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Description

Learners should consider the method (

described BELOW

) in conducting and reporting on their analysis. The cases may have supplemental data in a spreadsheet; analysis of this data should support any conclusions.

ANY case Presentation should use the

following outline

(note, this mirrors the discussion of the case presentation process presented above):

(1) Identify Audience, presenter, date, and KEY ISSUE- you are preparing a memo so the TO/From should be appropriate (you are writing to the organization in the case and your are writing as a consultant or analyst) and the SUBJECT line should indicate the possible solution (e.g. to increase sales revenue….).

(2) Provide an executive summary (key Issue, Analysis, Recommendations and expected outcomes) THIS should be very concise and clear and action oriented.

(3) Define the problem or opportunity to be analyzed (use measurable/specific objectives for best impact). DO NOT REPEAT facts from the case – identify the challenge and how it relates to what the organization is trying to accomplish.

(4) Develop a relevant and balanced analysis (note SWOT and PEST are insufficient, but a good place to start)

(5) Identify viable alternative solutions (the case will always suggest some options, but there are always more options, including “walk away” or “stay the course/do nothing”).

(6) Analyze alternatives in context with defined criteria (Ideally, evaluate the option using pro/con analysis using insights developed in the analysis (step 4) and TIE back to the OBJECTIVES (step 3, above).

(7) Selects a recommended alternative and discuss issues related to implementation. I DO NOT WANT lots of detail on implementation (I know, other classes ask you to do this); I want to know if the organization does this, will it need more resources or skills, or investment, etc – think picture implementation.

Note – while Harvard Business Cases often POSE specific questions, these questions should only

guide

thinking. The objective of the assignment is to use a

decision making process

to identify opportunities and to support recommendations. LEARNERS SHOULD SEEK to EXPLICITLY connect the case to course material.

So that’s the basic outline of the memo presentation, but you need to do the ANALYSIS PROCESS; t

he basic steps to ANALYSIS/REPORT, which are covered extensively in the course, include a clear statement of:

Decisions:

What are the key decisions that must be made by the focal decision maker? Learners often isolate/focus on relatively minor decisions; learners need to develop analysis so that a full decision scope is identified. This discussion also includes a concise statement of the “problem” or “opportunity” faced.

Objectives:

What objectives is management trying to achieve? These often take the form of growth, market share, profit, or cash goals. Do these make sense, given analysis?

Analysis

Market Analysis:

What is known about the market size, growth, presence/evolution of market segments? What markets for other products forms impinge upon the market being considered?

Environmental Analysis:

What are the key imperatives and/or changes taking place outside of the industry that affect both the firm and its competitors? Examine the economic, technological, social, regulatory, political, and legal environments.

Industry Analysi

s: What is happening in the industry? What is the state of competition between existing competitors? To what extent are new firms entering the market? What is the level of competition from products made with different technologies? Are suppliers integrating forwards, laterally? Are our customers integrating backwards?

Customer Analysis:

Who are the customers? What sets of benefits do they require?

Competitor Analysis

: What are the strengths and weaknesses of competitors? What are their strategies? Can their strategies change? If so, how? What strategies might be expected from new entrants?

Firm Analysis:

What are the firm’s strengths and weaknesses? What strategies have been pursued in the past? How successful had these been?

Economic Analysis:

What does the economic analysis show? Given the set of decisions and objectives facing the decision maker, what is the nature of the consequences of the decision in economic terms?

Assumptions:

As learners reflect on their analysis, it is critical to state the key assumptions upon which the strategy is based.

Alternatives:

What are the two or three major courses of action that could be followed to reach the firm’s objectives? For each alternative identified, lay out pros and cons (this can be done as a table for conciseness, but learners should be prepared to defend their positions).

Action Plan:

What is being recommended? Lay out a broad strategy and identify specific action steps as well as a rough plan for implementation. Consideration of investments/costs must be made.

