Strategic Management- Draft Recommendation 3

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Nov 24, 2024

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Kai Thng 11-19-22 Draft Recommendation 3 Recommendation: Our team suggests that Kentucky Fried Chicken should establish a long term partnership with Beyond Meat Incorporated to have plant based food option on the menu for all stores year round, not just in a few stores seasonally. Premises: P1. A global consumer survey reports that 42% of consumers think that the majority of people will be eating plant based food as opposed to meat in the 2032. In addition, this rise in the number of vegans had grown 5% from 22 percent in 2022 from the 17% it had been in 2019 (Axworthy, 2022). P2. The industry is ripe with demand as more customers seek out healthier food options when they order out. The vegan fast food market is expected to reach $40 billion by 2028 which translates to a and outstanding 11.4% growth rate (Rabb, 2022). P3. One of Kentucky’s Fried Chicken’s key competitors McDonald’s is also doing its best to expand into the plant based sector for fast food as well. This effort was started at the end of 2020 where they introduced their alternative meat patty in eight locations and were able to sell 70 per day at some locations. Receiving theses results, especially since these locations were in smaller and and mid tier markets, McDonald’s decided to enact a major U.S. expansion and partner with Beyond Meat (Garwood. 2021). P4. Established in 2009, Beyond Meat is an industry leader in vegan fast food option alternatives. In 2021 alone, Beyond Meat’s revenue increase by 14.2% to reach $464.7 million.

Although Beyond Meat was not the first company to get into making plant based burgers and other fast food offerings, they were able to capture large market share in the way they appealed to a certain target audience. Instead of fighting to only appeal to vegans, Beyond Meat took it a step further with its stated goal as being a company’s that would be able to take the typical meat eater and get them to consider their product (McKinnon, 2022). P5. KFC has already worked with Beyond Meat in unveiling its plant based Beyond Fried Chicken partnership. It offered the first Beyond Fried Chicken in 2019 at a location in Atalanta and when they did they were the first national U.S. QSR to introduce plant-based chicken. This launch was so successful that the test store sold out in under five hours. In January 2022 they began to to offer the product nationally, but only for a limited time not as a regular staple on the menu (Yum, 2022).

Works Cited Axworthy, N. (2022, November 19). 42 percent of consumers think plant-based food will replace meat by 2032 . VegNews.com. Retrieved November 19, 2022, from https://vegnews.com/2022/11/plant-based-food-replace-meat-2032 Garwood, G. (2022, January 18). Plant-based alternatives push further into fast-food . The Food Institute. Retrieved November 17, 2022, from https://foodinstitute.com/focus/plant-based- alternatives-push-further-into-fast-food/ KFC® and Beyond Meat® debut much-anticipated beyond fried chicken nationwide beginning January 10 . Yum.Com. (n.d.). Retrieved November 19, 2022, from https://www.yum.com/wps/portal/yumbrands/Yumbrands/kfc- newsroom/detail/Vertical+Content_3-CW/KFC-Beyond-Fried-Chicken Maxwellrabb. (2022, February 10). Vegan fast-food options saved 600,000 animal lives in 2021 . The Beet. Retrieved November 17, 2022, from https://thebeet.com/vegan-fast-food- options-saved-600000-animal-lives-in-2021/ McKinnon, T. (2022, May 31). How beyond meat's marketing strategy set it apart . Indigo9 Digital Inc. Retrieved November 17, 2022, from https://www.indigo9digital.com/blog/beyondmeatmarketingstrategy

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