The product chosen here is SONY Play Station $5($PS$5)$ SWOT Analysis

Tell me what are the strengths, weaknesses, opportunities, and threats for the product or service. Use bullets to make clear points, not full

sentences, and include data in each bullet. Try to think of $3$ bullets for internal and $3$ external. You can either do internal as strengths and

weaknesses, and opportunities and threats as the external. Or you can do it how I outlined it in the next slides as all four across internal and

then again across external. SWOT Analysis

recommendations

This part is not the same as the SWOT. Do not copy and paste the SWOT

analysis here. You$$re to expand on the SWOT.

$$Build on their Strengths and$/$or competitive advantage,

$$Minimize their Weaknesses

$$Take advantage of Opportunities in the marketplace

$$Counteract or minimize Threats Swot analysis recommendations

$$ You should have $4$ paragraphs that are clearly labeled

$1.$ Strengths

$2.$ Weaknesses

$3.$ Opportunities

$4.$ Threats

$$ Take the information you put in the SWOT analysis and expand on it here in the four sections.

$$ Use data to support each of the $4$ areas Growth Strategy recommendation

Identify the growth strategy that the product should use to increase sales. Provide rationale for your growth strategy recommendation and explain why this is an effective growth strategy.

Market Penetration, Market Development, Product Development, Diversification Growth strategy recommendation

$$ Identify the growth strategy that the product should use to increase sales.

$$ List out each of the strategies that you use and expand on them with data. Do not use bullets. Have a paragraph for each that you plan to use.

$$ Market Penetration

$$ Tumi Tegra Lite Max will go into $45$ countries that it has never been sold into, thus penetrating the market. The total estimated growth is $$567$ million for $2023.$ They should use a scale

approach as to not push everything into the market at once. A phased approach with $10$ countries at a time or less will help to balance the penetration. Also, the monitoring of the penetration

will help in scaling, as the company learns what will and will not work.

$$ Market Development

$$ The market development may be needed in $20$ of the $45$ countries. An additional $$78$ million in ad spend with billboards, television advertisements, $$5$ million in journal articles and magazines,

and setting up stores in major airports in major cities in the $45$ countries will be ideal to develop the market. Using local celebrities that advertise on travel, as well as social media influencers

will be ideal.

$$ Product Development

$$ The product is great today but could be expanded to include the additional laptop compartments. This will capitalize on a $$345$ million market that has never been touched.

$$ Diversification

$$ Today the Tumi Tegra Lite Max carryon is just a carry on but expanding into the school market would diversify the users. A less expensive approach to the student or collegiate scholar would

open this up to be able to have books in the bad and not have any back issues. Today $45$ million Americans suffer from back pain. They need to have a relief for their backs while carrying

multiple books.

You should have a

paragraph for each of the

strategies. And you should

have an opening paragraph

to talk about the product or

service growth strategy or

opportunity.

mention WORK CITED as well