Mkt202 Marketing Management|Livestock Meat Assessment Answer

Quayside three times as much as regulaer beef - although, on the plus side, it can keep for longer than beef and is more consistent in terms of taste and quality. Penney makes a smaller profit by pricing the Impossible Burgers at a more palatable rate for consumers, they cost $27 each compared with $17 for a conventional one with comparable ingredients. Lab-grown meats are even more expensive because they are grown in pharmaceutical-grade nutrient media and placed in bioreactors that simulate the temperature considerations of a live body. Indeed, another issue that they face is the texture and taste of the meat replacements. But these issues industry watchers believe can be easily overcome. The first lab-grown burger presented in August 2013 cost US$330,000 to produce. By March 2016, Memphis Meats had unveiled a lab-grown meatball at a cost of US$18,000 a pound. A year later, it had chicken nuggets that cost US$6,000 a pound. Still, industry watchers do not expect a complete replacement of livestock meat with plant-based and lab-grown alternatives. While the food industry is innovating with alternative meats, the agriculture industry has not been idle. Says Teng from NTU: “The money invested in outdoor farming far outstrips indoor and cellular farming, so there will be a lot of progress in outdoor farming.” Adds Ghazalli: “We expect that fake meats and cultured meats will gradually command a larger slice of the pie as the adoption rate goes up and alternative meats become more popular, but it is likely that both traditional and alternative meats will coexist in the supermarket aisles.”Finally, there is the socioeconomic aspect to the consumption of these foods. The concept of clean eating is still very much a privileged preference of the First World. “In low-income countries, there are no viable substitutes for meat that can offer the same caloric value, and complete substitution could be detrimental to health. In addition, livestock farming provides income to about one billion people, most of whom are in the lower-income group,” Ghazalli says. “While it is easy to see the positive environmental impact of replacing farmed meat, we also need to ensure the socio-economic impacts, which can be very profound, are mitigated.”(adapted for academic purposes from The Edge Singapore, 6 May 2019)Question 1(a)Describe the needs, wants and demands of consumers who would eat plant-based meats such as Impossible meats or Beyond Burger at restaurants like Bread Street Kitchen and Three Buns Quayside.(b)Evaluate three (3) macroenvironment forces and explain, with supporting information, one (1) trend each that will impact the growth and success of Impossible Meats and Beyond Burger