Cost-Plus or Target Costing

Discussion
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I prefer target costing over cost-plus pricing because it will be more accurate in determining the selling price of products in my future business. This is because it enables business managers to apply proactive ways to make cost plans and determine practices that can reduce the overall cost (Maheshwari et al., 2021). It will be very suitable for my business which falls under Fast Moving Consumer Goods (FMCG). It is a competitive sector, and prices are often determined by the supply and demand in the market. Therefore, there is a need for accurate pricing techniques.
Additionally, target costing will also help me to make effective management plans and expand the business. The target selling price is already included in ...