KFC Corporation (KFC), founded and also known as Kentucky Fried Chicken, is a chain of fast food restaurants based inLouisville, Kentucky, in the United States. KFC has been a brand and operating segment, termed a concept of Yum!Brands since 1997 when that company was spun off from PepsiCo as Tricon Global Restaurants Inc.KFC primarily sells chicken pieces, wraps, salads and sandwiches. While its primary focus is fried chicken, KFC also offers aline of grilled and roasted chicken products, side dishes and desserts. Outside North America, KFC offers beef basedproducts such as hamburgers or kebabs, pork based products such as ribs and other regional fare.The company was founded as Kentucky Fried Chicken by Colonel Harland Sanders in 1952, though the idea of KFC's friedchicken actually goes back to 1930. The company adopted the abbreviated form of its name in 1991. Starting in April2007, the company began using its original name, Kentucky Fried Chicken, for its signage, packaging and advertisementsin the U.S. as part of a new corporate re-branding program; newer and remodeled restaurants will have the newlogo and name while older stores will continue to use the 1980s signage. Additionally, Yum! continues to use theabbreviated name freely in its advertising.Born and raised in Henryville, Indiana, Sanders passed through several professions in his lifetime. Sanders first servedhis fried chicken in 1930 in the midst of the Great Depression at a gas station he owned in North Corbin, Kentucky. Thedining area was named "Sanders Court & Café" and was so successful that in 1936 Kentucky Governor Ruby Laffoongranted Sanders the title of honorary Kentucky Colonel in recognition of his contribution to the state's cuisine. Thefollowing year Sanders expanded his restaurant to 142 seats, and added a motel he bought across the street. WhenSanders prepared his chicken in his original restaurant in North Corbin, he prepared the chicken in an iron skillet, whichtook about 30 minutes to do, too long for a restaurant operation. In 1939, Sanders altered the cooking process for his friedchicken to use a pressure fryer, resulting in a greatly reduced cooking time comparable to that of deep frying. In 1940Sanders devised what came to be known as his Original Recipe.The Sanders Court & Café generally served travelers, often those headed to Florida, so when the route planned in the1950s for what would become Interstate 75 bypassed Corbin, he sold his properties and traveled the U.S. to sell hischicken to restaurant owners. The first to take him up on the offer was Pete Harman in South Salt Lake, Utah; together,they opened the first "Kentucky Fried Chicken" outlet in 1952. By the early 1960s, Kentucky Fried Chicken was sold inover 600 franchised outlets in both the United States and Canada. One of the longest-lived franchisees of the older Col.Sanders' chicken concept, as opposed to the KFC chain, was the Kenny Kings chain. The company owned many NorthernOhio diner-style restaurants, the last of which closed in 2004.Sanders sold the entire KFC franchising operation in 1964 for $2 million USD, equal to $14,161,464 today Since thattime, the chain has been sold three more times: to Heublein in 1971, to R.J. Reynolds in 1982 and most recently toPepsiCo in 1986, which made it part of its Tricon Global Restaurants division, which in turn was spun off in 1997, and hasnow been renamed to Yum! Brands. Additionally, Colonel Sanders' nephew, Lee Cummings, took his own Kentucky FriedChicken franchiseLong Run Growth/ DeclineFast food franchising was still in its infancy in 1954 when Harland Sandlers begun his travels across the United States tospeak with prospective franchises about his “colonel” sanders recipe Kentucky fried chicken”. By 1960 “colonel” Sandlershad granted KFC franchise to over 200 take home retail outlets and restaurants across the unite states. They had alsosucceeded in establishing a number of franchises in Canada by 1963, the number of KFC franchises had risen to over 300and revenues had reached $500,000 per unit, on average.By 1964, the colonel had tired of running the day to day operations of the business and was eager to concentrate on publicrelations issue. He sold the business to two Louisville business people Jack Massey and John Young Brown, Jr. for $2million.During the next five years, Massey and Brown concentrated on growing KFC’s franchise system across the U.S. in 1966they took KFC public, and the company was listed on the New York Stock Exchange. By late1960’s a strong foothold hadbeen established in the United States, and Massey and Brown turned their attention to international markets. In 1969, a joint venture was signed with Initsubishi shoji kaisha, Ltd., in Japan, and the right to operate 14 existing KFC franchises inEngland were acquired. Subsidiaries were also established in Hong Kong, South Africa, Australia, New Zealand, andMexico. By 1971, KFC had 2,450 franchises and 600 company owned restaurants worldwide, and was operating in 48countries.2. Stability of Demand for ProductsMany KFC’s problems during the late 1980’s surrounded its limited menu and its inability to quickly bring new products tomarket. As KFC entered 1996, it grappled with a number of important issues. During the 1980’s, consumers began todemand healthier foods, and KFC was faced with a limited menu consisting mainly of fried foods. In order to reduce KFC’simage as a fried-chicken chain, it change its logo from Kentucky Fried Chicken to KFC in 1991. It responded to consumerdemands for greater variety by introducing a variety of new products. The increased popularity of healthier foods andconsumers-increasing demand for better variety led to a number of changes in KFC’s menu offerings.