ACC210 Assignment Session 2014 60 Due date: Sunday September 14th, 2014 (midn

ACC210 Assignment Session 2014 60 Due date: Sunday September 14th, 2014 (midnight) Value: This Assignment is worth 30% of the overall assessment in this subject. The Assignment is marked out of 100. IMPORTANT: PLEASE ENSURE YOU READ AND UNDERSTAND THE ASSIGNMENT PREPARATION AND SUBMISSION REQUIREMENTS Rationale This assignment directly addresses some of the key learning outcomes for ACC210 including that on successful completion of the subject students will: • be able to demonstrate technical, computational, and analytical skills associated with the design and operation of product costing and accounting control systems; • be able to discuss issues associated with contemporary performance measurement; • be able to use computer spreadsheets as an aid to product costing, budgeting and performance evaluation; and • be able to communicate effectively in designing reports for management;. The requirements of this assignment cover up to and including Module 7 of the Online Learning materials. The assignment is designed to develop your problem solving, spreadsheet (Excel) design, and written communication skills. The questions require you to apply the knowledge and tools covered in the subject topics in order to demonstrate your understanding of the subject content and also to illustrate your capacity for strategic thinking. The assignment will also test your ability to communicate and explain the impacts of your findings whether through quantitative or written reports. The ability to communicate effectively has been identified by the accounting professional bodies as being critical to your future role as an accountant. Note: The development and demonstration of a level of technical proficiency in using spreadsheets to prepare management accounting reports is a key requirement and expectation of this subject and, more particularly, of this assessment. In prior offerings of this subject some students have resisted or not fully engaged with this requirement to effectively use Excel or some compatible spreadsheet application and have received significantly reduced marks. Several short video tutorials on Excel will be provided through the subject interact site. These include a tutorial specific to this subject and several that were prepared for introductory accounting subjects. Indicative examples of the types of formulae needed and model formats will also be provided, however you are required to develop your own spreadsheets. If you need further help with developing your Excel skills you should contact your lecturer or subject coordinator who will be able to direct you to other resources to assist your learning. Assessment Criteria You will be assessed on the following marking criteria: ability to identify accounting problem(s) or issue(s) and apply the appropriate accounting technique; ability to use Excel to solve management accounting problems. This includes the ability to use appropriate Excel (or similar) analysis tools and functions, construct appropriate spreadsheet formulae and to effectively and appropriately print and present your material and results; level of technical proficiency in using spreadsheets to prepare management accounting reports; ability to correctly interpret the results of your analyses and to clearly convey your understanding of the results to the end user; demonstrated ability to apply your knowledge of management accounting business situations in a strategic manner; demonstrated understanding of the theoretical issues underpinning management accounting; and ability to present your answers effectively, appropriately, and neatly, using computers. You must submit workings showing how you have obtained your answers, including whether you have applied appropriate techniques to analyse and solve problems. Indicative examples of the types of Excel formulae needed and model formats will also be provided, however you are required to develop your own spreadsheets. Marking Rubric – ACC210 2014 30 Assignment Learning outcome Marking Criteria High Distinction Distinction Credit Pass Fail be able to demonstrate technical, computational, and analytical skills associated with the design and operation of product costing and accounting control systems ability to identify accounting problem(s) or issue(s) and apply the appropriate accounting technique Apply appropriate accounting technique to identified issue with no quantitative errors and excellent presentation and formatting Identify type of accounting problem and apply appropriate accounting technique with very few (if any) errors and good presentation and formatting Identify type of accounting problem and apply appropriate accounting technique with few minor errors Identify type of accounting problem and apply appropriate accounting technique with some calculation errors Fail to correctly identify the accounting issue and fail to apply the appropriate accounting technique to solve the problem. Numerous and/or catastrophic calculation errors. be able to discuss issues associated with contemporary performance measurement; be able to communicate effectively in designing reports for management; ability to correctly interpret the results of your analyses and to clearly convey your understanding of the results to the end user demonstrated ability to apply your knowledge