CHAPTER ONE
INTRODUCTION
The changing nature of present times has placed much emphasis on business that their sustainability must be sought for and ensured. That business strength progressed or outpaced its competitors depends largely on the quality and strength of its management. People always make enquires pertaining to the issues that arouse their interests-How, where, when, how and what it will cost to get the necessary information, that will aid the attainment of the organizational goals.
Cost is hardly evasive in present day business transactions from day to day. Daily expenses are resolved in terms of cost-what cost, how cheap, how costly. In offices cost savings, cost of materials, overhead service cost, labor cost and many others are passively considered. In an economist’s point of view, the same dictions-marginal cost, opportunity cost, cost curve, total cost among others.
The above submissions attempt to suggest that cost perhaps is a most important concept in our everyday lives and most diversely conceived. Hence, the objective of every business organization is charged with both financial and non-financial objectives, which drive them towards the actualization of their set organizational goals
According to Pandy, the financial motives of an organization comprises of:
• Maximization of shareholders wealth
• Profit maximization and
• Service to customers.
Above all, profit maximization ranks the most prominent of the reason of going into business organization. For business to attain its aim, it tends to cut across cost reduction, thereby meeting its minimal cost budgets-profit.
However, Okafor (1983:142) opines that profit is the ultimate measure of overall performance. When management has planned, organized and controlled its human and material resources properly, corporate activities attain a level of effectiveness, which shows up in profit. Probably, profits are acid test of the individual firm’s performance.
EFFECTS OF COST REDUCTION AND PRICE DETERMINATION (CASE STUDY OF DANGOTE CEMENT FACTORY OBAJANA)’
Terms of Use: This is an academic paper. Students should NOT copy our materials word to word, as we DO NOT encourage Plagiarism. Only use as a guide in developing your original research work. Thanks.
Disclaimer: All undertaking works, records, and reports posted on this website, eprojectguide.com are the property/copyright of their individual proprietors. They are for research reference/direction purposes and the works are publicly supported. Do not present another person’s work as your own to maintain a strategic distance from counterfeiting its results. Use it as a guide and not duplicate the work in exactly the same words (verbatim). eprojectguide.com is a vault of exploration works simply like academia.edu, researchgate.net, scribd.com, docsity.com, course hero, and numerous different stages where clients transfer works. The paid membership on eprojectguide.com is a method by which the site is kept up to help Open Education. In the event that you see your work posted here, and you need it to be eliminated/credited, it would be ideal if you call us on +2348064699975 or send us a mail along with the web address linked to the work, to eprojectguide@gmail.com. We will answer to and honor each solicitation. Kindly note notification it might take up to 24 – 48 hours to handle your solicitation.