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What is Life Cycle Budgeting and Pricing?
Just imagine for a moment how managers at Nike might price their latest range of sneakers or how Ferrari might price their latest range of fancy cars. Sounds like a daunting task? Well it not only depends on the factors of demand and supply but also on influences of:
- Customers
- Competitors
Life Cycle budgeting, on the other hand, is a comprehensive estimate of revenues and expenses attributable to each product throughout the entire product life cycle. This ensures efficient allocation of costs and reduces loss.
Various factors
Intermixing of the four factors do play a dominant role. This is mainly for determining the successful pricing of a product.
- Pricing for the short- run: Generally, they have a life cycle of less than a year and includes orders like a one-time special order with no long term implications.
- Relevant costs for short term pricing must cover all the expenses for materials and labor while balancing strategic factors like competitor pricing for achieving profit.
- Pricing for the long-run: Involves a strategic decision to build long term (having a life cycle of more than a year) relationship with customers based on stable prices.
- Relevant costs for long-term pricing decisions include all future fixed and variable costs. For example, direct machine costs over multiple years, direct labor costs associated with the number of man hours to be required for the long run, ordering, reworking and inspection costs which vary with time.
Life-cycle budgeting and pricing decisions assignment help will help you to understand all of these financial pricing decisions in an interactive manner.
Need for life cycle budgeting and pricing in an organization
An organization has to go through many factors before deciding the factors for the requirement for life cycle budgeting
- The complete set of revenues and expenses associated with a product becomes visible which helps in maximizing profit.
- Relationships among different cost categories are highlighted.
- Helps to understand the customer’s perceived value while developing a product.
- Aids to achieve a significant return on investment- the backbone of any business.
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