Rev MGT Cost Aspects

Cost Information
for
Pricing
and
Product Planning
Chapter 6
c 2003 Prentice Hall Business Publishing, PowerPoint supplement to {

,
Atkinson, Kaplan, and Young, prepared by Terry M. Lease, Ph.D., CPA, Sonoma State University
Role Of Product Costs In Pricing
And Product Mix Decisions
Understanding how to analyze product costs is
important for making pricing decisions:
± At most firms whose managers make decisions about
establishing or accepting a price for their products,
managers need to make decisions about, for example,
whether they should offer discounts for large orders or
to valued customers
± Even when prices are set by overall market supply and
demand forces and the firm has little or no influence on
product prices, management still has to decide the
best mix of products to manufacture and sell
, 6-2
Role of Product Costs
Product cost analysis is also significant when a
firm is deciding how best to deploy marketing
and promotion resources
± How much commission (or how many other
incentives) to provide the sales force for different
products
± How large a discount to offer off list prices
This chapter examines some of the more
traditional methods of pricing and considers
short- and long-run factors

, 6-3
Short-term and Long-term
Pricing Considerations (1 of 3)
Managers must consider both the short-term
and long-term consequences of their decisions
The costs of many resources committed to
activities are likely to be committed costs in the
short-term because firms cannot easily alter the
capacities made available for many production
and support activities
± So for short-term decisions, it is important to pay
special attention to whether surplus capacity is
available for additional production, or whether
shortages of available capacity limit additional
production alternatives
, 6-4
Of special concern when evaluating a particular
order is how long a firm must commit its
production capacity to fill that order
The length of time is relevant because a long-
term capacity commitment to a marginally
profitable order may:
± Prevent the firm from deploying its capacity for more
profitable products or orders, should demand for them
arise in the future
± Force the firm to add expensive new capacity to
handle future sales increases
, 6-5
If production is constrained by inadequate capacity,
managers need to consider whether overtime production
or the use of subcontractors can help augment capacity
in the short term
In the long term, managers have considerably more
flexibility to adjust the capacities of activity resources to
match the demand for them in producing various
products
Decisions about whether to introduce new products or
eliminate existing products have long-term
consequences
± The emphasis is, therefore, on analyzing how such
product decisions will affect the demand placed on
the firms capacity resources
, 6-6
Ability To Influence Prices (1 of 2)
We also classify decisions based on whether the
firm can influence the price of its products
± If the firm is one of a large number of firms in an
industry, and if there is little to distinguish the products
of different firms from each other:
Economic theory states that prices will be set by the aggregate
market forces of supply and demand
No single firm can influence prices significantly by its own
decisions
The result will be similar if prices are set by one or more large
firms leading an industry, while a smaller firm on the fringe
must match the prices set by the industry leaders
± Such a firm is a price taker, and it chooses its product
mix given the prices set in the marketplace for its
products
, 6-7
Ability To Influence Prices (2 of 2)
± In contrast, firms in an industry with relatively little
competition, who enjoy large market shares and
exercise leadership in an industry, must decide what
prices to set for their products
± Firms in industries in which products are highly
customized or otherwise differentiated from each other
(because of special features, characteristics, or
customer service) also need to set the prices for their
differentiated products
± Such firms are price setters; they announce their
prices, customers place orders, and production follows

, 6-8
Price Takers
A small firm, or a firm with a negligible market share in this
industry, behaves as a price taker
± It takes the industry prices for its products as given and then
decides how many units of each product it should produce and sell
± If the small firm demands a higher price for any of its products, it
risks losing its customers to other competing firms in the industry,
unless it can successfully differentiate its products by offering
special features or services
± Conversely, if the small firm seeks to increase its market share by
asking a price lower than the industry prices, then it risks a price
war that would make the firm, and the entire industry, worse off
than if the firm had complied with industry prices
This action is most painful to smaller firms that have fewer
resources to rely on should an unprofitable price war occur

, 6-9
Short-Term Decisions for Price Takers
A price taker should produce and sell as much as it can
of all products whose costs are less than industry prices
Although this may appear to be a simple decision rule,
two important considerations complicate matters
± First, managers must decide which costs are relevant to the
short-term product mix decision
Should all the product costs identified in Chapter 3 be
considered?
Should only those costs that vary in the short term be
considered?
± Second, in the short-term, managers may have little flexibility to
alter the capacities of some of the firm¶s resources
The available equipment capacity may limit the ability of a
firm to produce and sell more products whose costs are lower
than their prices

