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　　1The difficulties of using target costing in service industries
　　Target costing was introduced by major Japanese manufacturers for use in a manufacturing environment where:
　　§ a new product was to be designed to meet the target cost
　　§ a substantial part of the production cost consisted of bought-in materials.
　　§ This environment facilitates use of a target cost approach since:
　　§ Professional design teams can alter the design specification of a new product until it matches their cost requirements.外語(yǔ)學(xué)習(xí)網(wǎng)
　　§ Very large manufacturers such as Sony and Toyota are able to exert considerable pressure on （usually much smaller） suppliers to reduce their prices.
　　Service industries （e.g. banking, insurance, travel） provide a less favourable environment for the use of target costing:
　　§ It is much more difficult to make service comparisons than product comparisons, making it harder to determine a market driven price in the first place.
　　§ The introduction of new products and services in service industries usually occurs far less frequently than in manufacturing environment （e.g. Sony and Toyota introduce new models on a regular basis） and, in consequence, the equivalent of manufacturing design teams are rarely found in service industries.
　　§ Bought in materials are usually of modest significance so there is little scope for exerting pressure on external suppliers.
　　§ The major cost of any new product or service is salaries and unless lower cost delivery mechanisms （e.g. the internet） or radically different ways of working can be exploited there is limited scope for substantial cost reduction.
　　2 The implications of using target costing on pricing, cost control and performance management
　　Pricing
　　§ Target costing forces product/service designers to ‘think outside the box’ and identify new and imaginative ways in which costs can be reduced in order to meet the target cost.
　　§ This approach can result in substantial cost saving being identified, thereby enabling prices to be set at levels that are very competitive but still generate a profit. A policy of penetration pricing can then be pursued with a view to substantial market share being captured.
　　§ Target costing is usually considered superior to cost plus pricing as it considers the demand for a product or service. As long as the estimates for demand at the target price are accurate and costs are controlled then an organisation will achieve its required return on investment.
　　Cost control and performance management
　　§ Target costing has a potentially major positive impact on cost control since it seeks to change the accounting mindset from one of recording costs to one of reducing costs in order that the cost target can be met.
　　The requirement to meet a target cost can generate new ideas and new ways of working which in turn can generate substantial cost savings and facilitate a more proactive approach to cost control.
　　§ Performance management is also potentially enhanced since the setting of a target cost requires a business to identify how costs can be managed down to the target cost level. This may involve product/service redesign and new ways of working （e.g. outsourcing, greater use of the internet etc.）?？荚囉脮?shū)
　　Test your understanding 7
　　LMN Ltd makes and sells two products, X and Y. Both products are manufactured through two consecutive processes – assembly and finishing. Raw material is input at the commencement of the assembly process. An ABC approach is used in the absorption of product specific conversion costs.
　　The following estimated information is available for the period ending 31 December 20x5:
　　Product XProduct Y
　　Production/sales （units）12,0007,200
　　Selling price per unit$75$90
　　Direct material cost per unit$20$20
　　ABC variable conversion cost per unit
　　- assembly$20$28
　　- finishing$12$24
　　Product-specific fixed costs$170,000$90,000
　　Company fixed costs$50,000
　　LMN Ltd uses a minimum contribution/sales （C/S） ratio target of 25% when assessing the viability of a product. In addition, management wish to achieve an overall net profit margin of 12% on sales in this period in order to meet return on capital targets.
　　Explain how target costing may be used in achieving the required returns and suggest specific areas of investigation.
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