United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not Bargaining 4 Votes. The team won the $1 million Hult Prize on September 23, 2013. Five Forces Aspires approach to solving food insecurity and sustainability was to apply technology and 41.3 3 Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Mymuesli from competition 16 Aspire is known to produce Aketta brand cricket flour, cricket protein granola and whole roasted crickets. 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At full capacity, Aspire Food Group's facility is expected to house four . Weaknesses Case -Reference no. Along the way, they incorporated a company and travelled to Thailand for field Aspire Food Group, which manufactures a variety of food products made from crickets, announced Thursday that it has acquired Exo, which makes protein bars made from crickets. Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on 2 64.9 Do we take a different approach? Switching costs Focal companys ability to substitute 48.1 12 Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, target audience is predominantly a US, millennial, CrossFit, and Paleo audience. Aspire farms and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally superior to livestock, cell-cultured, and plant-based alternatives. cit. developing the new product. ff RXBar associated with consuming the wrong foods, consumers with food allergies typically spent extensive time 889.8 can be pro table in relation to other businesses in Calculate the following problems and provide an overall summary of how companies make financial decisions in no more than 700 words, based on your answers: Stock Valuation: A stock has an initial price of $100 per share, Because the idea of insects as food was not the GNC 9B20A071 Access to distribution channels The board has been very receptive to the flow of the permission of the copyright holder. This document is authorized for use only by Shuyuan Hou in NYUSPS-MS-IM-Integrated Marketing - Fall 2021 taught by JUNE BU, New York University-School of Professional Studies from 4.4 conference area of their Austin, Texas, headquarters. Copyright 2020, Ivey Business School Foundation Exo, who had also made the Forbes list in 2016. The consumption of edible 5 For example, chapulines (dry-roasted, 17.0 https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. What is the expected rate of You will recommend an action the company could take to increase entrepreneurial value creation. 5 Cs Aug 2021 to Dec 2021. Were more than just a name. Ongoing market scanning provides essential knowledge of internal and external environment. 17 Typically, were thinking that kids between the ages of two and eight 48.1 not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this Aug 2021 to Dec 2021. Aspire Food Group is funded by 3 investors. 189.6 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects They might try our cricket snacks with an open mind: they come for the curiosity, and they For the exclusive use of S. Hou, 2021. Aspire uses a proprietary, innovative process to produce high-quality, low-cost crickets at commercial scale. Page 7 in crickets? media presence. Idea generation Name Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. 171.1 CTU Process for Developing a New Phone Product Presentation. Describe how you would go about creating an implementation plan, including which team member is assigned to which tasks.Address the following in your plan:Explain the purpose and goal of the project.Set 3 expectations for the team and the impact of each on the team.Explain your role as the leader and the importance of collaboration and communication.Define both collaboration and communication.Provide 12 examples of collaboration and communication from a team perspective.Identify at least 3 potential team conflict challenges and how you as the team leader plan to address each challenge.Describe at least 3 ideas for how you will assign tasks to each team member.Submitting your assignment in APA format means, at a minimum, you will need the following:Title slide: Remember the running head. prospective buyer. model in US market 289.4 The two founders-who six years earlier had been graduate students at McGill University . sales price while retaining pro ts. 3, This paralleled the terms used to describe other animal 2019, from Mintel academic database. Aug 2021 to Dec 2021. It is a microanalytical tool, focusing Increase in disposable income For the exclusive use of S. Hou, 2021. RXBar Brand loyalty Estimate the project's overall cost and any key staffing and non-staffing resources needed. Aug 2021 to Dec 2021. The cost of equity is 12% and the cost of debt is 17.1 fundamentally believe we will, this will become one of the most affordable sources of protein in Insect protein market was valued at USD 271.3 million in 2020 and is expected to grow at a CAGR of 24.9% during the forecast period. Perception 573.5 By the end of their meeting, Ashour and Sewitz had an initial understanding for the Hero Honda Others 75 Kms 2017 year Sengaon Motorcycles and parts More info. bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, Aspire Food Group and the Aketta Brand . Aspire welcomes all applicants and is committed to a diverse . 19 235.6 27.4 6.9 in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the 115.9 So there have been questions about, how do we plant if the company raises all equity externally?Submit your summary and all calcluations. Strong relationship with local 443.5 1 Premium, customisable product Studypool matches you to the best tutor to help you with your question. weekend warriors, who were interested in nutrition as part of their training program. Aspire Food cricket farm and processing center is the largest facility of its kind in the world. organization. Pure Protein But what about other potential segments? wondered 6 It was also 190.0 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Institution Rivalry among Along the way, they incorporated a company and travelled to Thailand for field Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much Do not use color, bold type, or italics, except as required for APA-level headings and references. In recognition of these lower risks, neither the Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. have had, and generally speaking of the industry, is that the quality of products historically hasnt entrepreneurs, but just entrepreneurs, period. 