27 Mar Identify key trends, events, factors, changes, or facts related to U.S. consumer demographics, values, attitudes, activities and lifestyles that may impact the consumption or marketing of insect-based food products

The Assignment

Refer to the Module 2 Readings in Marketing Strategy as you examine the political, economic, socio-cultural demographic, technological, environmental (natural resources) and legal environments. Also check the various PESTEL resources listed on the PESTEL Resource page in this section.

The following sections provide a list of questions to help guide your research. Try to find as much of the information as possible. Not all portions of each question below may be relevant; the questions shown are ones that should be considered for ANY type of product or business when conducting a PESTEL analysis. So don’t get frustrated, but at the same time, make a good faith effort to find information.

Sociocultural and Demographic Trends

Question 1: Identify key trends, events, factors, changes, or facts related to U.S. consumer demographics, values, attitudes, activities and lifestyles that may impact the consumption or marketing of insect-based food products. The noted information may help to suggest potential product opportunities. Also consider trends, events, attitudes, values and factors that may impact the industry in the future, potential product concepts in the future, or the viability of product markets in the future.

It is very likely that you will find multiple trends or events in this environment that are highly relevant to food consumption (and the consumption of insect protein in particular) or the marketing of food products, as well lifestyle activities / trends that may provide ideas for various product concepts. See what you can find out about the people in the U.S. who consume insect protein as part of their diet. Information on potential target markets is very helpful when evaluating potential opportunities.

Think about how the information you learn may impact a potential product’s characteristics (features, benefits, branding), pricing (value), distribution and supply chain (convenience, efficiency), promotion (message content, delivery, feedback), and people (human resource issues). Some of this information can be helpful in eliminating non-viable product concepts in a future discussion forum.

Technological trends and improvements

Question 2: How have, or how might, recent technological advances affect potential customers concerning needs/wants/preferences, access to information, the timing and location of purchase decisions, the ability to compare competing product offerings, or the ability to conduct transactions more effectively and efficiently (in the context of potential product offerings)? Identify any future technologies that may threaten the product’s viability or its marketing efforts. How have recent technological advances affected the manufacturing, process efficiency, distribution, supply chain effectiveness, promotion, cost-reduction, or customer relationship management?

Economic conditions, events, and trends

Question 3: Discuss factors and trends related to interest rates, consumer confidence, the level of disposable income, unemployment rates and consumer’s purchasing power, specifically from the perspective of the consumer food industry, or insect-protein products in general.

Specific emphasis should be placed on how various economic conditions impact potential customers’ ability to purchase discretionary food products, alternate forms of protein, luxury food products and. Any information pertaining to demand for insect-related products of various types would be excellent information to add to this section.

Political, Legal and Natural Environment Resource Trends and Events

Question 4: Identify any events or outcomes tied to the political, legal or natural resource environments that create opportunities, or threaten efforts to market the insect-based food products in the U.S. now or in the future.

Important regulatory issues govern the food industry and should be discussed – visit the FDA and FTC for more information. Also consider political activities affecting the product or the industry (domestic or foreign), potential regulations favored by elected officials, industry (lobbying) groups or political action committees, and consumer advocacy groups. Tax policies and subsidies that impact the product, the industry, or its competitors should also be considered. Changes in trade restrictions, tariffs, and government stability abroad are an important consideration for products that compete in a global arena or which are impacted by exports or substitute products.

For example, consider the stability of governments. The war between the Ukraine and Russia is projected to impact food costs, because these two countries produce 30% of the wheat that is exported. (Find a source to document this information and learn more through additional research). What will happen to the cost of wheat, and correspondingly to the cost of traditional flour? Could this present an opportunity for marketers of cricket flour, or products that use cricket protein?

Review the Module 2 Discussion Forum Grading Rubric and the Module 2 Application Forum Formatting and Process documents carefully are you prepare your responses, and ready them for submission for the “Check Similarity” link.

There are no guidelines for the minimum or maximum number of words required, but posts lacking substance, or with obvious omissions, or those which otherwise indicate superficial thought will receive little if any credit. I do expect your responses to be thorough and this will be the most research-intensive application forum.