, 6-10
Garment Manufacturer (1 of 3)
Consider a company that sells five types of ready-made
garments to discount stores such as Kmart and Wal-Mart
The company is operating at full capacity and is
contemplating short-term adjustments to its product mix
It is necessary for the company to determine:
± What costs will vary with production levels in this period
± What costs will remain fixed when a change occurs in the
production mix
The costs of utilities, plant administration, maintenance,
and depreciation for the machinery and plant facility will
not alter with a change in the product mix, because the
plant is operating at full capacity

, 6-11
Varying with the quantity of each garment
produced are:
± The costs of direct materials
± The direct labor that is paid on a piece-rate basis
Inspectors are paid a monthly fixed salary, but
they are employed as required to support the
production of different garments
± If production increases, the company may have to hire
more inspectors
± Therefore, inspection labor costs also vary with quantity
of production of different garments

, 6-12
If its capacity were unlimited, the company could produce
garments to fill the maximum demand for them
Capacity is constrained, however, and therefore the
company must decide how best to deploy this limited
resource
The capacity is fixed in the short-term, so the company
must plan production to maximize the contribution to profit
earned for every available machine hour used
± Therefore, the company should rank-order the products by their
contribution per machine hour
Not by their contribution per unit
± Contribution per machine hour is obtained by dividing the
contribution per unit by the number of machine hours per unit

, 6-13
The Impact Of Opportunity Costs (1 of 2)
If the garment manufacturer receives a special order
request, it would have to decide the minimum price it
would accept
Its out-of-pocket costs will increase in the short-term by
the amount of flexible costs required for the order, but a
simple comparison of the price with flexible costs is not
adequate for this decision
Because its production capacity is limited, the company
must cut back the production of some other garment to
enable it to produce the goods for the special order
Giving up the production of some profitable product
results in an opportunity cost, which equals the lost profit
on the garments that the company can no longer make

, 6-14
The Impact Of Opportunity Costs (2 of 2)
The lost profit in this case would be the
contribution on the goods it will not make
In deciding which products to take off of the
production schedule, the company should once
again look at the contribution per machine hour
The product with the lowest contribution per
hour should be sacrificed
The profit (contribution) lost on those products
would need to be covered by the price of the
special order
, 6-15
Short-Term Pricing Decisions
for Price Setters
In many businesses, potential customers request that
suppliers bid a price for an order before they decide on
the supplier with whom they will place the order
In this section, we examine the relationship between
costs and prices bid by a supplier for special orders that
do not involve long-term relationships with the customer
For example, we will use a tool and die company that
manufactures customized steel tools and dies for a wide
variety of manufacturing businesses
A new customer has asked for a bid on a set of
customized tools

, 6-16
Determining a Bid Price (1 of 3)
Based on the tool design, production engineers determine
the routing through different production departments and
estimate the quantity of different materials required for the
order and the number of labor hours required in each
department
This information is used to prepare a job bid sheet as
described in Chapter 3
Then the company uses this information, and materials
prices and labor wage rates, to estimate the direct
materials and direct labor costs
Support activity costs are assigned to the job based on
activity cost drivers and the corresponding activity cost
driver rates as described in Chapter 4