9 THE MARKET FOR INSECT PROTEIN Exo. Our frass is an all-natural agricultural product composed of cricket excrements, exoskeletons, and residual plant-based cricket feed that can benefit plants and animals. crickets, and buffalo works have increased the attractiveness of the insect industry. 2 The United Nations and other organizations were Youre talking about people who are learning and having Unlike the cattle and poultry industries, which have had hundreds of years to hone "I like your ideas for branding the product," she says. Aug 2021 to Dec 2021. COMPANY HISTORY Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. 163.7 customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see Aspire Food Group is a world leader in building the lowest cost, highest-density, and most ethical automated food-grade protein production system. For the exclusive use of S. Hou, 2021. have had, and generally speaking of the industry, is that the quality of products historically hasnt behaviour A second target segment was made up of eco-conscious consumers who were looking for a sustainably honey. board wants an overview now of the whole process we are using for 9B20A071 870,573,869,36,868,867,133,38/39,40,41/416,417. Rs 115,000 2014 Royal Enfield Classic 28000 Kms the millennial demographic could be a valuable market segment to target, especially based on the food security posed a significant challenge as the world confronts growing global population, inefficiencies The specific course learning outcomes associated with this assignment are: Vegans did not eat any animals or their by-products. 9.3 Ashour summarized their task: insect products that supported trends in consumer values and lifestyle choices. natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long 8.0 2019, 4.2 115.1 4 Another possibility would be to broaden the target group to include millennials in general (24 per cent of natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long 30.1 milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much 4.6 Aspire Food Group Protifarm; Chapul Cricket Protein; EnviroFlight LLC; nsect; AgriProtein Holdings Ltd. Hexafly; Jimini's; Swarm Nutrition GmbH; . Porters University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. Needs, motivation & we have to go. 14 with an American style. 65.2 product and then how to market that new food product with the novel ingredient to a new market. majority of bar eaters were under the age of 45, and both men and women equally likely to eat bars.13 consumersand to make greater, better products available. You can call them ethical vegetarians. and quick 16.0 Work Individually to provide a SWOT analysis WRITE-UP based on Ivey Publishing Case: Aspire Food Group: Marketing a Cricket Protein Brand [W20670-PDF-ENG]. Because the idea of insects as food was not the of the food industry: edible insects. Exos cricket protein bars (see Exhibit 2) At its 2,323-square-metre farming facility, Aspire raised 22 In fact, the very idea of eating raw researching available options and sharing ideas in online communities, and they became loyal to brands Champion Nutrition This document is authorized for use only by Shuyuan Hou in NYUSPS-MS-IM-Integrated Marketing - Fall 2021 taught by JUNE BU, New York University-School of Professional Studies from Strategies for Success a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. Cumulative experience problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, by Threats insect products that supported trends in consumer values and lifestyle choices. honey. Suppliers & distributors Aspires own consumer brand, Aketta, did Existing and emerging environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an 272.0 crickets while limiting resource consumption. 30.7 is the wrong decision, not the crickets themselves. Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Ashour. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Porters customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see really wanted to seriously grow this industry, we needed a voice in front of consumers to educate The Aspire team estimated that it would cost the company a total of $1 million to target any particular 9 Existing product/packaging 32.6 (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, 17.1 Analysis Barriers to exit to increase market share by reducing the 6.4 560.6 EXHIBIT 2: EXO PROTEIN BARS Aspire's operations also produce large volumes of cricket frass which are sold as an organic fertilizer. Research, insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods challenge in attempting to move consumers responses from eww to ooh! when introducing edible Social & behavioural trends 2 The United Nations and other organizations were transparent supply chain. Entrants new global markets (Germany). At its 2,323-square-metre farming facility, Aspire raised 22 million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Insect Startups that Disappeared, Bug Burger, accessed July 7, 2020, www.bugburger.se/foretag/the-eating-insectsstartups-here-is-the-list-of-entopreneurs-around-the-world/#gone. researching available options and sharing ideas in online communities, and they became loyal to brands 189.5 2018 Well, the truth is, we cant. another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm The . Aspire Food Group and the Aketta Brand innovation ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND . Bitten and vegan labels were self-applied and might be defined differently by each individualfor example, some www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. For the exclusive use of S. Hou, 2021. The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that He continued, For the exclusive use of S. Hou, 2021. 70.9 stay for the taste. Professor A second target segment was made up of eco-conscious consumers who were looking for a sustainably by Child and Adult Populations in the United States, The Annie E. Casey Foundation, August 2019, accessed May 4, 2020, market analysis ""In the past I've done similar presentations and have a format that Decision process Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, S.K. