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Case Study Proposal-Beyond Meat

Strategic Management in Global Environment (Trường Đại học Kinh tế Thành phố Hồ
Chí Minh)

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GROUP ASSIGNMENT COVER SHEET

STUDENT DETAILS
Student Student ID
name: Nghiêm Quỳnh Anh number: 31181021357
Student Student ID
name: Nguyễn Hữu Hoàng Phúc number: 31181021447
Student Student ID
name: Nguyễn Quỳnh Như number: 31171025125
Student Student ID
name: Nguyễn Hà Kiều Oanh number: 31171023540
UNIT AND TUTORIAL DETAILS
Unit Unit
name: Strategic Management number: SM 2021-21 T2
Tutorial/Lecture: Lecture Class day and time: Fri Aft & Sat Mor
Lecturer or Tutor
name: Michael Saram
ASSIGNMENT DETAILS

Title: Team 6 Final Case Study Proposal - Beyond Meat

Length Due Date
: date: 17/03/2021 submitted: 17/03/2021

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Beyond Meat’s Case Study

Group 6

Nghiem Quynh Anh

Nguyen Huu Hoang Phuc

Nguyen Quynh Nhu

Nguyen Ha Kieu Oanh

Strategic Management

SM-DH44ISB-2

Mr. Michael Saram

March 17th, 2021

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TABLE OF CONTENTS

I. Executive Summary

II. Company background

1. Vision

2. Mission

3. Core values

III. Industry Insight

IV. Current Strategic Plan and Strategy Execution Actions

A. Current Strategic Plan

1. Business Model

2. Value chain

3. Strategic and Financial Objectives

4. Strategy (3 levels)

B. Current Strategy Execution Actions

1. Organization Building Actions

2. Operations Management

3. Corporate Culture

4. Leadership

V. Evaluation

A. Current Internal Environment Evaluation

1. VRIO

2. Strategic Group Map

3. Competitive Profile Matrix (CPM)

4. Internal Factors Evaluation (IFE)

B. Current External Environment Evaluation

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1. PESTLE

2. Porter’s 5 forces Model

3. External Environment Analysis

VI. Assessment of Current Strategic plan and Strategy Execution Actions

VII. Proposed Strategic Plan and Strategy Execution Actions

A. Proposed Strategic Plan

B. Proposed Strategy Execution Actions

1. Organization building actions

2. Operation management

3. Culture & Leadership

VIII. Conclusion

IX. References

X. Appendix

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I. Executive summary:

Beyond Meat (BYND), a US plant-based meat producer, was once considered by investors

as one of the greatest IPO of all time. This case study is conducted with a view to analyze

BYND’s current* (to Quarter 1, 2021) internal and external business environments. Through our

comprehensive assessment, we have identified potential strategic issues in BYND’s current

operation, primarily from their deficient positioning as “a plant-based brand”, but not so much as

“the Beyond Meat brand''. The management team may need to consider this issue for the IPO to

be more competitively and financially successful from the 1st Quarter of 2021.

Our key recommendations for BYND are to:

- Change from targeting the broad market of “meat eaters” to one key segment - the

Flexitarians (66% of US populations). Consider Social Marketing, R&D, Distribution

strategies with regard to this segment’s key values.

- Enhance its “Beyond Meat” brand image in the consumer’s minds with its unique selling

points (USP) - the pioneer in plant-based meat innovation in terms of Taste and Health

Attributes, thus differentiating itself from other plant-based competitors.

- Strengthen BYND’s innovation capability in 3 ways: (1) change into an Adaptive Culture

with key focus on Incremental Innovation, (2) secure its supply of pea protein, (3) transit

the capital to widen co-manufacturing network to invest technology in its 2 US facilities to

promote finished-good production.

II. Company background:

BYND is a US meat producer established in 2009 by CEO Ethan Brown. They create meat

directly from plants which is an innovation that allows customers to experience the taste, texture,

and other sensory attributes of popular animal-based meat products. BYND now is presented in

more than 80 countries and territories with approximately 122,000 outlets of retail and

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foodservice footprint.

