Management Accounting Provides Data Essay

Pages: 7 (1976 words)  ·  Style: Harvard  ·  Bibliography Sources: 6  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .

Rather, it represents a product that has passed its peak in terms of holding market share. It can be a quick decline or some product niches may take decades.

One of the primary goals in any business is to maximize profitability. Therefore, it is important to understand the product life cycle model because it can help the organization to meet strategic objectives. Management accounting has much to offer in regards to when a new product should be designed and introduced or retired from production. Such strategic decisions might vary with different industries as well as within individual businesses. Thus all strategies should be customized to fit the specific organization with rigorous and detail financial planning as one of the core considerations that can help to guide the decision making process. However, the product life cycle model only represents one of many models that a managerial accountant may consider when trying to craft a strategic financial plan for a small business.

Conclusion

The modern business world is becoming increasingly competitive. A small business in today's market might have to compete with a franchise or a multi-national company that has an enormous amount of resources, both human as well as financial. Under these circumstances, it is not enough for small businesses to passive in their decision making. There is generally not much room in the market for guesswork or experimenting by trial and error. It is necessary for businesses of all sizes to be more analytical in their approach to meeting strategic objectives.Download full Download Microsoft Word File
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TOPIC: Essay on Management Accounting Provides Data That Assignment

The management accountant can serve a vital role in helping a small business thrive. The field of management accounting, or managerial accounting, is rapidly evolving with new technology and analytical tools. Using the product lifecycle model to assist in determining pricing strategies was an example of one perspective that a management accountant might consider. Using systematic approaches such as this can help a small business by providing the information necessary to take out much of the guesswork involved in decision making through analytic deduction. This significantly increases a small businesses chance for success by eliminating as much guesswork as possible.

Works Cited

Endencih, C., Brandau, M. & Hoffjan, A., 2011. Two Decades of Research on Comparative Management Accounting -- Achievements and Future Directions. Australian Accounting Review, 21(4), pp. 365-382.

Gorchel, L., 2010. The Product Manager's Handbook. 3rd ed. New York: McGraw-Hill.

Ittner, C. & Larcker, D., 2001. Assessing empirical research in managerialaccounting: a value-based management perspective. Journal of Accounting and Economics, 32(1-3), pp. 349-410.

Michalek, J., Feinberg, F. & Papalambros, P., 2005. Linking Marketing and Engineering Product Design Decisions. The Journal of Product Innovation Management, 22(42-62), pp. 42-62.

Middleton, R., 2008. Tweaking Your Campaign. [Online]

Available at: http://actionplan.blogs.com/weblog/2008/03/tweaking-your-c.html

[Accessed 26 July 2012].

Suttle, R., 2011. Brands & Product Life Cycle. [Online]

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