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01

Marketing Project

Conestoga College | MKT1040-Yr - Term | Prof. Smart Teacher

Beyond
Meat Bacon
Team Name and Student Number
Team Name and Student Number
Team Name and Student Number

Month, Date, Year


02

Manufacturer Information
• Beyond Meat was founded in 2009 in the USA by Ethan Brown, a vegan who missed fast food then created his own.
• They are in the industry category of Food and Beverage, Food Processing, and Organic Food, divided into Fresh and Frozen.
• Retail constitutes 68% of the price estimate for BYND stock, and Restaurant & Foodservice 32%
• BYND is breaking the fast-food concept paradigm, known for its industrial-grade meat and fries, with plant-based meat.
• Our product recommendation is to capitalize on this plant-based revolution via an expanded Beyond Meat offering:

Beyond Meat Bacon!


BRIEF HISTORY IN CANADA:

July 2018 Jun 2019 Sep 2019 Sep 2019 Jun 2020
BYND partnered with Tim Hortons included Subway tested BYND McDonald's tested BYND BYND announced they
A&W BYND at breakfast Meatballs burgers as a PLT will produce in Quebec.
(no longer in Canada) (no longer in Canada)
RETAIL LOCATION MAY 2019:
03

BEYOND MEAT BACON

"WE BELIEVE
THERE’S A BETTER
WAY TO FEED OUR
FUTURE."
- Beyond Meat’s Mission
Geographics 04
• Canada
• Population density: Demographics
4 per Km2 • Millennials, Gen Y – Diverse Group
• Size: 9,093,510 Km2 • 40- to 21-year-olds
• 27% of Canada’s Population
• Gender: male and female
• Marital status: single and married
• Average Disposable Income of 31
year-olds in 2019 : $80,200
Psychographics

Our Target
• Younger millennials rent home
• Health conscious: • Older millennials own home
physically and mentally
• Environmentally Aware

Market
• Highly skilled tech user Behaviouristics
• Social media influencers
• Conflicted Carnivores consuming
• Empathetic
meat daily may consider trying
• Connect globally via
the product
technology

Profile
• Flexitarian, mostly vegetarian,
• Expressive Influencers
and vegan loyal consumers may
• Socially responsible
consume regularly
• Product Use: Personal care
• Benefit Sought: Taste and
nutrition value
• Weekly
• Frequency of purchase:
monthly
05

WHY TARGET MARKET?


• Health-conscious millennials are switching to
healthier alternatives such as plant-based products.
• The “wellness generation” (Brown, 2021, para. 2).
Based on Trends
• Gen Y is the driving force in the demand for Plant
Based Meat because of their strong values and
commitment to climate change.
• They are extremely connected and influential over
older and younger generations.

• Beyond Meat Plant-Based products taste and cook


Value Proposition/Differentiation like real meat. Millennials will enjoy the meat they
crave without compromise.
vs
• Beyond Meat reinvests profits, focused on research
Competition and continuous innovation.
• Most competitor’s plant-based bacon is made of
seitan, a glutinous protein found in wheat.
06

POSITIONING STATEMENT

For conflicted carnivores, flexitarians, vegetarians, and


vegan millennials who love bacon and desire healthier

options at affordable prices; Beyond Meat Bacon


offers a plant-based protein option with quality
ingredients, no GMOs, hormones, soy, gluten or
cholesterol and 50% less fat without compromising
taste, for a healthier you and a healthier planet.
Perceptual High Quality
07

Map – Before
Bacon Brands

Launch

Less Taste More Taste

Low Quality Based on customer reviews from Survey


Conducted November 19, 2021.
08

Perceptual High Quality


Bacon Brands

Map – After
Launch
Less Taste More Taste

Low Quality Based on customer reviews from Survey.


09

Our Product Strategy


New Product Concept Customer Value Proposition
Features & Benefits Features & Benefits
• Environmentally better using • Healthier than Bacon
• 90% fewer emissions • Cost effective
• 93% less land • Bacon prices are soaring due to pandemic
• 46% less energy than animal agriculture and supply chain
• Higher quality than competition
• Better taste
• More realistic texture than competitors
therefore it is more visually appealing
- Retrieved from the official Beyond Meat website.
10

Green Packaging for a Green Product


• Environmentally conscious millennials are often concerned
about the sustainability of packaging.
• Beyond Meat Bacon product’s biodegradable packaging with
compatible closures will amplify brand’s environmental
commitment.
• The packaging is flexible and light weight which results
in a smaller carbon footprint by reducing fossil fuels and
lowering greenhouse gas emissions

(Meussling, 2020, paras. 8-10).