, 6-17
Assume that the full costs for the job are estimated to be
$28,500 consisting of:
± $ 8,400 of direct materials
± $ 9,900 of direct labor
± $10,200 of support activity costs, consisting of:
$ 3,400 of Supervision
$ 3,700 of batch related expenses
$ 3,100 of business sustaining expenses
Setting the price of a product also means determining a
markup percentage above cost, an approach known as
cost-plus pricing
± The markup percentage is determined by a company¶s desired
profit margin and overall rate of return
± The company has decided the markup percentage is normally to
be 40% of full costs
, 6-18
If the bid request came from a regular customer, the bid
price would have been $39,900
= 1.40 x $28,500
But for this special order from a new customer, what is
the minimum acceptable price?
One of the critical factors to consider is the level of
available capacity
The example looks at two cases:
± There is surplus machine capacity available in the short term to
complete the production of the job
± Existing demand for the company¶s services already uses all
available capacity and the only way to manufacture the
customized tools for the special order is by working overtime or
adding an extra shift
, 6-19
Available Surplus Capacity
The company¶s incremental costs of filling the order will be
$ 22,000 (material, direct labor, batch related expenses)
The costs of supervision and business-sustaining support
activities will not increase if excess capacity of these
resources is available to meet the production needs of the
order
The price that the company should bid must cover the
incremental costs for the job to be profitable
± In other words, the minimum acceptable price is $22,000 since
surplus production capacity is available
This is the price at which the company will break even on
the order
The company would likely add a profit margin above
incremental costs and make the bid price something higher
than $22,000, depending on competitive and demand
conditions
, 6-20
No Available Surplus Capacity (1 of 3)
If surplus machine capacity is not available, the
company will have to incur additional costs to
acquire the needed capacity
Companies often meet such short-term capacity
requirements by operating its plant overtime
± Paying its supervisors overtime wages
± Incurring additional expenditures for heating, lighting,
cleaning, and security
More machine maintenance and plant engineering
activities will be necessary
± Experience has shown that the incidence of machine
breakdowns increases during the overtime shift
, 6-21
Under its machinery leasing contract, the
company also incurs additional rental costs for the
extra use of machines when it adds an overtime
shift
Assume management estimates the order would
cause:
± $5,100 of incremental supervision costs (including
overtime premium)
± $5,400 of incremental business-sustaining costs
Thus, the total cost of overtime required to
manufacture customized tools for the order is
$10,500 ($5100 + $5400)
, 6-22
Therefore, the minimum acceptable price in this
case is $32,500 ($22,000 + $10,500)
± The actual price will depend on the amount of markup
charged over the incremental costs
The principle illustrated here is the same as that
described in the previous case: the minimum
acceptable price must cover all incremental
costs
± When the firm must acquire additional capacity to
satisfy the order, there are more incremental costs
involved in the decision to accept or reject the order

, 6-23
Long-Term Pricing Decisions
for Price Setters
You may have noticed that the relevant costs for
the short-term special order pricing decision
differ from the full costs of the job
Most firms rely on full-cost information reports
when setting prices
± Typically, the accounting department provides cost
reports to the marketing department, which then adds
appropriate markups to the costs to determine
benchmark or target prices for all products normally
sold by the firm

, 6-24
Use of Full Costs in Pricing (1 of 3)
There is economic justification for using full
costs for pricing decisions in three types of
circumstances:
1. Many contracts for the development and production
of customized products and many contracts with
governmental agencies specify that prices should
equal full costs plus a markup, and prices set in
regulated industries are based on full costs
2. When a firm enters into a long-term contractual
relationship with a customer to supply a product, it
has great flexibility in adjusting the level of
commitment for all resources

, 6-25
Most activity costs will depend on the production
decisions under the long-term contract, and full
costs are relevant for the long-term pricing
decision
3. In many industries, firms make short-term
adjustments in prices, often by offering discounts
from list prices instead of rigidly employing a fixed
price based on full costs
When demand for their products is low, the
firms recognize the greater likelihood of surplus
capacity in the short term

, 6-26
They adjust the prices of their products downward
to acquire additional business based on the lower
incremental costs they incur when surplus capacity
is available
When demand for their products is high, they
recognize the greater likelihood that the existing
capacity of activity resources is inadequate to
satisfy all of the demand
They adjust the prices upward based on the higher
incremental costs they incur when capacity is fully
utilize, thereby rationing the available capacity to
the highest profit opportunity
, 6-27
Fluctuating Prices (1 of 2)
Because demand conditions fluctuate over time,
prices also fluctuate with demand conditions over
time
± Most hotels offer special weekend rates that are
considerably lower than their weekday rates
± Many amusement parks offer lower prices on
weekdays when demand is expected to be low
± Airfares between New York and London are higher in
summer, when the demand is higher, than in winter,
when the demand is lower
± Long-distance telephone rates are lower in the
evenings and on the weekends when the demand is
lower
, 6-28
Fluctuating Prices (2 of 2)
Although fluctuating short-term prices are based on the
appropriate incremental costs, over the long term their
average tends to equal the price based on the full costs
that will be recovered in a long-term contract
In other words, the price determined by adding on a
markup to the full costs of a product serves as a
benchmark or target price from which the firm can adjust
prices up or down depending on demand conditions
Most firms use full cost-based prices as target prices,
giving sales managers limited authority to modify prices
as required by the prevailing competitive conditions