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9 -9 2 0 -5 6 3
APRIL 30, 2020
JOHN A. QUELCH
KATHERINE B. HARTMAN
Promoting Land and Nature Jerky
“I really do not like Mondays,” Kathy Ayers, Vice President of Marketing and Communications for
Land and Nature (L&N) Jerky Company, thought as she reflected on her afternoon meeting with L&N’s
CEO, Tim Ryan. During the meeting, Ayers and Ryan had reviewed L&N’s actual, expected, and
forecasted income statements from 2018 through 2020 (Exhibit 1). Ryan explained, “For 2020, we hope
to run at 80% capacity. That will lead to 4% growth in revenue, assuming the same variable cost
percentages that we have now, and a 3% increase in fixed costs. Our forecast operating profit for 2020
is currently 5.2% of sales, well short of the 7% target headquarters has for the company.”
Startled, Ayers looked at Ryan, who stated, “I want your team to help me achieve this goal. By next
week’s leadership meeting, I need you to analyze the effectiveness of our consumer and trade
promotions and make recommendations for the 2020 budget to ensure we use our resources wisely.”
Although relieved her budget was not being cut again, Ayers needed to ensure Ryan understood
the importance of promotions. She said, “We cannot increase sales, stimulate demand, and encourage
trial without consumer promotions. Trade promotions are less essential, but they have helped us secure
new accounts, encouraged our partners to stock more inventory, and generated point-of-purchase
discounts passed along from our partners to consumers.”
Ryan paused briefly before responding. “I think you’re right, but we must have some numbers to
support that hypothesis,” he said. “Corporate wants us to justify our position that promotions expense
translates to revenue because if it does not, why should we spend it?”
After meeting Ryan, Ayers called Steve Ham, L&N’s Chief Financial Officer. “Steve, can you get
some numbers together for me?” she asked. “I need to first calculate return-on-marketing-investment
(ROMI) for both consumer and trade promotions and then consider how to adjust the budget to
maximize ROMI.”
To Ayers’s surprise, Ham replied, “I have been working on that for the past week. Give me an hour
to finish it.” Now, Ayers was on her way to Ham’s office with her notes and planned budget.
________________________________________________________________________________________________________________
HBS Professor Emeritus John A. Quelch and Ohio University Professor Katherine B. Hartman prepared this case solely as a basis for class discussion
and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. Although based on real events and
despite occasional reference to actual companies, this case is fictitious and any resemblance to actual persons or entities is coincidental.
Copyright © 2020 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685,
write Harvard Business Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication may not be digitized, photocopied, or
otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.
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920-563 | Promoting Land and Nature Jerky
Meat Jerky Industry in the United States
The meat jerky industry included companies that dehydrate (or cure), season, and package meat
into meat jerky products. In 2018, estimated sales were $1.3 billion ($67.3 million in profit) with
projected annual growth of 2.7%. 1 On average, operating profit margins were approximately 5%. 2
Products
Meat jerky was a nutrient-dense, shelf-stable meat that was made lightweight by drying; a pound
of meat or poultry weighed about four ounces after being made into jerky. 3 It was made from lean cuts
of whole muscle. Meat was sliced into thin strips or restructured muscle by grinding and processing
whole muscle to form a more uniform shape. Most jerky was sold in plastic, multi-serve bags.
In 2018, beef had 79% of total U.S. jerky sales. Less than 20% of jerky sales came from other meats
such as turkey, chicken, pork, and game such as deer, elk, salmon, and buffalo. 4 Analysts predicted
beef jerky revenue would decline and sales of innovative flavors and healthier meats would increase. 5
Meat snacks were made from processed meats, including both muscle and fat, typically formed into
sticks that were encased like sausage, and often sold in single-serving packages. The nutritional
contents of jerky and meat snacks differed considerably. For example, in 2019, a one-ounce serving of
Oberto’s All-Natural Original Beef Jerky was 70 calories with 0.5g of fat and 10g of protein, while a
one-ounce serving of Slim Jim’s Original Beef Stick was 140 calories with 11g of fat and 6g of protein.
Competitive Landscape
In 2018, the top three competitors accounted for 60% of total sales in the U.S. market. 6 The largest
was Link Snacks, Inc. (26%), which produced beef jerky, turkey jerky, beef sticks, and meat and cheese
packs under the brand name Jack Link’s. The Oberto Sausage Company was the second-largest
competitor (19%). It produced and sold beef jerky, salami, pepperoni, and other snack sausages under