of management accounting business situations in a strategic manner; demonstrated understanding of the theoretical issues underpinning management accounting. References and sources acknowledged and professionally presented ability to present your answers effectively, appropriately, and neatly, using computers. Correctly identify underlying accounting issue and all of the potential implications of accounting data/ results. Identify key areas of concern for management adopting a strategic ‘whole of business†approach including well thought out and justified recommendations. Output is well researched, logically argued, and well written in a manner that very effectively conveys the key outcomes and recommendations to the end user. All references and sources acknowledged and professionally presented. Correctly identify underlying accounting issue and all of the potential implications of accounting data/results and identify and report key areas of concern for with effective strategic recommendations for management. Well researched and well written argument with references and sources acknowledged and output professionally presented Correctly identify underlying accounting issue and major implications of accounting data/results and identify and report key areas of concern for management in a concise manner. Well written with a logical argument and with references and sources acknowledged and professionally presented Identify underlying accounting issue and some implications of the reported accounting data/results and report issues that should be of concern to firm management. Written in clear language with references and sources acknowledged and professionally presented Fail to identify underlying accounting issue. Incapacity to interpret the results of quantitative problem analysis in a manner that adds value to the accounting data/results developed for management be able to use computer spreadsheets as an aid to product costing, budgeting and performance evaluation; level of technical proficiency in using spreadsheets to prepare management accounting reports; ability to use Excel to solve management accounting problems. This includes the ability to use appropriate Excel (or similar) analysis tools and functions, construct appropriate spreadsheet formulae and to effectively and appropriately print and present your material and results; ability to present your answers effectively, appropriately, and neatly, using computers. Use of appropriate formulae with no errors. Correct use of data input sections where appropriate. Excellent design allowing intuitive and easy comprehension of key data. High standard of formatting enhancing the logical presentation of the data output enhancing comprehension by report end users Consistent use of appropriate formulae with very few (if any) minor errors. Correct use of data input sections where appropriate. Well designed and logical data output presentation. Good formatting allowing easy and effective comprehension by report end users Consistent use of appropriate formulae with few errors. Correct use of data input sections where appropriate. Logical data output presentation and formatting allowing easy and effective comprehension by report end users Use of appropriate formulae with some errors. Use of data input sections where appropriate. Basic data output presentation and formatting allowing effective comprehension by report end users Fail to use appropriate Excel formulae to construct spreadsheet solutions to accounting problems including data input sections and advanced formulae. Poorly formatted and presented. Preparation and submission requirements This assignment requires a Microsoft Word document as well as a Microsoft Excel spreadsheet solution and both of these must be submitted online using EASTS. 1. You must submit both a Word file AND an Excel file. Failure to submit both of the files by the due date constitutes non-submission and late penalties will apply. 2. Your spreadsheet solutions must be cut and pasted into the Word document. This Word document is what will be marked and returned to you. Remember that in the business world the professional presentation of information is fundamental and accordingly marks will be deducted for poor presentation. An electronic version of your source spreadsheet is required to enable markers to open the file and test your efficient use of spreadsheet formula by, for example, changing values of input variables. Marks will be awarded on the basis of correctness of answers, appropriate use of spreadsheet modelling, effective worksheet design, and level of professional presentation. 