I have been doing this activity with Zoe for the past couple of months and she shrieks when ever she sees mom with playdough and alphabet cutouts. I took inspiration for this activity from Playdough to Plato
You would need Play-dough, alphabets (magnetic, wooden, plastic any kind of alphabets cutouts), I also use a tray but this is optional.
Zoe loves playing with her phonics and numbers, she loves play-dough as well so this was a sure-shot hit for her. For Zoe I just use random alphabets and numbers because she is still too young to understand sight words. I add lots of playdough on the tray, I use a lighter colour (as you can see in the picture) so that the letter traced is easily visible. The moment Zoe prints a letter she goes "Momma, look what Zoe made". She can easily stay busy with Letter Press Activity for a few minutes at a go... which is huge for a preschooler.
For older kids, one can use this activity to make them understand sight words.