BUSS2086 Entrepreneurship for Social and Market Impact Assessment Answer

 Q1. Explain with the help of research why company Fable Food’s idea was a good business opportunity.

Answer

Fable Food's concept of making without-meat choices involving shiitake mushrooms presents a convincing business opportunity because of multiple factors:

• Growing Demand for Plant-Based Alternatives

In recent years, there has been an increase in global demand for plant-based meat substitutes. According to Grand View Research, the worldwide plant-based meat industry will reach USD 35.4 billion by 2027, driven by reasons such as rising health consciousness, environmental concerns, and ethical issues. Fable Food's focus on developing meat substitutes that closely resemble the taste and feel of genuine meat puts it well to capitalise on this expanding market.

• Rising Environmental Concerns

The ecological effect of conventional meat creation is a huge concern for some customers. Deforestation, greenhouse gas emissions, and water pollution are all linked to livestock farming. Utilizing shiitake mushrooms, which have a smaller impact on the environment than animal agriculture, is an eco-friendly and sustainable option for Fable Food. Fable Food is in line with the values and preferences of environmentally conscious customers by offering meat alternatives that are better for the environment.

• Innovative and Differentiated Product

The use of shiitake mushrooms as the principal ingredient in Fable Food's meat replacements distinguishes it from other plant-based goods on the market. Shiitake mushrooms have a distinct texture and flavour that, when cooked, closely resembles meat, making them a good choice for producing meat alternatives. This revolutionary method gives Fable Food a competitive advantage since it provides consumers with a more realistic meat-like experience than other alternatives such as soy or wheat-based goods.

• Health and Nutritional Considerations

Additionally, health-conscious consumers who are looking for alternatives to conventional meat are driving the shift toward diets based on plants. Consuming too much meat has been linked to several health problems, including heart disease and some types of cancer, according to research. Fable Food's items, produced using shiitake mushrooms, offer a nutritious elective that is lower in fat, calories, and cholesterol contrasted with creature-based meat items. This health-centred part of their contribution further improves the business opportunity.

 Q2. Identify whether their business idea is scalable or not. Support your answer with reasons.

Answer

The following factors primarily account for the high scalability of the business concept behind Fable Food:

• Market potential

It is anticipated that the global market for plant-based meat alternatives will continue to grow in the coming years. With its focus on shiitake mushroom-based meat substitutes, Fable Food is well-positioned to capitalize on this expanding market (DeClerck, Jones and FABLE Consortium, 2019). The scalability of Fable Food's business concept becomes clear as consumer demand for ethical and sustainable food choices rises.

• Innovative production process

The use of shiitake mushrooms as the major ingredient of Fable Food's meat replacements distinguishes them from many other plant-based products. Shiitake mushrooms have a distinct texture and flavour that is similar to meat, giving customers a more realistic meat-like experience (Boukid, 2021). Shiitake mushrooms can be produced in a way that is adaptable and can be improved to meet rising demand. For year-round production and scalability, mushrooms can be grown in controlled environments like greenhouses or indoor farms.

• Flexibility and Range of Products

Fable Food can extend its product offering past the underlying meat options it offers. Burgers, sausages, meatballs, and other meat-free dishes can all be made with shiitake mushrooms. Fable Food has the chance to cater to a wide range of consumer preferences and broaden its market reach thanks to its adaptability (DeClerck, Jones and FABLE Consortium, 2019). The business can expand and expand its market share by constantly innovating and developing new products.

• Increasing Distribution Channels

The distribution and availability of plant-based meat substitutes have been rapidly expanding. To reach a larger number of customers, Fable Food can make use of the distribution networks it already has in place, such as retail partnerships, online platforms, and food service channels. Fable Food can scale its operations by securing additional distribution partnerships and expanding its presence in various markets as a greater number of retailers and food establishments embrace plant-based options.

In conclusion, the business concept of Fable Food is extremely scalable. The business operates in a market that is expanding rapidly, has a novel production process, offers a variety of adaptable products, and can take advantage of expanding distribution channels. It has also received significant support from investors.

 Q3 . Research and analyse Fable Food’s value proposition to identify the following:

1. Gains for customers created by the products/ services of company XYZ.

Answer

Gains for customers created by the products/services of Fable Food:

• Authentic Meat-like Experience

Customers can enjoy the taste, texture, and overall sensory satisfaction of real meat without actually consuming animal products with Fable Food's products. Customers can enjoy familiar flavours and eating experiences due to the company's use of shiitake mushrooms as the primary ingredient, making it a satisfying alternative to traditional meat.