, 6-29
The Markup Rate (1 of 2)
Just as prices depend on demand conditions, markups
increase with the strength of demand
± If more customers demand more of a product, then the firm is
able to command a higher markup
Markups also depend on the elasticity of demand
± Demand is said to be elastic if customers are very sensitive to
the price, that is, if a small increase in the price results in a large
decrease in the demand
± Markups are smaller when demand is more elastic
Markups also fluctuate with the intensity of competition
± If competition is intense, it is more difficult for a firm to sustain a
price much higher than its incremental costs

, 6-30
The Markup Rate (2 of 2)
Firms decide on markups for strategic reasons:
± A firm may choose a low markup for a new product to
penetrate the market and win over market share from
an established product of a competing firm
± Many internet businesses have adopted the strategy
of setting low prices to build the business, acquire a
brand name, build a loyal customer base, and garner
market share
± In contrast to this penetration pricing strategy, firms
sometimes employ a skimming price strategy, as in
the audio and video equipment industry, where
initially a higher price is charged to customers who
are willing to pay more for the privilege of possessing
the latest technological innovations
, 6-31
Long-Term Decisions for Price Takers
Decisions to add a new product or to drop an existing
product from the portfolio of products usually have
significant long-term implications for a firm¶s cost
structure
Product-sustaining costs are relevant costs for such
decisions
± Product design and engineering, vendor and purchasing costs,
part maintenance, and dedicated sales force costs
Batch-related costs are also likely to alter if a change
occurs in the product mix either in favor of or against
products manufactured in large batches
± Setups, materials handling, and first-item inspections

, 6-32
Use of Full Costs (1 of 3)
Bear in mind that managers cannot easily change the
amount of resources committed for many product-
sustaining and several batch-related activities in the
short run
The cost consequences of either introducing a new
product or deleting an existing product evolve over time
± Both decisions require careful implementation plans
stretching over several periods

, 6-33
As a result, managers use the full costs of products,
including the cost of using various resources to produce
and sustain the product
± Such resources include the number of setup staff, the
number of product and process engineers, and the
number of quality inspectors
Managers use the costs of all resources in their product-
related decisions, because in the long-term, the firm is
able to adjust the capacity of activity resources to match
the resource levels demanded by the product quantities
and mix

, 6-34
Comparing product costs with their market prices reveals
which products are not profitable in the long-term
± Over the long-term, firms can adjust activity resource
capacities to match production requirements
If some products have full costs that exceed the market
price, the firm must consider several options
± Although dropping these products appears is to be an
obvious option, customers may expect the company
to maintain a full product line
± But a comparison of the prices with costs still
provides a valuable signal to managers because it
indicates the net cost of the strategy to offer a full
product line
, 6-35
Options if Full Cost > Price (1 of 2)
Managers may consider options other than
dropping the product
± Reengineering or redesigning unprofitable products, to
eliminate or reduce costly activities and bring their
costs in line with market prices
± For example, they could improve the production
processes to reduce setup times and streamline
material and product flows
They may want to explore market conditions more
carefully and differentiate their products further to
raise prices and bring them in line with the costs

, 6-36
Options if Full Cost > Price (2 of 2)
Firms may offer customers incentives, such as
quantity discounts, to increase order sizes and
thereby reduce total batch-related costs
If these steps fail, and if the marketing strategy
of offering such a full product line cannot justify
the high net cost of such products, then
managers must consider a plan to phase out the
products from their line
± Customers also need to be shifted to substitute
products still retained in the company¶s product line

, 6-37
Profit Increase is Not Automatic
Dropping products will help improve profitability
only if the managers:
1. Eliminate the activity resources no longer required to
support the discontinued product, @
2. Redeploy the resources from the eliminated products
to produce more of the profitable products that the
firm continues to offer
Costs result from commitments to supply
activity resources
± They do not disappear automatically with the
dropping of unprofitable products
± Only when companies eliminate or redeploy the
resources themselves will actual expenses decrease
, 6-38
Summary
Managers use cost information to assist them in pricing and
in product mix decisions
The manner in which they use cost information in making
these decisions depend on whether the firm is a major or
minor entity in its industry
± A major entity would be able to influence the setting of prices
± A minor entity would take the industry prices as given and adjust its
product mix in response to the prices it could charge
The role of cost information also depends on the time frame
involved in the decision
± Business-sustaining costs are frequently relevant for long-term
decisions, but less often for short-term decisions
± Short-term prices are based on incremental costs that depend on
the availability of activity resource capacity
, 6-39
Economic Analysis of the
Pricing Decision
Appendix 6-1

