Using costing concepts to improve performance The topic is ‘costing concepts that managers can use

Question: Using costing concepts to improve performance The topic is ‘costing concepts that managers can use to effectively manage costs in a competitive environment’. Case Study: Hotel Chocolat is a British company founded by Angus Thirlwell and Peter Harris. It was one of the first online stores when it started selling products in 1993. The first physical shop forSee the answerSee the answerSee the answer done loadingUsing costing concepts to improve performance

The topic is ‘costing concepts that managers can use to effectively manage costs in a competitive environment’.
Case Study:
Hotel Chocolat is a British company founded by Angus Thirlwell and Peter Harris. It was one of the first online stores when it started selling products in 1993. The first physical shop for Hotel Chocolat opened in 2004. As of 2021, Hotel Chocolat has 103 shops, and has extended into Europe and the United States. Additionally, they have built a hotel on their working cacao farm in the Caribbean. Hotel Chocolat prides themselves on these three basic values: originality, authenticity and ethics (Hotel Chocolat, n.d.).Take some time to explore Hotel Chocolat’s website, and watch an interview with Angus Thirlwell, owner and co-founder of Hotel Chocolat before joining your small group. You should take special note of the areas which show their extensive range of products and routes to market. This includes chocolate, alcohol and beauty retail online, in their own stores and through other retailers such as John Lewis, hotel, cafes, restaurant, school of chocolate, and corporate gifting services.
Answer the following questions regarding Hotel Chocolat. Consider aspects such as the product range, an industry overview and nature of the competition.
Who are the customers for this business and what are their needs?

What are the unique selling points for Hotel Chocolat products in general?

Select one or more of the following costing concepts and discuss how you think Hotel Chocolat can make use of these costing concepts to improve its performance. Your suggestions should be specific and practical in nature:

Target Costing

Kaizen Costing

Total Life Cycle Costing

Total Quality Management

Benchmarking

Introduction Hotel Chocolat is a British company founded by Angus Thirlwell and Peter Harris. It was one of the first online stores when it started selling products in 1993. The first physical shop for Hotel Chocolat opened in 2004. As of 2021, Hotel…View the full answer