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What are Core Areas in Management Accounting used to Create new products?
Wiki User
∙ 12y ago
1) Product SWOT
1.a EXTERNAL SWOT:
opportunties: see if there is a market, can u access, the requirements of customers (give new proudcts based on customers' requirements)
Threats: analysise the competitors and imitators. imitators time frame to copy your products
1. INTERNAL SWOT (strenghts and weakness)
Value chain & infra-sture: do you have production capability, capacity, skills required to proudce, maintain and develop the new proudct furhter. you delivery channels (CALLED MANAGEMENT ACCOUNTING IN VALUE CHAIN)
2) Finance & Project Evaluation
Costing : use of ABC and relevant costing to cost the new proudct. then see how the new proudct is going to be financed. Evaluate the new proudct development as a project in terms on NPV/IRR concepts. you need to decided Cost of capital (is it by equity (share capital or retained earning), or debt or mix. You will have to forecast the future (sales, costs and inftra-sturcture, external environment (such as regulatory bodies etc)
3: Project Management - product life cycle management (PLC) : manage the process as a project. Review the PLC stragies time to time.
4: MArketing strategies/4P: The correct pricing strategies (connects to forecating of revenues and IRR). place (market), promotion etc
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∙ 12y ago
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