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Volume 1 - Issue 2 (February 2021)

The Product Life Cycle of Milk Tea: An Assessment


- Fhrizz S. De Jesus * and Lyka Mae Libao Fajardo

Abstract

Nowadays, milk tea is popular refreshment amongst people of different origin. Its trend in the market has created a big opportunity for the entrepreneurs for its production. But it has been also difficult for them since there are numerous milk tea stores who are competing for their positions. With the unstable movement of sales in milk tea industry, the entrepreneurs can be affected with this. Hence the product life cycle of milk tea should be monitored, from the introduction up to the decline stage. This has been the basis of the researchers in conducting this descriptive study. As to results, milk tea business has a great market potential in generating good monthly income as long as sales target and expenses will be monitored. Also, the life cycle of their products are assessed. In the introduction stage of a milk tea, it should be based on a strong and stable plan which includes great marketing analysis and strategies; under the growth stage of milk tea, the owners should strengthen the use of different marketing platforms and tools which will provide sales increase; under the maturity stage, the milk tea owners should come up with plans that will help the business hold its market position because of the cheaper prices offered by the competitors; and lastly, under the decline stage, the milk tea owners should immediately conduct business improvement on how they will go back again in track by reformulating all the plans that the business has and conduct immediate action about it.

Keywords: Milk tea, Product life cycle, Assessment.

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