the brand name Oh Boy! Oberto. Slim Jim, produced by a division of Conagra Brands Inc., was the
third-largest competitor (15%). It offered a wide variety of meat sticks, meat snacks, and dried sausages.
The remaining industry revenue included numerous smaller companies and hundreds of singleperson operations. Many of them offered premium-quality products. For example, Chef’s Cut Real
Jerky offered protein-rich jerky targeted to golfers, and Country Archer Jerky Co. produced gourmet
jerky, sticks, and bars made with “premium and clean” ingredients. 7
Rapid revenue growth had also spurred industry consolidation, with global food companies
acquiring small jerky producers. As examples, Hershey’s purchased KRAVE in 2015, General Mills
acquired EPIC Provisions in 2016, and Premium Brands Holding Corporation purchased Oberto in
2018. These companies used their power to secure limited shelf space.
The bases of competition were product price-quality, channel relationships, and innovationdifferentiation. 8 Most consumers were price sensitive, yet those concerned with quality were loyal to
competitively priced brands. Producers needed relationships with meat producers to ensure steady
access to inputs as well as distributors to secure shelf space in stores. Innovation and differentiation
helped earn consumer interest, command higher prices, and secure product placement. These efforts
included new flavor profiles, all-natural or organic variations, and artisanal (small batch) handcrafted
product lines that were targeted at athletes, hikers, and campers.
L&N considered KRAVE, EPIC, Chef’s Cut, and Country Archer as its direct competitors. L&N had
products that were similarly priced (per ounce) to their competitors’, but the other companies had more
2
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product items than L&N. EPIC sold 4 flavors of traditional jerky, 6 flavors of meat steaks, and 12 flavors
of meat bars using 9 different meats. Chef’s Cut sold eight flavors of traditional jerky and six flavors of
meat sticks. Country Archer sold 11 flavors of traditional jerky and 7 flavors of meat sticks.
Markets and Distribution
Most sales of meat jerky were derived from grocery wholesalers (78%). The remainder were sold
directly to supermarkets and convenience stores (12.5%) or exported to other countries (9.5%). 9 Grocery
wholesalers supplied supermarkets, convenience stores, and others with a range of packaged snack
foods, including meat jerky. However, the grocery wholesaler market share had been decreasing as
online ordering systems enabled automatic repurchasing directly from producers.
In 2018, U.S. retail sales of meat snacks were $3.6 billion. 10 Using inflation-adjusted prices, retail
sales had increased 29% between 2013 and 2018 and were forecasted to continue to grow an additional
19% by 2023. 11 Convenience stores generated 72% of retail revenue, and supermarkets accounted for
approximately 20%. 12
According to a survey of U.S. consumers, 13 42% of households had purchased meat snacks at least
once during the previous three months. Among consumers aged 18–34, 54% of men and 33% of women
reported purchasing meat snacks themselves. Exhibit 2 provides excerpts from the survey.
L&N’s competitors relied increasingly on promotions to retain existing customers and attract new
ones. The typical revenue-to-cost ratio for consumer promotions in the jerky industry was 5:1, where
every dollar spent should produce an additional five dollars in revenues. The typical revenue-to-cost
ratio for trade promotions in the meat snack industry was 4:1.
Land and Nature (L&N) Jerky Company
Located in Nebraska, L&N was an independent subsidiary owned by KB Holdings, a global food
company. Until 2014, L&N had slowly expanded its product lines to include a variety of premiumquality, all-natural jerky that was available in stores throughout the Great Plains. In 2014, KB Holdings
purchased L&N to build its portfolio of all-natural, eco-friendly products by expanding L&N’s
distribution nationwide. Surveys suggested that jerky consumers considered L&N one of the top five
brands among all-natural artisan jerky and meat snacks.
Philosophy & Production
Ayers had joined L&N because she believed in its focus on sustainability; L&N sourced its products
from sustainable farms and produced products using eco-friendly practices. It processed only
traditional meats (beef, turkey, and pork) to scale production responsibly and efficiently. The company
also supported conservation efforts and nonprofit organizations.
Unlike competitors that used co-packers, L&N processed purchased meat in its own production
facility. It employed 20 workers and used USDA Food Safety and Inspection Service (FSIS) guidelines
for jerky processing: strip preparation, marination, antimicrobial interventions, surface preparation
and lethality (i.e., the process for destroying pathogenic microorganisms), drying, and post-drying
heating. 14 Managing its own facilities improved quality control and lowered production costs.
