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Reading the market

By: O'Brien, David.
Series: Charter.Publisher: Sydney Institute of Chartered Accountants in Australia 1998Edition: Vol 69 (6) July 1998 p36-37, 39.ISSN: 1035-0748.Subject(s): Consumers | Cost accounting | Activity-based costing | Brand name products | Valuation | Intangible property | Marketing | ReportingSummary: Before dictating costs for a product or service, it is of prime importance to assess that the costs envisaged are valued by customers. Cost minimisation cannot be looked at in isolation: revenue drivers also need to be considered. This involves an understanding of the value provided by intangibles such as brands. The modern strategic accountant therefore needs to develop an understanding of marketing concepts in order to measure value added process.
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Before dictating costs for a product or service, it is of prime importance to assess that the costs envisaged are valued by customers. Cost minimisation cannot be looked at in isolation: revenue drivers also need to be considered. This involves an understanding of the value provided by intangibles such as brands. The modern strategic accountant therefore needs to develop an understanding of marketing concepts in order to measure value added process.

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