ENTREPRENEURIAL HW#1

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University of Guelph-Humber *

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Marketing

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Feb 20, 2024

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Group members: Garrett Callahan Sattvik Kharbanda Harry Nguyen (Hoang. V. Nguyen) Franklyn Marshall This is due OCT 2 @ midnight in the dropbox. Worth 5%. Please use APA citation, you many use point form. NO MORE THAN 500 words. Include a picture if you can. 1. Find an emerging trend in the processed food industry. - Plant-Based Vegan Products Trend with the chosen brand of Beyond Meat. 2. Find a product that you think is responding to that trend. Why? - Beyond Meat food products ex. burgers, wings, jerky, sausages, etc. - This company is a great instance of responding to a trend as they were founded in 2009, at the beginning of this new era of focusing on environmental corporate social responsibility. - This also catered to both vegetarians, vegans, pescatarians and people of religious denominations that are against consuming meat, but may have an interest in consuming tasty fast-food meals. - The movement to plant based consumption is increasing and almost becoming a trend worldwide, as people are shifting towards a more plant based diet as 6% of US consumers claim to be vegan, which is an increase of 6 times from 2014.

3. Give TWO entrepreneurial challenges that you speculate this brand must address. You should use 2/4 below and explain your answers: a. Distribution - The global supply chain situation has been bleak due to the long-term COVID-19 lockdown in China, the Russia-Ukraine war, and many risks from customer demand. As a result, Beyond Meat is also affected when it introduces new products, plant-based jerky. According to Ethan Brown - CEO of the company, the cost of goods sold had increased by $1.15 per lb year-over-year, primarily by the higher cost manufacturing network used to produce the product (Nunes, 2022). - Though Beyond Meat is available for distribution in over 50 countries, the plant-based diet tends to not be very welcoming all around the world due to the complexities of cost and accessibility. (Kaur, 2021) c. Lack of product differentiation / competition - As a company, Beyond Meat lacks diversity in its product line. According to EdrawMax, they are "yet to release alternatives of seafood and lamb meat," meaning they are presently confined to prominently fast food-like vegetarian products (EdrawMask, 2022). They also rely on a combination of soy and pea protein, two resources with a limited supply. - Due to the complexity of creating a product that tastes like something else, the manufacturing cost is very high thus leading to higher prices for consumers, the number of competition has also caused pricing to be a factor within the plant based food industry. (Trainer & Great Speculations, 2020) - Beyond Meat also has a significant competitor in Impossible Foods, gaining substantial market share in the industry. During the pandemic, Impossible "catapulted from 5% market share in plant-based patties to 55%," further adding uncertainty to Beyond's future success (Shanker, 2021).

REFERENCE Kaur, H. (2021, December 29). Beyond Meat's Revenue by Region (2019 - 2022) . Business Quant. Retrieved October 1, 2022, from https://businessquant.com/beyond-meat-revenue-by-region Nunes, K. (2022, May 12). Beyond Meat sticking to its strategy despite continuing lossesKeith . Food Business News. Retrieved October 1, 2022, from https://www.foodbusinessnews.net/articles/21343-beyond-meat-sticking-to-its-strategy-des pite-continuing-losses Beyond Meat Swot Analysis: EdrawMax Online . Edrawsoft. (n.d.). Retrieved October 1, 2022, from https://www.edrawmax.com/article/beyond-meat-swot-analysis.html Shanker, D. (2021, April 16). Beyond meat (BYND), Impossible Foods battle over future of Fake Meat Industry . Bloomberg.com. Retrieved October 1, 2022, from https://www.bloomberg.com/news/articles/2021-04-16/beyond-meat-bynd-impossible-food s-battle-over-future-of-fake-meat-industry Trainer, D., & Great Speculations. (2020, September 14). Competition Will Eat Beyond Meat Alive . Forbes. Retrieved October 1, 2022, from https://www.forbes.com/sites/greatspeculations/2020/09/14/competition-will-eat-beyond-m eat-alive/?sh=2f3fb34f2946

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