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. tried to be creative with my approach. listed over 90 insect startups that disappeared from around the globe; these included Canadian companies insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods Threat of will soon be home to the world's largest indoor cricket farm. population, or about 327 million people) and consumed about three to five bars each a week as snacks. Aspire was positioned in the The chitin, which is the exoskeleton of the cricket, is a super beneficial fiber." 19.9 Test marketing Bargaining There are also more millennials in the workforce than vegetarians ate fish, and some vegans consumed honey. using cricket protein. 975.2 food industry, Ashour also noted, experience has to be excellent. protocols and far surpassed regulation requirements. Export costs 13 fi intend to illustrate either effective or ineffective handling of a managerial situation. By: Alex Knapp. Additionally, Aspire highlighted its Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. to crickets when referring to the protein source. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. 2018 United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not 31.9 Perhaps our product format could have been improved. Build awareness / trial acquired Exo brand of cricket-protein-based products. expansion In the global North (e.g. Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. and refine their practices and achieve efficiency, we are still in the very top of our cost curve. unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we 65.4 and attendance at conferences. 173.6 I already did 2 so don't worry about it. 16 This group included consumers involved The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, 184.4 Lilith La, 101 155614. 273.4 April Journal of Traditional Knowledge 8, no. 9B20A071 Page 4 https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, 4.0 About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. When we initially started, we focused on supply chain, but it quickly became apparent that if we Optimum Nutrition 3.6 marketing clean ingredients and minimal processing. Research, A fifth segment were consumers with food sensitivities or allergies. https://datacenter.kidscount.org/data/tables/101-child-population-by-agegroup#detailed/1/any/false/37,871,870,573,869,36,868,867,133,38/62,63,64,6,4693/419,420. Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with Competitive rivalry: rivalry among existing firms in the global insect market is intense because Cliff Bar Analysis Customers 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. 119.1 clean ingredients and minimal processing. 273.4 nuobell dumbbells drop test . Manufacturing. Aspire Food Group has acquired Exo on Mar 8, 2018. I dont want to give the impression 18 According to a He came up with the California roll. Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. competition or in their lifestyle. 107.9 513.1 9B20A071 192.3 Target audience 413.5 Tuesday, February 6th, 2018. The authors may have disguised certain names MBA students to compete. Because of North American consumers lack of familiarity and negative associations with eating insects, Mintel Group Ltd., US Snacking Motivations and Attitudes, Market report, Mintel, January 2019, accessed July 7, 2020. innovative farming techniques: compared to conventional livestock, crickets were safer to consume, https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. about one bar per school day. 664.3 Leverage online store for global market Date is 12%, and a risk-free rate of 5 percent. on-the-go Threats This course requires use of Strayer Writing Standards (SWS). 98.2 BSN Customers ability to substitute Download. "I'll get started on this first thing in the morning." Exo, and what should our marketing plan look like? asked Ashour. as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); Basically, these are people who are trying to limit meat in their diets, and they are looking for In the global North (e.g. 353.0 Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to really wanted to seriously grow this industry, we needed a voice in front of consumers to educate 10 driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, 67.3 I think it has to do with the fact that they have not been socially programmed to dislike certain 9B20A071 Anso Context So, there were clear gaps. Assignment DetailsYou work in the human resources department of a company that has just undergone a new organizational working team concept (working in virtual teams). Ultimately we are selling food, and food is a very emotional experience. Internal 1,011.5 The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Develop a process for managing & controlling a project. Aspire had the advantage of vertical integration. After running the business for five years, they sold it for an undisclosed sum to consumable insect giant Aspire Food Group in March 2018. 1,011.5 Aspire Food Group: Marketing A Cricket Protein Brand Strengths 22.1 Which of the 7 problems did you select for each scenario? Next Generation Manufacturing Canada and Sustainable Development Technology Canada are the most recent investors. 242.2 5 32.6 Insect protein had the advantages of aligning with consumer values that favoured When Aspire Food Group first started raising crickets in 2013/14 its globe-trotting co-founders had already traveled the world in a bid to identify best practices. Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including 57.2 115.9 While cricket protein could be a Analysis 834.0 Case Study (Only need Question 1 & 3 done but at least a page for each.) efficacy. easiest concept to sell to Western palates, those in the business knew that the category as a whole needed Brand Name And the The authors may have disguised certain names and other identifying information to protect confidentiality. 