As the new manager of Gotalot Company, my first priority is to analyze the market potential of the current product and make strategic recommendations to restore and sustain profitability for the foreseeable future. To do this, I will need to gather information on several key factors, including market demand, competition, pricing, and advertising strategies.

One approach to analyzing the market potential of the current product is to conduct a SWOT $($Strengths$,$ Weaknesses, Opportunities, and Threats$)$ analysis. This will help me identify the internal and external factors that are impacting the company's profitability.

Strengths: What are the positive aspects of the current product that have contributed to its success in the past? For example, is the product high$-$quality, fashion$-$forward, and unique?

Weaknesses: What are the negative aspects of the current product that have led to its decline in popularity? For example, is the product outdated, poorly priced, or not well$-$advertised?

Opportunities: What external factors could be used to the company's advantage? For example, are there new markets or demographics that the company could tap into?

Threats: What external factors could negatively impact the company's profitability? For example, is there increased competition in the market?

Once I have completed the SWOT analysis, I will develop a marketing mix strategy that addresses the strengths, weaknesses, opportunities, and threats of the current product. This strategy will include pricing, product, promotion, and place $($distribution$)$ strategies.

Pricing: I will analyze the current pricing strategy and determine if it is too high or too low in relation to the competition. I will also consider the cost of production and the perceived value of the product to consumers.

Product: I will evaluate the current product design and features and determine if they are still relevant to the market. I will also consider new product ideas that could appeal to a wider audience.

Promotion: I will analyze the current advertising and marketing strategies and determine if they are effective in reaching the target audience. I will also consider new promotional strategies that could generate more sales.

Place: I will evaluate the current distribution channels and determine if they are reaching the target audience. I will also consider new distribution channels that could reach a wider audience.

Final answer: By conducting a SWOT analysis and developing a marketing mix strategy, I will be able to make informed recommendations on how to restore and sustain profitability for Gotalot Company. This could include changes to the product design, pricing, advertising, and distribution strategies. The owners of the company will have the final decision on which recommendations to implement, but I am confident that my analysis will provide them with valuable insights into the market potential of the current product and the direction for the company moving forward.