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Marketing Project Student Sample - Beyond Meat WM1
Marketing Project Student Sample - Beyond Meat WM1
Marketing Project
Beyond
Meat Bacon
Team Name and Student Number
Team Name and Student Number
Team Name and Student Number
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:
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:
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"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
POSITIONING STATEMENT
Map – Before
Bacon Brands
Launch
Map – After
Launch
Less Taste More Taste
Pricing Strategy
Considerations:
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
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)
▪ 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
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VERY GOOD
BACON BRAND BUTCHERR
Analysis
Competitive Price
Tofurkey $6.49
227 g ($2.85/100g)
Canadian Avg. Price of Pork Bacon (Statscan.gc.ca October 2021) $8.29/500g ($1.66/100g)
(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
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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
Sales Promotion
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
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MEDIA BUY
• TV Ad
• Sportsnet - Hockey Night In Canada
TARGET
TV AD
NHL SPONSORSHIP
• SPONSOR NHL
• CANADA'S NATIONAL WINTER SPORT
• Expand reach to over 70 Countries
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
References
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References
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