Target Costing and Life Cycle Costing  
a. Define target costing and explain its application in product development and pricing strategies.
b. XYZ Company is developing a new product with a target selling price of $100 per unit. The company estimates the product's life cycle to be five years and expects to achieve a target profit margin of 20%. Using life cycle costing, calculate the target cost per unit and discuss the implications for product design and cost management.