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Product and Pricing
In 2019, L&N’s product mix included two lines: traditional beef jerky and meat strips. L&N’s jerky
was made from whole muscle beef and came in four flavors: regular, teriyaki, barbeque, and habanero.
Strips were introduced as an extension to L&N’s product mix in 2013. They were made from beef,
turkey, and pork using restructured muscle. Strips were offered in three unique flavor combinations:
chipotle-lime turkey, apple-walnut pork, and dark chocolate, and blackberry beef. In 2016, L&N’s
chipotle-lime turkey strip won a national award from the American Cured Meat Championships. In
2018, jerky accounted for 42% of L&N’s revenue, strips for 58%.
Since 2015, L&N wholesale prices for jerky and strips were $3 and $1, respectively. In 2017, L&N
reduced its jerky package size from 2.2 to 2.0 ounces and its strip package size from 0.8 to 0.7 ounces
to address rising material costs while maintaining prices. In 2019, jerky was sold in resealable pouches
for $5.49 MSRP. Retailers frequently discounted jerky; the average retail price in 2019 was $4.99. Strips
were sold in individual, vacuum-sealed packages for $1.99 MSRP. They offered fewer price discounts
on strips; the average retail price in 2019 was $1.89. Although products were competitively priced
against premium national brands, L&N had one of the highest price-per-ounce MSRP.
Positioning and Customers
In 2016, Ayers had convinced Ryan to reposition L&N’s products. L&N situated itself as an artisanal
heritage brand that made hand-crafted, better-for-you products, and it began promoting its products
as high-quality, protein-rich, and all-natural. Its packaging emphasized grams of protein per serving,
all-natural ingredients, and minimal processing. L&N’s products were labeled as certified paleo,
gluten-free, and grain-free. Its practices for meat sourcing practices allowed L&N to be the only
national meat jerky producer permitted to label its products using three AGW (A Greener World)
certifications: Certified Grassfed, Certified Non–GMO, and Animal Welfare Approved.
Rather than using a Wild West theme to differentiate its products, L&N used bold graphics and
vibrant colors. The primary colors of its meat steak strip packaging varied by flavor: apple red (applewalnut pork); lime green (chipotle-lime turkey); and blackberry purple (dark chocolate and blackberry
beef). In addition, L&N differentiated itself from other artisanal jerky brands—which usually used
sophisticated, artistically rendered images—by using cartoon-rendered food icons. Branding choices
positioned L&N products as offbeat and quirky.
The market study that Ayers had commissioned showed that L&N had strong brand awareness
among meat snack consumers (75% aided recall), which was comparable to competitors such as
KRAVE, EPIC, Country Archer, and Chef’s Cut. According to the study, 12% of consumers surveyed
had purchased an L&N product at least once in the previous three months; 40% of those surveyed had
purchased any meat snack during that period. Consumers who had purchased L&N’s products tended
to be college-educated, working adults with household incomes of $75,000–$99,999.
Compared to the average meat snack consumer, L&N customers were more likely to look at
ingredients before buying snack foods (42% vs. 28%) and less likely to identify low price as important
to their purchase decision (16% vs. 39%). The study also suggested that L&N’s customers were far more
likely to look for labels like L&N’s AGW certifications than the average jerky buyer was (39% vs. 27%).
Exhibit 3 compares L&N customers to all customers who purchased meat snacks.
4
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Distribution
As a subsidiary of KB Holdings, L&N enjoyed strong distribution. In the United States, 70% of
supermarket chains, 44% of convenience stores, and 36% of independent grocers stocked at least one
L&N product. KB Holdings managed reordering, restocking, and delivery for all retail accounts in
exchange for 10% of L&N‘s revenue; typical grocery wholesaler distribution fees ran from 15% to 30%.
L&N also considered its relationship with KB Holdings to be a major competitive advantage. Unlike
independent, wholesale distributors that often represented several jerky brands, KB Holdings had a
vested interest in L&N’s long-term revenue and profit growth.
L&N’s jerky pouches were offered near other jerky products on hanger shelves. Strips were sold
from L&N display boxes located near nutrition bars. Independent of KB Holdings, L&N managed its
own advertising, consumer promotions, and trade promotions through a three-person sales and
marketing team, which had developed successful point-of-purchase displays in convenience stores that
increased impulse purchases. L&N’s annual survey of distributors indicated strong satisfaction with
product quality (95%), inventory turn (91%), relationship (88%), and trade promotions (81%).
L&N’s Integrated Marketing Communications
Ayers arrived at Ham’s office and sat down. She gave him a copy of her notes and budget and began