• Health and Nutritional Benefits

Fable Food's items give clients acquired knowledge concerning well-being and nourishment. Customers can cut back on the saturated fats, cholesterol, and calories that are typically found in animal-based meats by choosing alternatives made from plants. While providing essential nutrients, fibre, vitamins, and minerals derived from shiitake mushrooms, Fable Food's products frequently contain less fat and calories.

• Environmental and Ethical Considerations

Fable Food's items offer additions in tending to ecological and moral concerns. Clients who pick Fable Food are having a constructive outcome on the climate by diminishing their carbon impression and supporting reasonable food decisions. These increases line up with the developing shopper wanting to add to a more economical future by lessening the ecological effect of their food decisions.

1. Customer pains solved by the products/ services of company XYZ.

Answer

Customer pains are solved by the products/services of Fable Food

• Health Concerns

The products of Fable Food target the client's pain point of health problems related to excessive meat eating. Fable Food encourages customers to make healthier nutritional choices without compromising flavour or enjoyment by delivering meat-free alternatives produced from shiitake mushrooms, which are lower in fat and cholesterol.

• Environmental Impact

The products of Fable Food alleviate the suffering that customers experience as a result of conventional meat production's impact on the environment. Customers can lessen their impact on deforestation, greenhouse gas emissions, and water pollution caused by animal agriculture by choosing plant-based alternatives from Fable Food.

• Ethical Considerations

Customers who are concerned about the welfare of animals can find relief in the products that Fable Food sells. Customers can dine guilt-free knowing that their choices are in line with their ethical values and help reduce demand for animal farming by choosing meat-free alternatives.

1. Explain how the products/ services of company XYZ create customer gains and solve customer pains.

Answer

Customers benefit from the authentic meat-like experience, health and nutritional benefits, and environmental and ethical considerations offered by Fable Food's products. Customers can enjoy familiar flavours while making healthier choices by choosing plant-based alternatives that closely resemble the flavour, texture, and overall satisfaction of meat. The primary ingredient, shiitake mushrooms, provides essential nutrients in addition to nutritional benefits like a lower fat and cholesterol content.

Additionally, Fable Food's products alleviate ethical dilemmas regarding animal welfare, reduce the environmental impact of traditional meat production, and address health issues associated with excessive meat consumption, all of which alleviate customer discomfort. Without compromising their health or causing harm to the environment, customers can benefit from a satiating and flavorful dining experience.

Overall, Fable Food's products/services serve clients by providing a realistic meat-like experience, health advantages, and alignment with environmental and ethical principles. Fable Food's products cater to the changing requirements and preferences of conscious consumers looking for sustainable and ethical food choices by addressing customer pain points related to health, the environment, and the welfare of animals.

Q4. Identify the customer profile and explain why this product is more suitable for this customer profile.

Answer

Customers who are interested in consuming less meat and in sustainable and ethical food choices make up the customer profile for Fable Foods' products. This incorporates health-conscious buyers who focus on their prosperity and look for nutritious options in contrast to customary meat (Lee et al. 2020). Shiitake mushroom-based plant-based products from Fable Food are a healthier alternative to animal-based meat products that are lower in fat, calories, and cholesterol. Furthermore, ecologically cognizant shoppers worried about the natural effect of meat creation are drawn to Fable Food's items as they offer a more supportable decision.

By picking plant-based other options, these clients can lessen their carbon impression and add to limiting deforestation, ozone-harming substance outflows, and water contamination. Fable Food's products are suitable for flexitarians and pescetarians, people who are open to cutting back on their meat consumption (Hwang et al. 2020) These people enjoy familiar flavours while making conscious dietary choices because the products closely resemble the taste and texture of real meat. In general, customers who value their health, care about sustainability, and are looking for authentic and satisfying meat-free alternatives are better suited to Fable Foods' products.

Q5. Identify and discuss:

1. The key principles of Lean Canvas that apply to Fable Food.

Answer

• Problem-solution fit

The environmental impact and ethical concerns associated with traditional meat production are identified by Fable Food as a market issue (Felicetti et al. 2023). They answer plant-based options produced using shiitake mushrooms that imitate the taste and surface of the meat. This shows that the problem and the solution fit well.

