Aspect Limited is a newly established manufacturing business that plans to make and offer a range of products to customers. It anticipates that some of those will be unique, customised products made to customers' specific requirements. However, others in the planned product range will be similar to those currently offered by larger and more established competitors. The management team at Aspect Limited is considering their approach to setting selling prices for the business's products and also how they may be able to control costs and is interested in finding out about the following:

Cost Plus Pricing

Target costing

explaining the differences between them in terms above of how they may be used to assist in:

setting selling prices

controlling costs