1. Vision

BYND's vision statement shows their ambition to alter the future of protein from animals

to plants. They strive to become a global protein company and are committed to building an

infrastructure capable of supporting their long-term growth.

2. Mission

BYND's mission is to help solve the major health and global environmental issues in

which plant-based eating habits can give positive impacts. They believe that their authenticity and

long-standing commitment will build a strong relationship with customers and attract more

potential customers.

3. Core values

BYND is a driven-business with the long-standing core value. They try to build diversity

environment in which innovation is a core competency. Besides, the accountability culture is

created to incentivize and reward for attraction and retention employees.

III. Industry insight:

BYND identifies themselves as a plant-based meat producer, competing in the highly

concentrated US meat industry - against both animal-based and plant-based meat producers.

Around half of the industry is dominated by a few big players with a mix of similar strategies:

mergers and acquisitions, supply chain integration, and consolidation in livestock farming and

meat processing to gain the advantage of scale and efficiency. Plant-based meat was not a new

concept, but has recently become famous since the success story of BYND. Many new players

have introduced their plant-based offerings, including the conventional meat producers. This

competitive business nature is driven by the increasing demand from 326 million US citizens. For

convenience of the research, we categorize them into three main segments which value (to

different extent) the foundational drivers of Taste, Cost, Convenience; and the evolving drivers of

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Health & Safety, Social Impact, Familiarity.

Figure 1: Meat-Choice Motivations for United States Consumers

Despite growing competition, the US meat market is expected to reach USD 862.97 billion

by 2027, exhibiting a CAGR of 6.24% until 2027.

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Figure 2. North America Processed Meat Market Size, 2016 - 2017 (USD Billion)

IV. Current Strategic Plan and Strategy Execution Actions

A. Current Strategic Plan

1. Business Model

With a vision to replace animal-based protein meal in the near future, BYND targets a

broad market segment of meat-eaters which include 30% of Americans who primarily eat meat

(Carnivores), and 66% of Americans who alternatively eat animal and plant-based products. The

vegetarian is a by-segment which BYND does not target, but a few support their products.

Carnivores (30% of US Flexitarians (66% of US Vegetarians

population) population) (2% of US
population)

Psychography Voracious Wavering Family Young and/or

Carnivores Budgeters Nutritionist Athletic

Attitude Love meat and Constrained by Concern about Active, highly Willing to change
consider it to be income and their family’s concern about their diets for
the essential budgets health, weight loss/ both health and
Want ease in strength and animal welfare
main dish of their
purchasing and endurance reasons
meals less time
cooking

Income Medium Low Medium - High Medium- High Medium- High

Gender Mostly males Both Mostly females Both Mostly females

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Food-choice Taste, Cost, Cost, Taste & Cost, Health, Taste, Social Impacts,
motivations Convenience Convenience Health, Cost Health, Cost
(ease of Convenience
purchasing, less
time cooking)

Habit Consume meat When shopping, Spend the most Strict concern on Support ethical
in mostly every look for the time preparing their diet; read brands they
meal; sharing cheapest meals to please the labels and know and trust
meat with their possible options, their family; use product attribute Have
family; hold use coupons and national brands before purchase, differentiated
barbecues at promotions and known ways of cooking
weekends products that
they trust

Barriers to Unfamiliarity with High cost Health concern Ambiguity over Dislike the
purchase the taste, over product animal versus resemblance of
BYM masculinity belief attributes plant-based animal-meat
with animal meat meat’s true taste
health impact

Table 1: Beyond Meat’s Current Target Segments

The key value BYND proposes is that by eating their plant-based meats, consumers can

enjoy more, not less, of their favorite meals, and help to address concerns related to human health,

climate change, resource conservation and animal welfare. Details of their cost structure and

revenue stream are indicated in the Business Model Canvas (Appendix 1).

