Read the Case for Assignment 2. Answer the three questions included with the case. Hint: Don't guess at the answers. Apply the BCG business portfolio analysis chart from the textbook. ALSO, answer the questions for the time of the case and use details from the case. Consider what was occurring in the industry for the company when the company was making changes. Click on the title above and submit assignment by typing answer in the submission box. Do NOT submit by attachment. Case for Assignment 2 A Penn Racquet Sports Courts Canine Customers Suppose your industry were in free fall. What would you do to find more customers? Penn Racquet Sports faced this situation in the late 90s when consumer interest in recreational tennis began to decline. Penn, the nation's No. 1 maker of tennis balls at the time, suffered flat sales and a decade long lull in recreational tennis. Penn needed to take action to save its business. In evaluating the market place, Penn looked for other markets for its product because Penn was convinced that tennis was not making a comeback any time soon. While there were still hard- core players, tennis was losing its weekend players. Recreational play was down 20% so Penn knew it needed to make a change. Question 1: (a). in the late 90s, was tennis a high or low growth industry. Why? (b). Did Penn have a high or low share of the tennis ball market in the late 90s? Why? (C). Which business type (Question Mark, Star, Cash Cow, or Dog) best described Penn in the late 90s? Explain the type you selected based on your answers to (a) and (b). After extensive research to assess current trends, Penn determined that people were choosing to marry later. And then when couples did marry, they delayed having children. Also, people started working from home. This meant that people were more inclined to get pets. Their pets were their companions, and for couples who put off having children, they were treating their pets as their children. Additionally, as the careers of these people continued to grow, their discretionary income increased, and they were not spending this money on children yet. They also had time to spend with their pets since they had no children to care for or to take places or to help with education and activities. Based on this research, Penn decided to select a new market for their tennis balls. They chose pet owners and began marketing tennis balls to dogs since pet pampering was on the rise. Penn became the first company to develop such dog toys so held 100% of the market share as they served this new market. They changed the traditional tennis ball to a "natural felt fetch toy." They made the balls dye-free, changed the price from $2.50 for three old-fashioned tennis balls to $5.00 for two ball toys. Their first customer was Pets Mart, Inc. who ordered 400 cases immediately. Question 2: (a). Was pet pampering a high or low growth industry? (b). Did Penn have a high or low market share of the dog toy market at the time of introducing their "natural felt fetch toy?" Why? (c). Which business type (Question Mark, Star, Cash Cow, or Dog) best describes Penn after introducing their dog toys to the market? Explain the type you selected based on your answers to (a) and (b). Today, Americans spend an astonishing $99 billion on their pets each year. Americans are pet-obsessed buying pet gear, supplies, and toys. They spend billions on grooming, boarding, walking, training, pet sitting, yard services and so forth. A dog's life used to mean sleeping outside and begging for table scraps. Now, dogs are eating gourmet meals, receive birthday presents, and go to spas and pet hotels. Pet owners are buying raincoats, leather jackets, and ball gowns for their dogs, and they are pushing them around in strollers. Question 3: Will pet pampering continue to be a growing trend? Why or why not? Discuss trends that led to the pet-pampering trend in thr first place and whether these trends still occur. Think of other trends that have not yet been discussed here in this case along with the ones mentioned