3. A reference list is mandatory for this assessment item. It is important that you are aware of how to reference properly and a reference list must be provided, properly formatted using hanging indent. Please note that it is a submission requirement that you include a reference list and assignments which do not include a properly formatted reference list will incur up to a 5 mark penalty. Review the rules regarding plagiarism and if you are not sure contact your lecturer or student learning skills advisor for advice. There is no excuse for presenting the work of others as your own; this includes cutting and pasting material from the web without properly referencing the source. In this subject there has historically been large numbers of students caught either plagiarising or failing to reference properly. The CSU Library site provides an on-line guide to APA style referencing. This is the referencing style adopted by the School of Accounting and Finance. The guide can be downloaded as a PDF under the Research and Teaching tab on the library home page (http://www.csu.edu.au/division/studserv/my-studies/learning/pdfs/apa.pdf). Any difficulties in submitting your assignments online electronically using EASTS should be immediately reported to the Subject Coordinator by email. Include your name and student number in the header or footer of all documents submitted. Retain a copy of your assignment for your records. Spreadsheet requirements Your spreadsheet must have a separate worksheet (tab) for each question answered. For each question the worksheet should have a data entry section where all (or most) of the question data is entered, followed by a model or results section. The results section should be mainly formula driven. NB There should be as little as possible data entry in the model/results section of the spreadsheet. Most, if not all, data should be imported into the model from the data entry section. A number of Excel resources will be provided through the subject Interact site to assist you complete this assignment however there is no substitute for getting in and trying it out. An excel resource file specific to the assignment is provided on the subject Interact site and you should review the various formulae demonstrated on that file. Please contact your subject coordinator if you need further guidance on particular issues surrounding Excel. Assignment Background: To provide workplace context to this assignment you are to assume that you have been appointed to a graduate management accounting position within a hypothetical company, Jupiter Australia. Jupiter is an extremely successful multinational company. In Australia and New Zealand Jupiter manufacture a range of Fast Moving Consumer Goods (FMCGs) including several well known pet food brands, confectionery brands, and consumer food brands. You have been appointed to a Management Accounting role within Jupiter Australia commencing in their Wodonga pet food factory. As part of your role you will be expected to provide advice to management and production teams around strategic and operational issues across a number of Jupiter divisions. At the commencement of each question you are referred to the Topic Modules which cover the material in the question. Question 1 Manufacturing Cost Schedule and Income Statement (10 marks). This question relates to learning material and objectives from Online Modules 1, 2 and 3. Puss in Boots Pet Food is a wholly owned subsidiary of Jupiter Australia and New Zealand and utilises a traditional manufacturing cost flow inventory and accounting system. Puss in Boots Pet Food is incorporated and operates in Australia, and pays tax at the Australian corporate rate of 30%. Trading data for Puss in Boots Pet Food for the 2014 financial year was as follows and there are no adjustments for accruals or prepayments: Account: $ Purchases of Raw Materials & Packaging 4,628,000 Factory Overhead 1,422,000 Heat Light & Power Costs (Factory) 1,756,000 Heat Light & Power Costs (Admin) 226000 Depreciation of Factory Plant, Equipment & Machinery 1,000,000 Depreciation of Office Equipment & Furniture 38,000 Office Salaries and Costs 76,000 Factory Direct Labour Cost 1,728,000 Factory Indirect Labour Cost 303,000 Interest & other charges 900,000 Sales Revenue 22,101,000 Freight Outwards 172,000 Freight Inwards 55,000 Sales & Marketing Expenses 2,385,000 Accounting & Audit costs 426,000 On June 30th 2014 selected account balances of Puss in Boots Pet Food were as follows (with comparative 1/7/2013 Opening Balance figures): Account: Jul 1, 2013 Jun 30, 2014 Work in Process (WIP) Inventory: Opening Closing Raw Materials 352,000 302,000 Direct Labour 39,000 35,000 Manufacturing Overhead 96,000 86,000 Jul 1, 2013 Jun 30, 2014 Raw Material Inventory 156,000 178,000 Finished Goods Inventory 942,000 1,107,000 Required: Using Excel, prepare a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and an income statement for Puss in Boots Pet Food from the information provided. (10 marks) Note: Your Excel model should include a data input section and appropriate formulae. An example of Manufacturing Cost Schedules can be found in the Langfield-Smith text on p.58 and an Excel example is available in Resources on the subject Interact site. Question 2 Strategic Management Accounting Case Study (20 marks) This question builds on prior studies of Cost Volume Profit (CVP) analysis and relates to learning material and objectives from Online Modules 1 and 2. (For assistance on how to answer this question you are advised to undertake the case study from Mars Petcare which is provided online in Module 2 as the Topic Reflection Task). ‘Friend†Dog Food STRATEGIC MARKET ANALYSIS You have joined the cross-discipline Strategic Management Committee of Jupiter Australia as the management accounting representative. The key issue facing this top level management committee at the moment is how to improve profitability in several key product categories across several divisions. The product currently under discussion is the ‘Friend†line of wet dog food sold by Jupiter through the major supermarket chains in