2. Value Chain

BYND outsources a majority of their value chain activities with 3rd-party partners, except

for Research and Development, the production of woven pea protein (key intellectual properties),

as well as certain lines of product in their Columbia and Missouri facilities. Their limited

consumption of resources in the materials sourcing, and dedicated focus to innovation and quality

assurance are some aspects which set them apart from the conventional players.

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Figure 3. Beyond Meat’s Value Chain (In US Market)

3. Strategic and Financial Objectives

Short-term Financial Short-term Strategic

● Introduce two new versions of the

● Reduce cost of goods sold Beyond Burger in the U.S.
● Continue to grow our sales within U.S. ● Highlighting “Go Beyond” message
retail by focusing on increasing market and the global benefits that come with
share eating BYND products
● Continue to create relevant content
with our network of celebrities,
influencers and brand ambassadors
● Continue to expand the network of
foodservice partners, including large
full service restaurant (“FSR”) and
QSR customers in the US

Long-term Financial Long-term Strategic

(more than 5 years) (more than 5 years)

● Under price the animal-based meat ● Become a leader in the global meat
category
● Continue to explore establishing more
of their own internal production
facilities domestically

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Table 2. Beyond Meat’s Current Strategic & Financial Objectives

4. Strategy (3 levels)

● Generic competitive: Best-cost Strategy (Broad Differentiation and Low-cost)

● Intensive growth strategies: Market Penetration and Product Development

● Strategic action: Offensive and Horizontal Integration

(Appendix 2)

B. Current Strategy Execution Actions

1. Organization Building Actions

(Appendix 2)

2. Operations Management

(Appendix 2)

3. Corporate Culture

(Appendix 2)

4. Leadership

(Appendix 2)

V. Evaluation

A. Current Internal Environment Evaluation

1. VRIO

(Appendix 3)

2. Strategic Group Map

(Appendix 4, 5, 6)

3. Competitive Profile Matrix (CPM)

(Appendix 7)

4. Internal Factors Evaluation (IFE)

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(Appendix 8)

B. Current External Environment Evaluation

1. PESTLE

(Appendix 9)

2. Porter’s 5 forces Model

(Appendix 10)

3. External Environment Analysis (EFE)

(Appendix 11)

VI. Assessment of Current Strategic plan and Strategy Execution Actions

Through our comprehensive assessment of BYND’s internal and external business

environments (Appendix 12), we have identified certain problematic issues which we believe are

rooted from a major problem - BYND’s strategic positioning. To our understanding, BYND is

identifying themselves in the market as “a plant-based brand” but not so much as “the Beyond

Meat brand”. This strategic positioning is reflected in certain aspects of their strategies, namely

(1) main competitors, (2) target segments and (3) social marketing. First, they view the animal-

based meat companies as main competitors, and their effort is to gain a balance between quality

and cost (“underprice the animal counterparts by 2025”, CEO Ethan Brown). While product

quality is a strength from their competitive advantage of consistent innovation, cost is not a

privilege they can achieve in the near future, as many companies with deeper pockets and more

distribution power are entering the plant-based market. BYND is also having problems upscaling

their production by co-manufacturing. Second, BYND targets a very broad segment of both

carnivores and flexitarians with distinctive values. Targeting only at the flexitarians will be more

beneficial for BYND since this latter segment (66%) is double the size of the former (30%), and

they also resonate with BYND’s key product attributes of Taste and Health. Third, while BYND is

doing extremely well with their social marketing, the key message is about the benefits of plant-

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based products. They have forgotten to stress their unique selling points (USP) of consistent

innovation, better taste and higher quality, etc. which set them apart not only from the

conventional players, but also from other plant-based alternatives. With these reasons, they play

their own risk of being crushed by the plant-based companions.

Our assessment of BYND’s current strategies relative to their internal and external

business environments (in the QSPM1 table) confirms this hypothesis, with a low total

attractiveness score especially at its generic strategy of Best-cost.