11

Pricing Strategy
Considerations:

Unique product with an established reputation, demonstrates our commitment


to quality and value to our customers

Fixed costs are higher due to underdeveloped supply chain which will change as
competition enters the market and supply chains develop affecting price

Reinvest profits into development to ensure higher quality & superior taste

Healthier products than competition, value to target market

Beyond Meat has brand loyalty with Millennials who will pay for what they want

We have two segments we are competing with, drastically different price points
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Pricing Strategy
▪ Strategy lends itself to allow BYND to enter the retail market at a PREMIUM PRICE because target customers have experienced the product, value the quality and what it stands for then anticipate the retail launch and
will pay for it
▪ BYND is able to price it’s retail products at a premium due to the quality and value to its TARGET as identified in the SWOT analysis
▪ BYND set a goal in 2018 to undercut the price of meat within five years we have considered this in our objectives
▪ Beyond Meat is consistently striving for price parity with real meat to entice new consumers to try the products
▪ VALUE PACKS introduced in Canada, summer of 2021, have enabled Beyond Meat to save money on packaging to further reach this target
▪ As supply chains develop due to increased competition, and consumer demand, operating and fixed costs are reduced and price parity with real meat will become a reality (QUAST, 2020)

NEW PRODUCT PRICING STRATEGY

▪ Beyond Meat has achieved brand power and has evolved into implementing a cost-effective successful marketing approach by aligning with strategic partners restaurants/ fast food channels to launch new
products with National Chains (A&W, Yum Foods, Subway, Quesada etc.) prior to entering the retail market

OBJECTIVES

1. Target Return Profit: expect short term ROI due to established brand awareness and value proposition
2. Sales :Forecast demand based on the data from prior launch with A & W ensuring we have the supply to meet the demand
3. Volume: We will use sales incentives and promotions to increase margins and offer monthly promotions for retail customers to meet consumer need and adjust accordingly
4. Share: Create value for our customers in order to retain and gain market share before more competition enters the field – affects pricing may have to drop pricing at that point.
5. Pricing Constraints: we considered global impacts to supply chain which is underdeveloped but there is a shift in paradigm due to more competition entering the market.
6. Competitor Pricing- we researched all competitors including meat segment as well as new competitors entering the market which makes timing crucial to capitalizing on the current market

APPROACH

▪ After much deliberation a competition-oriented approach was used to determine our RETAIL PRICE which lead us to a ABOVE- AVERAGE COMPETITIVE price point keeping in line with BM historical premium pricing.
▪ BM has established our reputation with consumers as a premium plant-based product demonstrating value to our customers. This will facilitate ROI sooner
▪ We will rely on these relationships when considering our objectives and determining a price for our retail channels

References
Gen Zs, millennials driving growth of plant-based foods. Restobiz. (2021, October 27). Retrieved November 29, 2021, from https://www.restobiz.ca/gen-zs-millennials-driving-growth-of-plant-based-foods/. Business
Insider. (n.d.).
Beyond meat costs more than traditional meat, but data show consumers are willing to pay the premium price - for now (BYND). Business Insider. Retr
13
VERY GOOD
BACON BRAND BUTCHERR

Lightlife $4.99 $3.97


147 g ($3.39/100g) ($2.70/100g)

Analysis
Competitive Price
Tofurkey $6.49
227 g ($2.85/100g)

PC Blue $5.49 $5.45


198 g ($2.77/100g) ($2.75/100g)

Very Good Butcher $6.99


250g ($2.80/100g)

Yves $3.57 $3.97 $4.99


156 g ($2.29/100g) ($2.89/100g) ($3.20/100g)

Beyond Meat Breakfast Sausage $7.47 $6.99 $9.99


235g ($3.18/100g) ($2.97) ($4.25/100g)

Maple Leaf Pork Bacon $7.49 $6.97 $7.49


375g ($2.00/100g) ($1.86/100g) ($2.00/100g)

Average Retail Price Plant-Based Bacon $2.85/100g

Canadian Avg. Price of Pork Bacon (Statscan.gc.ca October 2021) $8.29/500g ($1.66/100g)

Beyond Meat Bacon PREMIUM PRICING $8.73 ($3.49/100g)


14

(Picture taken at the Walmart Bridgeport Community Shopping Centre). Place Strategy
• The usual distribution channels used by Beyond Meat include
wholesalers, retailers, distributors, and the Internet.
• Independent retailer: When Beyond Meat sells its products
directly to the consumer, using the website;
• Wholesaler: When BYND works with IGA, for example
• Franchises: When BYND works with companies of the
Restaurant & Foodservice category, such as Subway and A&W.
• We can find BYND in a physical location like:
• Regional shopping centers: Zehr’s @ Conestoga Mall, Waterloo
• Community Shopping Centre: Walmart @ Bridgeport Plaza,
Waterloo
• Strip Location: Valumart @ Waterloo Town Square
15
Retailing Mix
•Communications B2C - Personal Selling
• Meets Target Market needs
• Sales Promotion • Addition of BACON to Breakfast Product
• Bundle Product Mix
• Offer value in higher quality product • High quality look and texture
• Advertising • Environmentally friendly
• Public relations • Avoid "vegan" & stereotypes
• Non store retailing -Direct Marketing • Replicate animal bacon packaged
• Brand awareness, via digital & social • Consistent labelling, visually appealing,
media recycled paper
• Mobile Marketing
Promotional
Product Mix • All the Bacon taste half the fat, no GMO,
• Reinforce relationships with brand Mix Hormones, cholesterol
Ambassadors and develop new • Collect customer feedback
Canadian content

