Good Industries is a large manufacturer of chemicals used in pesticides. The company has been experiencing slow market growth in the last five years and a continued increase in raw materials costs. With a focus on healthier lifestyles, the image of pesticides has deteriorated and people are looking for natural product solutions. The marketplace is now experiencing an increase in the number of producers of natural pesticides.

a. What tools of strategic cost management could help Good to develop new strategies for the company?

b. Describe specifically how Good could use one of these tools.