• Unique value proposition

Fable Food's unique value proposition is its ability to provide meat-free alternatives that taste and texture nearly identical to genuine meat. This distinguishes them from other plant-based enterprises and offers them a commercial advantage.

• Customer segments

Fable Food has identified its target customer segments, which include people who care about their health, consumers who care about the environment, and flexitarians and pescetarians (Bagienska et al. 2018). By understanding their clients' necessities and inclinations, Fable Food can tailor their items and promote procedures to reach and draw in their ideal interest group successfully.

• Channels

To make its products easily accessible to customers, Fable Food makes use of a variety of distribution channels, including food service establishments, online platforms, and retail stores (Felicetti et al. 2023). This multi-channel approach guarantees clients can find and buy their items advantageously, expanding their compass and client commitment.

• Revenue streams

Fable Food creates income through the offer of plant-based items. To meet the needs of various customer groups and make the most of their revenue potential, they may offer a variety of pricing tiers or packaging options.

• Cost structure

Fable Foods needs to think about its cost structure, which includes how much it costs to get high-quality shiitake mushrooms, make them, sell them, market them, and do research and development regularly (Holttinen et al. 2014). They can ensure profitability and sustainability by maximizing efficiency and costs.

• Key metrics

Fable Food might follow key measurements, for example, client securing, standards for dependability, income per client, and consumer loyalty to gauge the progress of their business and settle on information-driven choices for development and improvement.

1. Fable Food’s key competitors and examining any unfair advantage Fable Food may have.

Answer

Fable Foods, a plant-based meat producer, competes in a crowded industry with numerous major players. Beyond Meat, Impossible Foods, and Quorn are among the leading rivals in the plant-based meat sector. One of Fable Foods' main competitors is Beyond Meat, which is best known for its Beyond Burger (Lee et al. 2020). It has laid out areas of strength for a presence and has protected organizations with significant food service suppliers and retailers.

Fable Foods has a few major advantages in terms of unfair advantage. To begin, the organisation has created a distinct product that sticks out in the market. Fable Foods sells plant-based meat derived from mushrooms, which has a different flavour and texture when compared to its competitors' goods (Boukid, 2021). This distinction provides Fable Foods with a competitive advantage in acquiring a particular market sector. Additionally, Fable Foods has been successful in securing partnerships and collaborations with notable individuals. For instance, they have developed novel plant-based dishes in partnership with well-known restaurants and chefs (Hwang et al 2020). These associations improve Fable Food varieties' image picture and help in extending its compass to purchasers. Fable Foods has also garnered accolades and prizes for its product innovation and environmental practices. This excellent reputation helps to establish consumer trust and loyalty, providing the firm with a competitive edge.

1. Why is the concept of unfair advantage important for Fable Food?

Answer

Fable Foods values the idea of unfair advantage because it gives them a competitive advantage and sets them apart from competitors in the market.

There is a lot of competition in the food industry, including the plant-based market. Fable Food can differentiate itself from rivals by offering something distinctive and valuable because it has an unfair advantage (Koguciuk et al. 2017). In their case, using shiitake mushrooms to make meat-like substitutes gives them a unique product that tastes and feels like real meat. Fable Food can differentiate itself from the competition by offering an authentic meat-like dining experience.

Potential rivals may find it difficult to enter the market if they have an unfair advantage. It can be challenging for other businesses to replicate Fable Food's products or achieve the same level of quality and taste due to the company's unique approach and expertise in using shiitake mushrooms to create plant-based alternatives (Bagienska et al. 2018). Fable Foods enjoys a competitive advantage due to this entry barrier, which safeguards its market position and enables them to increase its market share.

An unfair advantage can help improve a brand's reputation and build customer loyalty. Fable Food has an advantage in gaining customer trust and loyalty because it can provide an authentic meat-like experience of high quality (Holttinen et al. 2014). Fable Food's market position and reputation will be strengthened as a result of satisfied customers increased likelihood of repeat purchases and brand advocacy.

By utilizing their unreasonable benefit, Fable Food can accomplish manageable development in the long haul. Their distinctive approach to developing plant-based substitutes is in line with the rising demand from consumers for sustainable and ethical food options. Fable Food can attract investment opportunities for further growth and innovation by securing a devoted customer base, expanding into new markets, and offering a distinct product line.

 Q6 . Comment on the social impact that Fable Food is creating for the community. Discuss with the help of research in the area of corporate social responsibility the key effects that their social impact may have on their economic performance.