Australia and New Zealand. The ‘Friend†product has been a market leader for Jupiter Pet Food however lately it has come under increased price competition and the sales and market share of ‘Friend†canned dog food have fallen dramatically. The ‘Friend†product is marketed as a premium product for large dogs and is priced at a premium to reflect its quality. The major competition comes from a similar product manufactured by a multinational rival branded as ‘Buddy†which is also marketed as a premium product, but which sells at a discount to our product the market leader ‘Friendâ€. The Marketing Department for the Jupiter Dog Food Division has provided the following information about the canned dog food market during the 2014 financial year. The total sales of canned dog food in the Australia and New Zealand market for 2014 was 720 million individual units of which ‘Friend†held 45% and ‘Buddy†held 25%: The Marketing Department advises you that at the end of the previous 2013 financial year ‘Friendâ€s†market share had been 55% and the ‘Buddy†brand held only 15%. Since that time ‘Buddy†dog food has been advertising heavily and aggressively pricing their product in the market, increasing their market share to the current level of 25%. The Strategic Management Committee agrees with the marketing department that this sales trend is damaging and is impacting on the profitability of Jupiterâ€s marquee pet food brand ‘Friendâ€. Currently the Return on Total Assets (ROTA) for Friend dog food has fallen to 24.92% (calculated by dividing Gross Profit by Total Assets). This is marginally below the required ROTA of Jupiter which is 25%. If the product continues to lose market share it may not be viable. As the Management Accounting representative you have provided the Strategic Management Committee with the following breakdown of revenues and costs for the ‘Friend†product line for the just completed 2014 financial year: Friend Dog Food Total Assets ‘Friend†Factory $65m Total Sales (Volume in Units) 324m Regular Retail Price (per unit retail price) $2.99 Gross Sales Value Received (per unit wholesale price) $2.35 Supermarket Rebates (per unit) $0.15 Net Sales Value Received (per unit) $2.20 Prime Costs (per unit) $0.55 Other Manufacturing Costs (per unit) $1.00 Logistic Costs (per unit) $0.60 Gross $ Margin (Gross Profit) (per unit) $0.05 Total $ Margin (Gross Profit) $16.2m % Return on Total Assets (ROTA) 24.92% The Marketing Department has carried out research into the wet dog food market which indicates that by discounting the recommended retail price of ‘Friend†by $0.24 per unit to $2.75 per unit*, unit sales of ‘Friend†will increase by 15%. In an attempt to simultaneously lower ‘Friend†product costs the research and development (R&D) team have identified that by slightly altering the meat and cereal ingredients quality and mix a saving of 15% of prime costs can be made. However, the Chair of the Strategic Management Committee advises that even after allowing for the 15% savings in prime costs, discounting the product by $0.24 per unit will mean that the product will no longer achieve the firmâ€s long term required return on total assets (ROTA) of 25%,. The CEO argues that if this remains the case, the previously successful ‘Friend†product line may have to be discontinued. You advise the Committee that you are aware that the ‘Friend†manufacturing facility in Wodonga is currently running at 71% of its practical capacity and that the warehouse facility (logistics) is running at 68% capacity. You are also aware that whilst the ‘Friend†productâ€s Prime Costs are 100% Variable, other Manufacturing Costs and Logistic Costs are made up of 75% Fixed costs and 25% Variable costs. It can be assumed that this cost break-down between variable and fixed costs will hold consistently across the industry (including for competitor Buddy). Assume that 80% of the predicted ‘Friend†unit sales increase will be made at the expense of the unit sales of their main competitor ‘Buddy†meaning ‘Buddy†sales will fall by 80% of the ‘Friends†sales increase. Finally, assume that ‘Friend†and ‘Buddy†have identical cost structures at the commencement of the 2015 financial year, prior to the recommended changes. You ask if you can be given time to prepare a report for the Strategic Management Committee on the Management Accounting cost and profit implications of the changes proposed by Marketing and R&D based on the budgeted costs and increases in sales and production. *Remember that the manufacturer does not receive the retail price. The discounted wholesale price will be $2.11 per unit, down from $2.35 per unit. Required: (i) Using excel prepare a ‘before and after†budget comparative analysis of the revenues and costs of the ‘Friend†product line. The analysis should incorporate the $0.24 cent drop in price, the 15% predicted savings in prime costs, and include the 15% predicted sales increase. Ensure you include in your analysis any impact of the budgeted production increase on other per unit manufacturing and logistics costs. (10 marks) (ii) Prepare a brief report (approx. 