Pricey Lab-Grown Meat
Summary of the Article:
There is a startup company, based in California, that it taking cells from tuna and cultivating them to eventually be able to eat the lab-grown tuna. As of now, they are only testing small batches at a time but they hope to start selling the lab-grown meat by the end of the year. They want to be able to sell to all kinds of restaurants from the high-end to supermarkets. However, they do not think that the lab-grown meat will be made in large enough batches until a few more years. However, there are many barriers with the consumers by introducing this into the market. One of the concerns is whether or not the consumers will buy lab created meat. Another concern is that the prices of these lab-created meats are rather a hefty price to pay. They overcame this predicament by lab creating the more expensive meats that are considered luxuries rather than the traditional meats. This industry is working towards establishing their markets as well as giving the consumers more choices.
How does the article relate to Marketing?
These companies are having to market themselves to the consumers. Since there is no prior company, they are now having to establish their own market as well as promote themselves to make them appealing to investors as well as consumers. In addition, their price is what they would have to focus on fixing. Their prices are much higher than the traditional meats. If it cost too much for the consumer, then they would not be inclined to buy nor try the lab created meat. Also, their target market would be for the people who do not agree with killing animals. However, if they are able to lower prices, then they would be a new competition with traditional meats.
URL:https://www.wsj.com/articles/lab-grown-meat-is-coming-but-the-price-is-hard-to-stomach-11556805600
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