Answer

The social effect of Fable Food goes beyond simply offering plant-based options to the community and includes numerous facets of corporate social responsibility (CSR). According to research, engaging in CSR practices can improve a company's economic success.

Fable Food's emphasis on plant-based alternatives lessens the environmental impact of conventional meat production. Fable Food helps to solve climate change, reduce greenhouse gas emissions, and preserve natural resources by providing sustainable alternatives. According to research, organisations that practise good environmental CSR may improve their reputation, attract environmentally sensitive customers, and strengthen their market position, resulting in improved sales and profitability (Koguciuk et al. 2017).

Customers expect businesses to put animal welfare first, so Fable Food's commitment to ethical sourcing is in line with their expectations. Fable Food supports the more humane treatment of animals and reduces demand for animal farming by promoting plant-based alternatives (Stawicki et al. 2017). When it comes to their corporate social responsibility (CSR) efforts, businesses that place a high priority on the welfare of animals have the potential to enhance their brand's reputation, boost customer loyalty, and gain a competitive advantage—all of which can have a positive effect on their economic performance.

Customers can choose healthier meat alternatives from Fable Food's products. By offering plant-based choices that are lower in fat and cholesterol, Fable Food adds to work on general well-being and prosperity. According to research, health-related CSR initiatives have the potential to positively influence customer perceptions, boost customer trust, and propel sales growth (Stawicki, 2017).

Positive relationships with the community can be built through Fable Food's involvement in community engagement initiatives like partnerships with charitable organizations or collaborations with local farmers. This commitment shows a promise to social obligation, upgrades brand notoriety and can draw in client reliability and backing. Customers tend to be more loyal, positive word-of-mouth spreads, and economic performance improves for businesses that actively participate in their communities.

References:

Bagienska, A. (2018). Employee value Proposition as a tool of employer branding. Economic and Social Development: Book of Proceedings , 370-379. Retrieved from: https://www.academia.edu/download/55986336/Book_of_Proceedings_esd_Rome_2018_Online.pdf#page=381 [Retrieved on 19.5.2023]

Boukid, F. (2021). Plant-based meat analogues: From niche to mainstream. European Food Research and Technology , 247 (2), 297-308. Retrieved from: https://link.springer.com/article/10.1007/s00217-020-03630-9 [Retrieved on 19.5.2023]

DeClerck, F. A., Jones, S., & FABLE Consortium. (2019). Pathways to sustainable land-use and food systems: 2019 Report of the FABLE Consortium. Retrieved from: https://cgspace.cgiar.org/handle/10568/105471 [Retrieved on 19.5.2023]

Felicetti, A. M., Volpentesta, A. P., Linzalone, R., Schiuma, G., & Ammirato, S. (2023). Business model innovation in the food sector: towards a dimensional framework for analyzing the value proposition of digital platforms for food information services. European Journal of Innovation Management . Retrieved from: https://www.emerald.com/insight/content/doi/10.1108/EJIM-10-2022-0563/full/html [Retrieved on 19.5.2023]

Holttinen, H. (2014). Contextualizing value propositions: Examining how consumers experience value propositions in their practices. Australasian Marketing Journal (AMJ) , 22 (2), 103-110. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1441358213000414 [Retrieved on 19.5.2023]

Hwang, J., You, J., Moon, J., & Jeong, J. (2020). Factors affecting consumers’ alternative meats buying intentions: Plant-based meat alternative and cultured meat. Sustainability , 12 (14), 5662. Retrieved from: https://www.mdpi.com/768964 [Retrieved on 19.5.2023]

Koguciuk, G. (2017). Tackling unfair trading practices in the business-to-business food supply chain–legal solutions in Ireland. internetowy Kwartalnik Antymonopolowy i Regulacyjny , 6 (8), 33-43. Retrieved from: https://bibliotekanauki.pl/articles/507908.pdf [Retrieved on 19.5.2023]

Lee, H. J., Yong, H. I., Kim, M., Choi, Y. S., & Jo, C. (2020). Status of meat alternatives and their potential role in the future meat market—A review. Asian-Australasian Journal of animal sciences , 33 (10), 1533. Retrieved from: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7463075/ [Retrieved on 19.5.2023]

Stawicki, A. (2017). The Polish Competition Authority Gains Greater Authority to Fight Unfair Practices in the Food Industry. Eur. Competition & Reg. L. Rev. , 1 , 67. Retrieved from: https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/core1&section=13 [Retrieved on 19.5.2023]

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