300 words) for the Strategic Management Committee outlining the key points of your findings. Include some discussion on: a. the likely impact of the changes on the cost and profit structure of Friend Dog Food Division (derived from your answer to (i)). b. Calculate and discuss the likely impact of the changes on the cost structure of our main competitor Buddy Dog Food (use Excel). c. Make a recommendation to the Committee on whether to go ahead with the planned changes. Include any other strategic advice that you consider relevant to the Committeeâ€s decision making. (Please ensure that your answer adequately addresses ALL of the points above) (10 marks) Question 3 Comprehensive Manufacturing Budget (30 marks) This question builds on prior studies and relates to learning material and objectives from Online Modules 1, 2 and 3. Links to specific resources provided for this question relating to Manufacturing Budgets and Excel spreadsheets can be found in the Online Topic Modules. You have been asked to prepare a 5 year budget forecast for the ‘Giggles†Chocolate and Nut Nougat Energy Bar factory. The ‘Giggles†division of the Neptune Australia company utilises a traditional manufacturing cost flow inventory and accounting system. As at June 30th 2014 the following financial and trading data was provided: 2014 Year data (all costs are per unit) Sales (Units) 102.36 million Price (average 2014 price received) $0.956 Prime Costs (per unit) Ingredients (including chocolate and nuts) $0.1950 Direct Labour $0.0250 Variable OH Manufacturing Costs (per unit) $0.3400 Factory Management Salaries (per annum) $725,000 Factory Plant & Equipment Depreciation (per annum) $500,000 Sales and Marketing Costs (per annum) $5,186,000 Finance Costs (per annum) $1,465,500 Non-Factory Administration Costs (per annum) $764,000 Inventory on Hand (at valuation): Ingredients & Packaging (2,001,500 units) $410,000 Finished Goods (2,020,500 units) $1,150,000 ‘Giggles†maintains a target safety stock of raw materials inventory and finished goods inventory amounting to the equivalent of one (1) week of the current yearâ€s budgeted unit sales. At the end of the 2014 financial year there were 2,020,500 completed units of ‘Giggles†chocolate bars in the warehouse as Finished Goods. There was enough raw materials on hand to manufacture 2,001,500 units of ‘Giggles†chocolate bars. Management at ‘Giggles†predict that unit sales of the companyâ€s chocolate bar will continue to grow indefinitely at a rate of 4% above the 2.25% current long term rate of inflation (budgeted 6.25% increase per annum). The company is budgeting to achieve a year on year price increase of 1% over the long term inflation rate (3.25% annual increase). Factory Depreciation expense is straight line at $500,000. All other costs including direct labour and ingredient costs are expected to increase annually at the rate of inflation. The company pays tax at the Australian Corporate tax rate which is expected to hold at 30%. The inflation rate of 2.25% is expected to hold over the 5 year budget period. The ‘Giggles†factory has been operating at its current site in Ballarat, Victoria since the late 1970s, however due to the consistent growth in sales of the ‘Giggles†chocolate bar, the factory is nearing its practical manufacturing capacity of 110 million chocolate bars per annum. Required: (i) Using Excel develop a Sales, Production and Purchase budget as well as a budgeted Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and an Income Statement for each of the 5 years in the budget period (commencing 2014) (advice on the form of these budgets is linked through the online topic modules and in the Interact Resources folder and is also available in the Appendix to Chapter 9 of the text book). This budget must also take into account the manufacturing facility practical capacity production constraint. Your spreadsheet must include a data section which enables inputs (such as the inflation rate, budgeted cost and sales increases, and the production limit) to be simply altered and ‘what if†analysis to be undertaken. (Excel resources are provided on your Interact site to guide students on the use of the ‘IF†formula which can be used for the budget production constraint). (15 marks) Hint: All 5 years of each budget should be shown side by side (1 column per year) for ease of comparison by management. All of the budgets should be presented on one worksheet together, working down the page commencing with the Sales and then Production budgets. You should be able to drag the formula across for the whole of the budget if the first years are properly constructed with a data input section and using absolute referencing. This makes the process much quicker and easier. An Excel help file and video which deals with the formula required has been placed in the Resources folder in the subject Interact site to assist students (linked through Online Module 3). (ii) The CEO of ‘Giggles†is aware of the impending production problems caused by the 110 million unit practical manufacturing capacity of the factory. The CEO faces the option of trying to limit costs and maximise profit within the current manufacturing and sale constraint or invest in new plant to expand the capacity of the factory. An investment in new plant will cost $12 million in new plant and increase the current manufacturing capacity by 20%. It will have no impact on any variable costs or on other manufacturing costs. It is expected that this new factory plant would be depreciated straight line to zero over 20 years. The planned upgrade can be completed and ready for operation by the commencement of the 2016 