• Retail Channels • Competitive Price Strategy - Penetration


• Located in the perimeter department Retail Pricing to introduce value & attract new
side-by-side placement to meat, & Place Mix customers to BYND BACON
plant-based freezer section • Analyze Data
• Food Service Channels • TM anticipating retail launch and are
• Widen distribution channels with NEW willing to pay for it
partnership with Breakfast chains • Goal is above average /Premium pricing –
• Implement use of drones to facilitate brand loyalty allows it
same day delivery D2C
• White glove delivery
• Mid size, premium boutique retailers in
high income areas
16

Place Strategy - New Distribution Channels


• Electronic ordering kiosks at foodservice restaurants enables Beyond Meat’s target
customers (millennials) to customize and create their own Plant-Based burgers and Beyond
Bacon.
• Catalogue retailing - It is important to note that many Internet Retailers, such as Amazon have
also added catalogues. Sending specialty catalogues or small brochures/flyers showing
Beyond Meat’s current and Beyond Bacon to target market’s direct mail can potentially
increase sales.

McDonald's multimedia library


Current Promotional Mix 17

Public Relations Advertising Social Media

Use of platform to sell.


Susan Senecal, about the first national burger A&W Canada and Beyond Meat showing public reactions
Influencer- marketing to promote products
chain in Canada (Beyond Meat YouTube Channel) of people trying the BYND for the first time

Sales Promotion

Positive brand association - Partnership


of BYND and the Social Change Fund Subway Canada and Beyond Meat partnered with Martha
Stewart to launch Beyond Meatball BYND coupons on their e-
commerce on the Retail Package
18

Promotional Strategy
• Beyond Meat is one of the most customer-focused plant-based companies in
America. Consumers are already happy with the brand, and with the Beyond
Bacon launch, we expect to increase its credibility.
• Create brand awareness → During the launch we would use a pull strategy, to
build up consumer demand, using inbound and outbound promotion.
• It will increase desire and interest for the Beyond Meat Bacon product.
• Throughout marketing communications, public relation, advertising and social
media we want to influence consumer perceptions and attitudes towards
plant-based meat products.
IMC
Objectives
19

OUTBOUND Promotion – TV Media Buy

MEDIA BUY

• TV Ad
• Sportsnet - Hockey Night In Canada

TARGET

• Pandemic has changed viewing habits of Millennials


• Average Streaming is up 99% from last season
• Watching from TV and mobile devices – most
connected viewers
• Millennials are connected and will mobile order as
they receive the message on TV.

TV AD

• Joint with Food and Service partner A&W to feature


BEYOND BACON BURGER $4.99
• Canadians love Hockey
• Relatable to every demographic
• Promote health benefits to all athletes
• Sustainable
OUTBOUND Promotion-Sponsorship 20

NHL SPONSORSHIP
• SPONSOR NHL
• CANADA'S NATIONAL WINTER SPORT
• Expand reach to over 70 Countries

CONNECT WITH TARGET MARKET


• Promotional Events at games
• 6.3 Million Twitter followers
• 5M Instagram followers
• 2.7M Facebook followers
• Promote health benefits for athletes

BRAND AMBASSADOR
• ZDANO CHARA lends credibility to plant-based lifestyle
• Vegan since 2018
• Extended his career
• Oldest NHL player & still going strong
• Relatable to every demographic
• Promote health benefits to athletes
21

NEW Promotional Mix


2 Inbound Promotion Ideas For 2022
• Promote Beyond Meat Bacon on Instagram → over 1,000,000 followers (mostly millennials)
• Promote Beyond Meat Bacon in the products section of the website
• SEO (search engine optimization) and keyword search optimization
. 22

References
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Bellon, T. (2019, June 6). Beyond meat's home in the meat aisle Sparks Food Fight. Reuters. Retrieved November 19, 2021, from https://www.reuters.com/article/us-beyond-meat-retail-focus/beyond-meats-home-in-the-meat-aisle-sparks-food-

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Beyond Meat (2018, October 25). Beyond Meat Goes Global A&W Canada. YouTube. Retrieved November 20, 2021, from https://www.youtube.com/watch?v=XIhvMx1EZ6w&ab_channel=BeyondMeat

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Beyond Meat Partners with Social Change Fund to fight racial inequality. New Hope Network. (2020, July 27). Retrieved November 26, 2021, from https://www.newhope.com/news/beyond-meat-partners-social-change-fund-fight-racial-inequality

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Gladysz, K. (2019, August 7). Dished. Subway testing Beyond Meatball Marinara sandwich next month. Retrieved November 11, 2021, from https://dailyhive.com/toronto/subway-beyond-meatball-marinara-sandwich-canada.

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