Situation for Analysis: Grayslake Novelty produces and sells a small novelty item through tourist shops in Chicago and other northern Illinois locations. Last year the company sold 198,400 units of one of its products. The income statement for this product for last year is shown below: While this product has been profitable, as shown in the above income statement, sales began falling near the end of last year and have continued to decline this year. There is concern that new competitors are beginning to take market share from Grayslake Novelty. As a result of declining market share, Sarah Burroughs, the company president, has asked you to provide some information to assist her in making decisions about the company's strategy for this product. These alternatives should be evaluated individually. You are free and encouraged to offer your own alternative based on any of the parameters given in the data