Houseware Ltd (HLtd) is a medium size company manufacturing two electronic household products - X and Y for the last 10 years. It has been operating in a market where four other companies produce and sell products which are similar to those of HLtd. For the last few years, HLtd has been enjoying 40% of the market share until the end of 2013 and has been known as a reliable company. Most of the customers are from middle and upper middle class section of the market that HLtd and its competitors have been serving. Starting from the beginning of 2014, HLtd's sales volume has been slowly declining and by the end of 2014 the amount of sales for the year was 5% less than its 2013 sales. Naturally, HLtd's management got concerned and appointed a new chief financial officer (CFO) and put the CFO in charge of HLtd's Finance Department. The Company wants to (a) regain its lost market share and (b) increase its market share to 45% of the total market by 2020. The CFO has been asked to come up with a strategy to regain and increase the Company's market share as stated above under (a) and (b). Information on HLtd's 2014 operations is presented below.In 2014 HLtd produced and sold 12000 units of product X and 24000 units of product Y. The prices and costs per unit of the products for the year 2014 were as in the table below. Products X Y Selling price $22.00 $45.00 Variable costs $15.00 $25.00 Fixed Costs $450,000 Additional information on HLtd.1. Variable costs for product X includes {(direct manufacturing materials cost of $4.50 per unit), (direct manufacturing labour cost of $8.00 per unit), and (variable overhead cost of $2.50 per unit)}. Similarly, variable costs for product Y includes {(direct manufacturing materials cost of $10.00 per unit), (direct manufacturing labour cost of $12.00 per unit), and (variable overhead cost of $3.00 per unit)}. 2. A close scrutiny of the manufacturing costs incurred in producing products X and Y during 2014 revealed that for product X: the actual direct materials cost per unit was above the budgeted cost by $3 per unit of which $1 was due to the material's market price, whereas direct labour actual cost per unit was below the budgeted cost by $3.00 per unit due to workers' efficiency. For product Y the actual direct materials cost per unit was the same as budgeted costs per unit, whereas actual direct labour costs per unit exceeded the budgeted cost per unit by $4.00.Required Assume that you are the newly appointed CFO of HLtd. Given the information above:(1). Explain with justifications your assessment of the Company's 2014 performance based on the data and information provided above. DO NO WRITE MORE THAN 65 WORDS. 5 marks (2). Identify what strategy or a combination of strategies HLtd should use (follow) to achieve its goals/objectives stated under (a) and (b) above. Explain how the strategy (strategies) will achieve the Company's objectives. DO NO WRITE MORE THAN 65 WORDS. 5 marks