VII. Proposed Strategic Plan and Strategy Execution Actions

A. Proposed Strategic Plan

We identify that with limited financial strength, medium competitive advantage in a fairly

attractive but volatile meat market, BYND should follow the generic strategy of product

differentiation (Appendix 13), and the intensive growth strategy of market penetration and/or

product development (Appendix 14). Taking into account that the aggressive posture of BYND

(Appendix ) is also significant, we would like to test two options of strategy: Broad

Differentiation (Carnivore and Flexitarian segments like BYND’s current strategy) or Focus

Differentiation (only focus on the Flexitarians). The result of the QSPM (Appendix 15) shows the

strategic direction that the company should employ. To sustain BYND’s position in the market and

ensure their future growth, the company needs to focus on meeting the value of taste and health of

the flexitarian market (Focus Differentiation). They should encourage this segment to buy more

products of BYND through effective social marketing which highlight the USP of “Beyond Meat”

(Market Penetration), and through constantly offering innovative products which meet their values

(Product Development). The strategic actions that they could employ are to sustain their

competitive advantage of constant innovation (Defensive), learn from the successful examples of

companies in other industries and be the first to implement such practice in their own (First-

mover), and increase production efficiency to accelerate the quality and speed of innovation

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(Vertical Integration).

B. Proposed Strategy Execution Actions

Acknowledging that the main issue for BYND is their deficient self-positioning and

inefficient focus on both cost and innovation, we thus propose that the company switch their focus

on sustaining and accelerating the competitive advantage of innovation, following the general

flow of strategic plan as proposed. The execution of this strategy will happen on two parallel

aspects: the “soft side” culture of BYND, and the “hard side” value chain of BYND. In detail, we

recommend BYND to embrace an adaptive culture which prioritize innovation, flexibility and

challenge-accepting. This type of culture is not very distant from the high-performance culture

that BYND is adopting, yet it has the strength of helping the company thrive on change - driving

it, leading it, and capitalizing on it - as most successful examples of leading companies in

innovation such as Amazon, Google, Apple have shown. What’s more, to accelerate the speed of

innovation, we follow the successful example of Zara. The fashion company has made its

competitive advantage in strategy execution by gearing every step of its value chain execution

toward making quality, trendy new products quickly available to the public. Adapting to their

successful model, we propose significant change to BYND’s value chain as follow:

Material Sourcing

Because Beyond Meat currently relies on third-party suppliers (for pea protein), we

suggest that Beyond Meat should own their own crops for a stable source of yellow peas.

However, raw peas are not Beyond Meat’s product ingredient, but the pea protein. For this reason,

acquiring the technology of extracting pea protein is also suggested. Aiming to innovate & perfect

the products, having an active position to decide the materials sources (quantity, quality) would be

a competitive advantage to differentiate their products.

Research and Development

As the pea crops & technology for pea protein extraction are suggested for the changes in

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the value chain, Beyond Meat’s R&D department will be changed due to the pea protein being

extracted by their own facilities, which requires expertise & knowledge to use the machines. As a

suggestion, there will be a Pea protein R&D team being built in the R&D department, and a Pea

protein R&D Team Manager who has experience in the pea protein industry and management will

be hired to track and manage the processes. Besides the Pea protein R&D manager, we also

suggest Beyond Meat to build a WRIKE information system that helps the manager keep track of

the Pea Protein R&D process, update real-time data to ensure expected outcomes.

Manufacturing

The purchase of pea protein extraction machines would lead to the changes of

manufacturing. By purchasing the machines, a step of extracting pea protein from owned pea

crops (parallel with the pea protein supplier in the sourcing stage) will be added to the

manufacturing stage.

Distribution

Due to Covid-19, the company should reduce fine dining restaurants channels cost and

effort, then optimize existing retailers, supermarkets, groceries, family stores channels on both

direct distribution and online. E-commerce also needed to be highly maintained and developed

together with market trends.