to explain. “As you know, we conceptualize L&N’s marketing communications strategy using three
components: (1) strategic intent, including the communication goals and target audience; (2) strategic
execution, including message/story and media; and (3) strategic impact, including budget and
effectiveness metrics. In 2019, our goal was to build a preference for our products and increase the
likelihood of purchase. We targeted mainly existing customers, but we also targeted consumers who
expressed interest in jerky or meat snacks online. We shared our message primarily through paid and
owned online media. We also used consumer and trade promotions to build demand.”
L&N’s paid media included social media ads, search ads, and image-rich display ads. Its owned
media included a mobile-friendly website and company-sponsored social media content that used a
combination of humor and emotional (feel-good) appeals. For example, the L&N website shared
information about sustainability practices as well as funny animal pictures and videos.
L&N had recently finished negotiations with a company to outsource a portion of paid and owned
media. The company specialized in targeting and delivering marketing content using marketing
automation, artificial intelligence, and machine learning. By outsourcing, L&N estimated it would
reduce its 2020 paid and owned media budget from $700,000 to $500,000.
L&N invested heavily in consumer promotions, which were pull marketing communications
intended to induce end users to purchase L&N’s products at the point of sale. Consumer promotions
also encouraged trial among new customers; L&N commonly used digital coupons (e.g., buy-one-getone and cents-off) and instant savings stickers on packages. L&N also invested in social media contests
in which participants earned money to be donated to a sustainable nonprofit organization. For
example, L&N invited participants to share pictures of nature via social media. It then selected five
entries as finalists and asked followers to vote for their favorite. L&N donated $50,000 to the preferred
nonprofit of the winning photographer and $10,000 to the nonprofit of the runner-up. L&N alternated
promotions monthly so that it offered consumer promotions during even months (February, April,
June, August, October, and December).
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920-563 | Promoting Land and Nature Jerky
Ayers explained, “Consumer promotions will drive most of our revenue generation. We get a lot of
positive feedback on social media when we offer promotions that consumers like. Our customers
especially love to re-share contests and promotions that benefit social and environmental causes they
support. Our loyal customers are one of our greatest assets.”
L&N also invested in trade promotions, which were push marketing communications designed to
motivate retailers to sell products to consumers and to maintain distributor relationships and loyalty.
L&N’s trade promotions included discounts off invoice prices, free cases with minimum orders, shelf
talkers (i.e., signs attached to a shelf that were designed to attract a customer’s attention, and
performance discount incentives for verifiable merchandising/advertising support). L&N regarded
this effort as key for getting retailers to carry L&N products; it estimated that half its accounts would
discontinue carrying L&N’s products without them. L&N alternated promotions monthly; it offered
trade promotions during odd months (January, March, May, July, September, and November).
Ayers explained: “I am not sure about the effectiveness of our trade promotions. Our trade partners
tell us that our timing, duration, and frequency of trade promotions are very effective and that our
shelf talkers and vibrant packaging are distinct visuals. In addition, thanks to KB holdings, we have
fewer out-of-stock issues and higher inventory turn-over rates than our competitors do. However,
although our goal is for retailers to pass along discounts to stimulate demand rather than build their
own inventory, we cannot control how our partners manage their inventory or stock our products.”
Ham told Ayers. “I just finished these estimates. Using historical sales records, expected organic
growth, and the 2018 and 2019 monthly marketing expenses (Exhibit 4), I estimated incremental
revenue for trade and consumer promotions (Exhibit 5). I think this information will help you estimate
ROMI for promotions for the 2020 budget, which includes $700,000 for owned and paid media, $400,000
for consumer promotions, and $300,000 for trade promotions. Unfortunately, I do not have the data to
calculate incremental revenue for media spending.” Ayers thanked Ham for the information.
Decision
As Ayers walked back to her office, she reflected on Ryan’s request during their earlier meeting:
I want you to estimate L&N forecasted 2020 operating profit (Exhibit 1) using three
options: reduce L&N’s total promotion budget by 30%, increase L&N’s consumer
