Beyond Meat, a pioneer of plant-based burgers by closely imitating the texture and taste of beef, is attempting to revamp its retail-sales strategy in five major grocers, by hiring a new marketing executive to bring the plant-based food maker back to life. The company is centering its retail attempts with the likes of Kroger, Publix, Costco, Walmart and Whole Foods in an effort to reverse the decline of sales it's currently experiencing.
Company Background
Beyond Meat was founded in Los Angeles, California, in 2009 by a man who spent his childhood on a dairy-focused family farm. The company's primary focus is on the research, development, and commercialization of plant-based alternatives to meat. The company emphasis is the development of
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In addition, supply its clients with an alternative to the use of products that are generated from animals is also the company’s objective.
What is Beyond Meat’s Strategy?
To reinforce the desired success of the retail space attempt, Beyond Meat is relying on Akerho "AK" Oghoghomeh to spearhead the global marketing efforts, who is joining the company on the tails of his success of leading Red Bull North America’s advertising initiatives. The company’s sales are falling, and losses are growing as they’ve had to cut several top executives and layoff hundreds of employees along with the departure of their chief brand officer and the “stock is down 68% in the last year, though it has risen 37% over the past three months” (Newman, 2023). The Beyond brand isn’t alone in the sales decline of meat substitutes though grocery stores have seen an overall reduction in sales of 15% in fresh offerings along with a 3% reduction in frozen options. The strategy to turn the company around, however, is being kept quiet by all involved. While Beyond Meat is known as a plant-based meat substitute their actual marketing strategy was not revealed by anyone in the company nor the selected retailers, which was likely part of the supply
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The mission statement usually identifies the approach that companies take regarding their objectives. As stated in the Strategic Management textbook, the mission statement is defined as “what an organization actually does—that is, the products and services it plans to provide, and the markets in which it will compete” (Rothaermel, pg. 45, 2021). There is a better method to feed the plant. Beyond Meat’s purpose is to establish the future of protein – tasty plant-based burgers, sausages, crumbles.