Marketing and Sales

The company should focus marketing activities on flexitarian consumers to grow this

segment while strengthening Brand resources and position in industry. Rethink product messaging

not only about healthy and environmental friendly, but also promote product’s tasty and delicious,

brand innovation. To execute this change in strategy, the company should consider human

resources, resources and capabilities in the Marketing and Sales department which impact on

Organization Building, Organization Management and Leadership & Culture of Strategic Plan.

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1. Proposed organization building actions

Change to
Organization Change to Business Investme
Value Time Risk
Building Action Model nt/ Cost
Chain
Hire a Market Marketing Cost structure: 1 month $110,000/ Inefficiency or Unsuitable
Research Manager Increase labor and year work delivery
good at analyzing data training costs cannot find the right person
and needed employee
who can support this
manager
Hire Professionals Research Cost structure: 6 months $1,678/ Inefficiency or Unsuitable
that have the ability & and Increase labor and employee work delivery
knowledge of pea developmen training costs cannot find the right person
protein isolating from t
current suppliers to
Staffing train the current
manufacturing &
processing workforce/
researchers

Hire Pea Protein R&D R&D Cost structure: 1 month $150,000/ Inefficiency or Unsuitable
Team Manager who Department Increase labor and year work delivery
have experienced in training costs cannot find the right person
pea protein industry
and management to
ensure work on
processing, tracking
and management
Purchase of Land for Material Cost: Help reduce the 3 years $7,700,00 Legal policy and government
stable yellow pea supply & cost dependent on 0 pressure
source & Establish sourcing; third party pea protein
farm facilities Harvest & suppliers in the long-
Extracting term period & save
pea protein that reduced amount
activities will to invest more in
be less innovating &
Resource dependent developing the
and on third products
Capability party Increase the cost of
suppliers purchasing land &
facilities but help
improve the economy
of scales in the long-
term
Purchase Pea Manufacturi Reduce the risks of 1 year 510,000 - Legal, intellectual property,

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protein extraction ng activities being not able to (most of the 600,000 policy
technology will now obtain the raw time is for for one
include the materials in a timely training pea
process of basis from 3rd party employees protein
isolating suppliers about new extraction
pea protein Be more active in the technology) machine
from quantities to produce
company- the products and meet
owned farm the demand for the
products

Purchasing analytics Marketing Optimize data 2 month for Depends Database privacy
database of resource dealing and on the
Flextarian segment final work scope of
from McKinsey delivery work of
Agency to Strengthen the
and optimize Market company
Research data system
including consumer,
customer, market data

Review Marketing Strengthen R&D 1 month timing Unefficient review outcomes

employees resources and cost
capabilities, how activities
flexible and adaptive
they are with changed
strategy

Acknowledge and 1 month timing and Employee leaving

Training Marketing trainer
team about the cost
changed strategy

Hult the expansion Cost: Save the cost of 3 years Losing potential co-
for new co- new expansions manufacturers to the
manufacturers & keep competitors within 3 years
focusing on
maintaining and -
expanding the
existing manufacturers
(including owned &
co-manufacturers)
Build Market Marketing Cost structure: 1 month Facility & Overlap and
Research Team in Increase labor and workforce misunderstanding in working
Marketing Department training costs process between teams in
Organization the first periods
Structure Build Pea Protein R&D Cost structure: 1 month Facility & Overlap and
R&D Team in R&D Department Increase labor and workforce misunderstanding in working
Department training costs process between teams in
the first periods
Tabel 3: Proposed organization building actions

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2. Proposed operation management