promotions by $200,000, or increase L&N’s trade promotions by $200,000. Because we can
reduce our paid and owned media budget by 30%, the first option explores whether we
can achieve our profit goal by reducing promotion spending. Options two and three,
increasing consumer promotions and increasing trade promotions, respectively, would
reallocate the savings from the paid and owned media budget to promotions. I want to
invest all the savings into one category, to maintain existing programs while increasing
investments in new programs. I do not want to invest more money into both consumer
and trade promotions because it will split the focus of your team.
Ayers replied, “Beyond these calculations, we must consider both strategic and financial issues.
L&N must differentiate our products from those of our competitors. Our positioning and emphasis on
better-for-you ingredients have been effective, but the competitive landscape is changing.”
Ryan said, “I might agree, but remember that you have under a week to do your analyses and make
your recommendation. I look forward to hearing what your data suggest.”
6
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Exhibit 1: L&N Consolidated Income Statement
Revenue
Variable Costs
Raw materials
Production
Distribution
Gross profit
Fixed Costs
Wages
Marketing
G&A
Operating profit
2018 ($)
$9,585,000
2019 (expected) ($)
$10,064,000
2020 (forecasted) ($)
$10,480,000
$4,715,820
$747,630
$958,500
$3,163,050
$5,253,538
$785,012
$1,006,425
$3,019,025
$5,470,560
$817,440
$1,048,000
$3,144,000
$843,480
$1,293,975
$277,965
$747,630
$896,000
$1,358,000
$272,000
$493,025
$920,000
$1,400,000
$280,000
$544,000
Exhibit 2: Select Results from a 2017 National Consumer Survey*
Jerky or Meat Snack Purchases (over the previous three months)
•
Meat source: beef (80%), chicken (49%), turkey (45%), bison (34%), game – elk or venison
(24%), and salmon (26%)
•
Reasons for consumption: satisfy a craving (43%), to relieve stress (43%), to satisfy hunger
(35%), eat on the go (24%), for energy (26%), and as something healthy (8%)
•
Flavors: regular (55%), teriyaki (29%), peppered (18%), spicy (16%), smoked / mesquite
(14%), hickory (11%), and barbeque (11%)
Purchase Interest by Product Characteristics
•
Product forms: prime cuts (41%), variety packs (38%), and snack bars (27%)
•
Preferred attributes: tasty (44%), unique (38%), natural (37%), premium (33%), a
trustworthy brand (33%), and healthy (31%)
•
Feel-good attributes: grass-fed (28%), preservative-free (26%), and humanely raised (24%)
* Sample:
an online survey of 2,000 adults living in the United States
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Exhibit 3: Select Results from 2019 L&N Consumer Survey*
L&N
Buyers
Demographics
Male, 25–34
52%
Female, 25–34
41%
Income $75,000–$99,999
43%
Degree earned (Bachelors or higher)
42%
Purchase Behaviors
Made from prime cuts
50%
Better-for-you (e.g., low salt, high fiber, added
37%
nutrients)
Feel-good (e.g., grass-fed, free-range, organic)
39%
Artisanal (hand-crafted in small batches)
24%
Low carbohydrate (e.g., paleo, keto)
17%
Look at ingredients
42%
Price-sensitive
16%
AGW certifications
39%
* Sample: an online survey of 2,000 adults living in the United States
Any Meat
Snack
54%
33%
36%
30%
41%
26%
27%
18%
10%
28%
39%
27%
Exhibit 4: L&N’s Marketing Costs (US$)
Costs
2018 (Actual)
Owned and paid media
Trade
Consumer
$646,336
$280,487
$367,152
2019 (Expected)
Owned and paid media
Trade
Consumer
$678,300
$294,300
$385,400
Exhibit 5: L&N’s Incremental Revenue (US$)
2018 (Actual)
Owned and paid media
Trade
Consumer
2019 (Expected)
Owned and paid media
Trade
Consumer
8
Revenue
(unknown)
$1,304,265
$1,340,104
(unknown)
$1,368,495
$1,406,710
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Endnotes
1 IBISWorld Industry Report OD4826 Meat Jerky Production in the US, December 2018, via IBISWorld database, accessed July
2019.
2 IBISWorld Industry Report.
3 USDA, Jerky and Food Safety 2011, https://www.fsis.usda.gov/wps/portal/fsis/topics/food-safety-education/get-
answers/food-safety-fact-sheets/meat-preparation/jerky-and-food-safety/ct_index,, accessed July 2019.
4 IBISWorld Industry Report.
5 IBISWorld Industry Report.
6 IBISWorld Industry Report.
7 ”America’s Top Entrepreneurs,” Inc. Magazine, August 2018, https://www.inc.com/inc5000/index.html, accessed July 2019.
8 IBISWorld Industry Report.
9 IBISWorld Industry Report.
10 Beth Bloom, “Salty Snacks–US” (March 2019), via Mintel Academic database.
11 Bloom.
12 IBISWorld Industry Report.
13 Caleb Bryant, “Salty Snacks–US” (April 2017), via Mintel Academic database.
14 USDA, FSIS Compliance Guideline for Meat and Poultry Jerky Produced by Small and Very Small Establishments 2014
Compliance Guideline, https://meathaccp.wisc.edu/doc_support/asset/Compliance-Guideline-Jerky-2014.pdf, accessed July
2019.
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This document is authorized for use only by Tianyi Xu in MKTG 4501-Spring 2021-CONRAN taught by MARY CONRAN, Temple University from Jan 2021 to May 2021.

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