Download the complete accounting project topic and material (chapters 1-5) titled EFFECTIVENESS OF PRICING POLICY MANUFACTURING INDUSTRIES. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations, and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.
The Project File Details
TABLE OF CONTENT
TITLE PAGE i
TABLE OF CONTENTS vi
DATA PRESENTATION AND ANALYSIS
SUMMARY, CONCLUSION AND RECOMMENDATIONS
The economy which was one agriculture oriented is now largely into manufacturing our metaphosing into a more dynamic and diversified one. In essence, since the manufacturing industry is concerned with the production of finish goods, their absence is no exception as catalyst for the fast transformation of the country’s economy to manufacturing economy should be encourage for the tremendous contribution to the growth I can be give to the country. The growth of the costing started during the industries revolution in 1780AD and this was applied on the manufacturing activities of the small scale and medium scale business managed by individual shortly after, there was the need for the manufacturing industry to know their cost analysis involved in producing a particular goods or services to achieve the price at which the industry (manufacturing will sell it out to the consumer, thereby applying the costing principle necessary).
“Probably no single marketing tool is so critical from both economy and social stand point as price. Yet, as important as it is less is probably know about any other single market tool”.
(Buskirle 2001). Therefore should be a proper and effective method at arriving at actual expense should be a proper and effective method at arriving at actual expense (Direct Material Cost, Direct labour cost, overhead expenses and others indirect cost) on a production produced in an industry. The industry is bound to collapse, or continue to be run ineffectively if proper costing method is not that in place.
Any decision process requires the implementation of some sort of guide to action. Actual total cost per units produced should be the guide to the price to be fixed on a product in order to maximize profit or gain. Manufacturing industries ill thereby obtain the most effective use of the economic resources held by the industry. Consumers usually do not decide to buy a commodity without some idea of its make up or characteristic. Similarly, if an industry acquires knowledge of the composition of cost data similarly, if an industry acquires knowledge of the composition of cost data system, they will be in a better position to decide what types to “buy in what situation”.
“Since pricing is not an end in itself, but a means to an end, an explicit formulation of the company pricing objective is essential. The fundamental guides to pricing objective and company’s overall goals (Dean 2003). Therefore the researchers was set to carryout as research on effectiveness of pricing policy in the manufacturing industry with a view to funding out the problem faced in determining the prices of products. Some total cost is equal to the fixed cost and variable cost and suggestion on solution to the problems.
The researcher was set to address the following problems.
In this study, the researcher has highlighted some of the numerous glaring importance of having a knowledge and understanding of effective costing for pricing policy in manufacturing industry.
The focus of this study is to identify the effectiveness of pricing policy in manufacturing industries. Hence, in the course of the study effort has been made to find solution to the followings research question;
The study covered the manufacturing PZ industries Plc as the case study.
PZ industries Plc is the manufacturing of consumable goods. The study also covers the aspect of determining of cost and fixing of price in the area of management accounting and in particularly cost accounting.
There will be definitely be problems encountered in the course of any study embark upon. Some of the problems encountered are: –
Some respondents find it difficult to make information readily available to the researcher due to the natures of competition in the manufacturing industry today which calls for absolute secrecy in terms of method of pricing within the sector.
The researcher was faced with the problem of not having sufficient time to cover the research (as intended) due to the present day crash programming nature of the educational system.
Despite all the problems encountered the data collected is very authentic to the research.
This research work has been divided into five chapters for easy presentation of the fact and figure gathered.
Chapter one contains the introduction statement of research problem, aims and objectives, the significance of the study, research questions, scope and limitation, plan and organisation of the study and definition of key time.
Chapter two will treated past and current literature review which include product costing, flow of cost, pricing decision cost plus pricing system, objectives of pricing policy, pricing control and rationing and general pricing problems.
Chapter three will highlight research methodology and historical background of case study. Research methodology include method of data collection, population and sample size, sampling technique and method of data analysis.
Chapter four will discuss the presentation and interpretation of data while involve discussion of analysis and discuss of findings.
Chapter five throw light in the summary, conclusion and recommendation.
1.9 DEFINITION OF KEY TERMS
The following terms relate to the research topic.