Change to
Organization Building Change to Value Investment/
Business Time Risk
Action Chain Cost
Model
Build information Support tracking Cost structure: 4 weeks 2000$/mont Technologic
system - WRIKE that R&D process Increase h and timing al errors in
keep track Pea Protein management cost when the systems
R&D process, update system cost employee may cause
real-time data to ensure get learning the threat of
expected outcomes and using losing data
Information Apply Information Support reporting
System and system - WRIKE for and workforce
Operation R&D Department that management
System provide managers with
a means for monitoring
the performance of
empowered workers to
see that they are acting
within the specified
limits
Giving awards and Support the Cost structure: Up-to-time rewards and
public recognition to Human resources More cost in publish cost
Rewards and high performers and department awarding &
Incentives showcasing company compensating
successes, especially in
pea protein R&D
Table 4: Proposed operation management

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3. Proposed culture & leadership

Current Leadership & Culture Proposed Changes

Organizational
Functional Matrix
Leadership Structure
Span of control Narrow Narrow
High-performance Adaptive
Incremental innovation Incremental innovation Enforced

Diversity and Inclusion Diversity and Inclusion Enforced

Customer satisfaction Customer satisfaction Enforced

Environmentally sustainable Environmentally sustainable

Sustained
Core Values manner manner

Socially responsible Socially responsible Sustained

Sustainable growth Sustainable growth Sustained

x Flexible & Adaptive to change New

Culture x Risk-taking, experimentation New

organizing various
employee activities that are organizing various employee
aligned with our mission activities that are aligned with
(partnership with the Gentle our mission (partnership with Sustained
Barn to rescue farm the Gentle Barn to rescue farm
animals, Feed A Million+ animals, Feed A Million+
Common Practices campaign) campaign)

conduct periodic employee conduct periodic employee

engagement surveys to engagement surveys to allow
allow us to assess and us to assess and improve Sustained
improve employee retention employee retention and
and engagement. engagement.

New Desired culture values from Q2 2021

The current cultural characteristics that must be further strengthened to promote new
Enforced
strategies
Beyond Meat's core values and long-standing principles that must not compromised by the
Sustained
proposed changes in operating practices and behaviors

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Tabel 5: Proposed culture and leadership

Phase Action Time

CEO communicate with board of managers about how the adaptive

culture will be more advantageous to BYND to meet its sustainable
competitive advantage of innovation and gain better business growth
1
The managers spread the news to subordinates, review on the
3 month
A commitment mutually-agreed set of actions the company can take to change the
to Change culture

Appoint the Chief Operating Officer as the Chief Learning Officer,

taking deliberate steps to enact changes and managing the process
Repeat the message of how the change in culture could benefit both
2 employees and the company by means of emails, bulletin boards,
weekly gatherings, etc. 3 month
Accelerate for
Change Design compensation incentives that boost the pay of teams and
individuals who display the desired cultural behaviors
Appointing outsiders with the desired cultural attributes to high-
3 profile positions (Market Research Manager, Pea Protein Experts,
Pea Protein R&D Team manager)
6 month
The Right Screening all candidates for new positions carefully, hiring only
Personnel
those who appear to fit in with the new culture

Weekly/Monthly training of mindset, techniques to adopt flexibility

and innovation in different departments' work scope

Use the tools of benchmarking, best practices to evaluate employees

performance
4
Promoting individuals who have stepped forward to spearhead the
1 year forward
Sustainable shift to a different culture and can serve as a role-models for the
Change desired cultural behavior

Form cross-functional groups to carry out monthly projects to

propose a new innovative product/ process to enhance the business
procedures of BYND
Tabel 6: Proposed timeline for culture change

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VIII. Conclusion

BYND is a company with a great mission and a promising growth potential. What we

recommend for BYND is to better understand its market position of competing with not just

animal-based protein, but also other plant-based alternatives, and thus to compete forward by

accelerating its main competitive advantage of constant product innovation.

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Appendix

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Appendix 1

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Appendix 2

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Appendix 3

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Appendix 4

Appendix 5

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Appendix 6

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Appendix 7

Appendix 8

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Appendix 9

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Appendix 10

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Appendix 11

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Appendix 12

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Appendix 13

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Appendix 14

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Appendix 15

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