cost reduction
nounUK /kɒst rɪˈdʌkʃən/
US /kɔːst rɪˈdʌkʃən/
Making something cost less money.
The store's cost reduction meant toys were cheaper for everyone.
RELATED WORDS
OTHER MEANINGS
2. A plan or action taken by a company to spend less money.
The company announced a cost reduction that will save a million dollars.
3. The amount by which a price or expense is lowered.
We saw a cost reduction of ten percent on our electricity bill.
4. The process of finding ways to do things for less money.
Cost reduction is important for small businesses.