Quik Chik's Product Life Cycle

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Product Life Cycle (PLC)
A product goes through different stages from the time it is introduced in market to the time it is removed from the market. Different financial, purchasing, manufacturing, marketing strategies are required for different stages. There are four different stages in PLC:
• Introductory phase
• Growth Phase
• Maturity Phase
• Decline Phase
In the introductory stage, a product is launched. Profit and sales is quite low. As in fast food industry, competition is quite high so R & D cost and marketing cost can be quite high. In the growth stage, market share increases. A brand or company observes a growth in sales in the growth stage. To counter new competitors, promotional expenditure is also increased in this stage. Economies of scale is achieved in terms of production. In the maturity stage, the growth rate declines but sales are almost at the highest point. In this stage the ultimate goal is to defend the market share and competitors. The last stage is decline in which sales decreased due to saturation or change in consumer preferences.
In Canada, Quik Chik is in growth phase. In Canada, there are 8 branches of Quik Chik. Consumers do like its products and even compare its products with competitors such as Popeyes and KFC. KFC and Popeyes are in maturity phase. Figure 10: PLC Canada
In America, Quik Chik is in introductory phase and it is planning to expand in Detroit. Figure 11: PLC America

Strategic issues
After the complete strategic audit, following strategic issues have been identified:
Strategic Issue 1-Marketing
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Quik Chik does not come up with effective digital marketing strategies and social media marketing is quite poor.
Why is the issue?
This issue is because, Quik Chik does not have proper strong marketing team that can come up with innovative marketing ideas

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