Harvard Case - Beyond Meat: Changing Customer Behaviour in Food Consumption
"Beyond Meat: Changing Customer Behaviour in Food Consumption" Harvard business case study is written by Chris Laszlo, Katherine Gullett, Peter Rezk, Nilesh Raut. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Feb 28, 2020
At Fern Fort University, we recommend Beyond Meat focus on a multi-pronged strategy to solidify its position as a leader in the plant-based protein market. This involves a combination of product innovation, targeted marketing, and strategic partnerships to further penetrate existing markets, expand into new segments, and capitalize on the growing consumer demand for sustainable and healthy food options.
2. Background
Beyond Meat is a California-based company that produces plant-based meat alternatives. Founded in 2009, the company has experienced rapid growth, driven by increasing consumer interest in plant-based diets for health, ethical, and environmental reasons. Beyond Meat's flagship product, the Beyond Burger, has gained widespread popularity, challenging the dominance of traditional meat producers.
The case study focuses on the company's growth trajectory, its challenges in maintaining its market share, and the need for a comprehensive strategy to navigate the evolving consumer landscape.
3. Analysis of the Case Study
Strategic Framework:
We will analyze Beyond Meat's situation using the Porter's Five Forces Framework to understand the competitive landscape and the Marketing Mix (4Ps) to evaluate its current marketing strategy.
Porter's Five Forces:
- Threat of New Entrants: High. The plant-based meat market is attracting significant investment and new players, making entry relatively easy.
- Bargaining Power of Buyers: Moderate. Consumers have a variety of plant-based options, but Beyond Meat's strong brand recognition and product quality give it some bargaining power.
- Bargaining Power of Suppliers: Low. Beyond Meat sources ingredients from a variety of suppliers, reducing dependence on any single source.
- Threat of Substitute Products: High. Consumers can choose from a range of meat alternatives, including traditional vegetarian options and other plant-based brands.
- Competitive Rivalry: High. The plant-based meat market is highly competitive, with established players like Impossible Foods and emerging startups vying for market share.
Marketing Mix (4Ps):
- Product: Beyond Meat offers a range of plant-based meat alternatives, including burgers, sausages, and ground meat. The company focuses on product innovation to meet evolving consumer preferences and expand its product portfolio.
- Price: Beyond Meat's products are generally priced at a premium compared to traditional meat alternatives. The company justifies this pricing by emphasizing the quality and sustainability of its products.
- Place: Beyond Meat distributes its products through a variety of channels, including grocery stores, restaurants, and online retailers. The company is expanding its distribution network to reach a wider audience.
- Promotion: Beyond Meat employs a multi-faceted marketing strategy, including advertising, public relations, social media, and influencer marketing. The company emphasizes the health, ethical, and environmental benefits of its products.
Key Issues:
- Maintaining market share: Beyond Meat faces increasing competition from both established players and new entrants.
- Expanding into new markets: The company needs to develop strategies to penetrate new market segments and geographic regions.
- Addressing consumer concerns: Beyond Meat must address consumer concerns about the taste, texture, and price of its products.
4. Recommendations
1. Product Innovation and Expansion:
- Develop new product lines: Expand beyond burgers and sausages to include plant-based versions of other popular meat products like chicken, fish, and bacon.
- Focus on taste and texture: Invest in R&D to improve the taste and texture of its products, making them more appealing to a wider range of consumers.
- Offer different price points: Introduce lower-priced product lines to attract price-sensitive consumers.
2. Targeted Marketing and Branding:
- Segment and target specific consumer groups: Identify niche markets within the plant-based protein space, such as health-conscious consumers, flexitarians, and environmentally conscious individuals.
- Develop tailored marketing campaigns: Create targeted advertising campaigns that resonate with specific consumer segments, highlighting the unique benefits of Beyond Meat's products.
- Strengthen brand positioning: Emphasize Beyond Meat's commitment to sustainability, animal welfare, and human health to differentiate itself from competitors.
3. Strategic Partnerships and Distribution:
- Collaborate with food retailers and restaurants: Partner with major grocery chains and restaurant chains to expand distribution and increase product visibility.
- Develop co-branded products: Collaborate with other brands in the food and beverage industry to create innovative and appealing plant-based products.
- Explore international markets: Expand into new geographic regions with high growth potential in the plant-based protein market.
4. Leveraging Technology and Data:
- Utilize data analytics: Gather and analyze data on consumer preferences, purchase behavior, and market trends to inform product development, marketing campaigns, and distribution strategies.
- Embrace digital marketing: Invest in digital marketing channels like social media, search engine optimization (SEO), and influencer marketing to reach a wider audience.
- Develop a robust customer relationship management (CRM) system: Track customer interactions and preferences to personalize marketing messages and improve customer satisfaction.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Beyond Meat's core competency lies in its ability to develop innovative and delicious plant-based meat alternatives. The recommendations align with the company's mission to create a more sustainable food system.
- External customers and internal clients: The recommendations address the needs of both external customers (consumers) and internal clients (employees, investors).
- Competitors: The recommendations aim to differentiate Beyond Meat from its competitors by focusing on product innovation, targeted marketing, and strategic partnerships.
- Attractiveness: The recommendations are expected to generate a positive return on investment (ROI) by driving sales growth, increasing market share, and enhancing brand equity.
6. Conclusion
By implementing these recommendations, Beyond Meat can solidify its position as a leader in the plant-based protein market, capitalize on the growing consumer demand for sustainable and healthy food options, and achieve its long-term growth objectives.
7. Discussion
Alternatives:
- Focusing solely on price competition: While lowering prices may attract price-sensitive consumers, it could also erode brand value and profitability.
- Ignoring product innovation: Failing to innovate and develop new products could lead to stagnation and a loss of market share.
- Ignoring the importance of sustainability: Not emphasizing sustainability could alienate environmentally conscious consumers and damage the company's reputation.
Risks and Key Assumptions:
- Consumer preferences may change: Consumer tastes and preferences are constantly evolving, and Beyond Meat must remain agile to adapt to these changes.
- Competition may intensify: The plant-based protein market is expected to become even more competitive in the future.
- Technological advancements may disrupt the industry: New technologies could emerge that challenge Beyond Meat's current product offerings and business model.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resources required to implement the recommendations.
- Conduct market research: Gather data on consumer preferences, competitor activities, and market trends to inform decision-making.
- Monitor progress and make adjustments: Regularly track key performance indicators (KPIs) and make adjustments to the strategy as needed.
By taking these steps, Beyond Meat can successfully navigate the evolving landscape of the plant-based protein market and achieve its ambitious growth goals.
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Case Description
In 2014, the founder and chief executive officer of Beyond Meat, Ethan Brown, reflected on the question that had led him to start the company: "How difficult can it be to change what you eat for dinner?" The small start up based in Los Angeles, California, had faced considerable challenges in changing customer perceptions and attitudes since it was founded in 2009. Its intention was to address both health and environmental problems related to meat consumption by creating plant-based meat. The company had successfully developed plant-based meats that were similar in taste, texture, and composition to regular animal meat. However, Beyond Meat needed to change customer perceptions and behaviours to persuade US consumers to switch from animal- to plant-based protein. What strategies could Beyond Meat use to market its disruptive innovation and become a game changer in the meat industry? Should the company invest in aggressive research and development to make its product taste and feel more like real meat, or should it focus on marketing the product based on its nutritional, health, and environmental benefits? Should it target vegetarians or meat eaters, and what demographic changes should it consider?
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