Benchmarking As a manager interested in learning more about target costing, you are contemplating three approaches to obtaining the best information possi¬ ble. The first is to bring in an outside consultant; the second is to develop your own system inside your organization with little to no outside assistance; and the third is to engage in a benchmarking project with several other firms.

REQUIRED Critique each of these approaches, discussing their pros and cons. On what basis will you select your approach to learning about target costing? Explain.

LO 3