, 6-40
Quantity Decision (1 of 2)
Introductory textbooks in economics usually analyze the
profit maximization decision by a firm in terms of the
choice of a quantity to produce. In turn, the quantity choice
determines the price of the product in the marketplace
Economists present the quantity choice in terms of
equating marginal revenue and marginal cost
± Marginal revenue is defined as the increase in revenue
corresponding to a unit increase in the quantity produced and sold
± Marginal cost is the increase in cost for a unit increase in the
quantity produced and sold
± If marginal revenue is greater than marginal cost, then increasing
the quantity by one unit will increase profit
± If marginal revenue is less than the marginal cost, then it is
possible to increase profit by decreasing production
, 6-41
Quantity Decision (2 of 2)
In this analysis, the firm chooses the quantity
level, and the market demand conditions
determine the corresponding price
Considered next a firm that must choose a price,
not a quantity, to announce to its customers
Customers then react to the price announced
and determine the quantity that they demand
The price decision analysis uses differential
calculus to analyze the firm¶s pricing decision

, 6-42
Pricing Decision (1 of 3)
Total costs, , expressed in terms of its fixed and flexible
cost components are: ,
± Where is the committed cost, is the flexible cost per
unit, and is the quantity produced in units
Quantity produced is assumed to be the same as quantity
demanded
The demand, , is represented as a decreasing linear
function of the price :
In general, we may have nonlinear demand functions, but
the linear form provides a convenient characterization for
our analysis
A higher value of represents a demand function that is
more sensitive (elastic) to price
, 6-43
± An increase of a dollar in the price decreases demand
by units
A higher value of reflects a greater strength of demand
for the firm¶s product. For any given price, , the demand
is greater when the parameter, , has a higher value
The total revenue, , is given by the price, , multiplied
by the quantity sold, . Algebraically, we write this:

The profit, , is measured as the difference between the
revenue, , and the cost, :

, 6-44

To find the profit-maximizing price, !, we set the first
derivative of profit with respect to equal to zero:
" #
This equation implies:
! " ""

, 6-45
Long-Term Benchmark Prices (1 of 2)
This simple economic analysis suggests that the price
depends only on , the flexible cost per unit
± Committed costs are not relevant for the pricing decision
A more complex analysis that considers simultaneously
the pricing decision and the long-term decisions of the
firm to commit resources to facility-sustaining, product-
sustaining, and other activity capacities indicates that the
costs of these committed resources do play a role in the
pricing decision
The costs of these committed activity resources appear
to be committed costs in the short-term, but they can be
changed in the long-term
, 6-46
Long-Term Benchmark Prices (2 of 2)
The prices that a firm sets and adjusts in the short term,
based on changing demand conditions, fluctuate around
a long-term benchmark price, $%, that reflects the unit
costs of the activity resource capacities:
$% ""
Here & ' is the cost per unit of normal capacity, ',
of facility-sustaining activities
In this case, the degree of price fluctuations around the
benchmark price increases with the proportion of
committed costs
As a result, prices appear more volatile in capital-
intensive industries where a large proportion of costs are
for facility-sustaining activities
± E.g., airlines, hotels, and petroleum refining

, 6-47
Competitive Analysis (1 of 3)
In a situation when other firms compete in the same
industry with products that are similar but not identical to
each other, some customers may switch their demand to a
competing supplier if the competitor reduces its price
Therefore, a firm¶s pricing decision must consider the
prices that may be set by its competitors
Consider two firms, A and B, and represent the demand,
Q, for firm A¶s product as a function of its own price, ,
and the price, (, set by its competitor:
Q = a ± b + e (
The demand for firm A¶s product falls by units for each
dollar increase in its own price, but increases by units for
each dollar increase in the competitor¶s price, because
firm A gains some of the market demand that firm B loses
, 6-48
The profit, , for firm A is represented by the
following:

( (
Profit maximization requires this:
) & ( #
Therefore, the profit-maximizing price # given
the other firm¶s price ( is:
# (&
The pricing decision thus depends on what the
competitor¶s price is expected to be
, 6-49
If the firm expects its competitor to behave as it does
and expects it to choose the same price as its own, then
we set ( ! in the equation
*( # to obtain:
!!#
! "
We refer to this price as the equilibrium price, because
no firm can increase its profits by choosing a different
price provided the other firm maintains the same price P*
This analysis is based on a concept called Î

, for which its discoverer, John Nash, won
the 1994 Nobel Prize in economics.
, 6-50
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, 6-51

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