - customer service can help in build the loyalty of a brand Essay

Fashion - customer service can help in build the loyalty of a brand - Essay Example The paper "fashion - customer service can help in build the loyalty of a brand" talks about how the customer service can help in build the loyalty of a brand. The luxury fashion retailing sector of Hong Kong is exceptionally well developed hence one of the fashion capitals of Asia. The fast growing expenditure from Chinese tourists has turned Hong Kong into a regional distribution hub for popular designer brands around the world, providing a great variety of high-end fashion brands and luxurious products in the market. With the Chinese tourists continuing to pour in, the product demand is high. Many high-end retailers try to provide extra services to retain their customers. Top brands try to find ways to capitalize on the buying interest of their customers and provide quality customer service due to the limited space. Besides globalization, many prestigious retailers are turning their focus to generating a greater profit from their existing customer base by developing brand loyalty. Such ideas are also backed by a number of researchers. Homburg, Koschate & Hoyer (2005) stated that brands were benefited from brand-loyal customers due to repeated patronage and their tendency to pay premium prices for additional services. The findings of Graner and Sterling (2003) further strengthened the incentive for retailers to develop brand loyalty as they found that retaining 5% more customers would boost profits by 25% to 125%. Quality customer services provided by the business are essential.