financial year. Using the excel model developed in part (i) calculate the impact on sales and profit if the option of upgrading the manufacturing facility is exercised and the practical production capacity of the factory is increased by 25% (Include the additional factory depreciation expense. Submit results as a separate worksheet). (5 marks) (iii) Given your findings from part (i) and (ii) write a report for the CEO of ‘Giggles†recommending whether to take up the option to upgrade the production facility. In your report consider all of the strategic and financial implications to the firm of reaching its production constraint and any implications or opportunities arising from upgrading the facility and having extra productive capacity. Your grade will depend on the accuracy and depth of your analysis, and your capacity to identify strategic issues which management should consider when making their decision (approx. 300 words). (10 marks) Question 4 Process Costing (10 marks) This question relates to learning material and objectives from Online Module 5. The Jupiter Australia factory in Albury Wodonga responsible for manufacturing high end cat food products for export into the Japanese market operates continuously 24 hours a day, 7 days a week. The factory employs a process costing system. As a management accountant for the Pet Food Division of Jupiter Australia you are required to produce end of period product costing for a range of different product lines including the ‘Sashimi†export cat food trays. The ‘Sashimi†product is a blend of sea food and cereal which is mixed and then cooked in a sealed aluminium tray. The process for manufacturing ‘Sashimi†is to first mix all of the ingredients. The mixed ingredients are then sealed in the aluminium tray and pressure cooked. It is assumed for Process Costing purposes that all Raw Material ingredients and packaging are added at the commencement of the process. For the purpose of accounting, the conversion costs of manufacturing are assumed to occur evenly across the whole of the production cycle which takes several hours. The following information relates to the production of ‘Sashimi†during the month of June 2014. Work-in-Process: June 1, 2014 35,286 Units Stage of completion Value Raw materials 100% $18,750 Conversion 65% $17,200 Work-in-Process: June 30, 2014 87,540 Units 30% Complete A total of 2,926,100 individual trays of Sashimi cat food were completed during June and the following costs were incurred. Costs incurred during June 2014: Raw materials $1,554,500 Conversion $2,243,100 Required: (i) Using the Weighted Average Cost Method determine the cost value of closing WIP and the cost value of goods transferred out during the period. (5 marks) (ii) Using the First In First Out (FIFO) method determine the cost value of closing WIP and the cost value of goods transferred out during the period. (5 marks) Question 5 Activity Based Costing (ABC) (15 marks) This question relates to learning material and objectives from Online Module 6. Banzai is a range of aluminium foil tray premium dog food products manufactured for export to Japan from one of several pet food factories based at Jupiter Australiaâ€s head office location in Wodonga, Victoria. Banzai manufactures a Standard range of products and an Advanced range. The Advanced range uses slightly more expensive ingredients and involves the process of adding a small premium food display item to the top of each individual tray of pet food. The Advanced product sells in much smaller numbers than the Standard product and consequently has smaller batch runs when processing. The Standard model wholesales for AUD $1.50 whilst the Advanced product model sells for AUD $2.5. Currently the cheaper Standard product outsells the more expensive Advanced product at a rate of 10 to 1. The Banzai factory uses a normal costing approach to allocate overhead costs to products. The cost driver used is machine hours which recognises the amount of machine time expended in the manufacture of each unit. The Managing Director of the Banzai product line has reviewed the comparative margins earned on the two products using the following data: 2015 Sales and Cost estimates Standard Product Advanced Product Forecast Sales (Units) 12,000,000 120,000 Selling price per unit($) $1.50 $2.50 Prime Costs per unit $0.50 $0.80 Machine Hours per 1,000 Units 1 1 The firm has always applied overhead to product costs based on Machine Hours as the factory-wide cost driver. For 2015 it is expected that OH will be applied to each product at the rate of $500 per machine hour (1 machine hour per 1,000 units). The Managing Director and Marketing Manager believe that the Gross Profit on sales of the Advanced product are achieved at a higher margin than the Standard product and therefore more focus should be placed on manufacturing and selling the Advanced product. Whilst the Standard Bonzai product is superior to others on the market it has been slowly losing market share to slightly cheaper competitors. Because of its perceived lower margin the company does not believe that it is sustainable to discount the Standard product to meet competitors. The Marketing Manager believes it is time for the firm to focus on the more profitable niche market for the Advanced product. Whilst you are relatively ne

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