Mimco Ltd manufactures components for laptop computers. One of its top selling products is the new solid-state drive, the Nano, which will offer improved speed and performance. Earlier this year, a foreign company entered the market offering a similar drive at a price 10% below the Nano price of $350 per unit. Mimco Ltd is currently achieving its target profit margin of 20% on all of its products. Required: 1. What target cost would have to be set for the Nano drive to remain competitive and meet the requirements of the companys target profit margin? (2 marks) 2. Calculate the cost reduction objective. (1 mark) 3. Outline two cost management techniques Mimco Ltd could apply to achieve the cost reduction objective. (2 marks)