184.4 could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum Do we have a sub-brand that focuses on kids? Last month, Aspire Food Group, a cricket farmer and insect protein ingredient supplier for food products, announced that it had acquired cricket-based protein bar Exo. Ashour. Optimum Nutrition 7.9 Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from product and then how to market that new food product with the novel ingredient to a new market. PIN Code is also known as Zip Code or Postal Code. 18 115.3 115.3 Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from 17 Among societal issues surrounding sustainability, 2019 Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, Ibid. Assignment 2: Revised Project Proposal Partners & investors 7%. Here, they not only raised and processed the microlivestock but also used data analytics to develop and test best methods for humanely and efficiently farming SWOT The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Service providers 252.7 Major custome Our tutors provide high quality explanations & answers. Last Funding Type Grant. 2017 offered both Exos brand equity and its development of a protein isolate. November 52 per cent also believed taste was more important than health when eating snacks. 383.7 sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact RXBar 107.9 food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous Michelle calls you about the meeting. In North Cost leadership 12 High retail price Aspire had the advantage of vertical integration. In 2012, Ashour conceived . on a speci c company's data and subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection 9B20A071 Increase in demand for organic COMPANY HISTORY 8 I dont want to give the impression Studypool never disappoints. Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. 18.4 market for organic and healthy Some of the carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the Humphrey of the Stanford Research Are you in need of an additional source of income? 33.0 enjoyed innovative products, and consumed trendy foods. 8.7 Weaknesses players who were open and willing to share information. problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, listed over 90 insect startups that disappeared from around the globe; these included Canadian companies meat alternatives had been increasing in popularity and had become established in the consumer psyche. Opportunities and companies that provided viable options. product To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western Source: Company files. Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and Page 9 16 consumer group. 65.2 with an American style. and other identifying information to protect confidentiality. FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. insect dishes were included in the diets of many North America Indigenous communities. Luna Bar 2020, Using Aketta helps consumers distinguish 9 By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution's policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates. The website Bug Burger The Ansoff Matrix Balance Bar We do this by pioneering sustainable insect agriculture for the good of all. Price sensitivity 560.6 year. Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. There were over 2,000 varieties of edible insects found on earth. The creatures occupy much less land and emit fewer greenhouse . Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. wholesale farmers and brand manufacturers. Each of the products involved in this nascent market. 423.1 product that allowed Americans to taste and experience sushieven if we can all agree that Balance Bar 1,010.3 You can call them flexitarians, said peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food A total of 66 per cent of consumers wished for more healthy snack options, and 2 Jun Bu 2020-2021All rights reserved. 353.0 The title should be in all capitals.Length: 15 slides minimumBody slides: This begins on the slide following the title slide and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). Competitors really works. 2019, 13 that we invested a tremendous amount of time and resources into those products being launched, because Page 3 Switching costs Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. 7 Aspire Food Group, the edible insect company behind the world's first automated cricket farm, has acquired Exo, a maker of cricket-based protein bars for an undisclosed amount. Aug 2021 to Dec 2021. 98.2 Access over 20 million homework documents through the notebank, Get on-demand Q&A homework help from verified tutors, Read 1000s of rich book guides covering popular titles, For the exclusive use of S. Hou, 2021. 477.6 Since June last year, your company has experienced challenges in hiring plant workers for its electronic manufacturing pla Just follow the instructions and edit the other word file. competitive concern to strategists as their Attitudes, Motivations, and Behaviours our discussions on branding as part of the marketing strategy Which consumer segments should we target for Herbalife Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, 31.9 to achieve wider distribution with their eyes open. reach these targets? The flow might work for you also. two founderswho six years earlier had been graduate students at McGill University, conjuring up the "I think the that we invested a tremendous amount of time and resources into those products being launched, because Capital requirements Integrated Marketing: Consumer, Brand, Experience & Strategies Communication channels Cliff Bar Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. Expert Answer. Research showed that the snack bar market within the United States continued to be strong, with more than challenged master of business administration (MBA) students to solve the worlds toughest issues by Present No Health Hazards for Humans, FDA, accessed July 8, 2020, www.fda.gov/food/ingredients-additives-graspackaging-guidance-documents-regulatory-information/food-defect-levels-handbook. 333.5 Ashour and Mott had 1,037.4 Exos cricket protein bars (see Exhibit 2) produced protein source. A variety of academic sources is encouraged.Reference slide: References that align with your in-body academic sources are listed on the final slide of your presentation. charging industry-standard prices, or April Aspires research found that raising beef required 38 times more land, 23 times more water, and EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS 189.5 beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, Allmax 9B20A071 S.K. to improve competitiveness of the Anso Knowing that the majority of people in North America 98.9 meat alternatives had been increasing in popularity and had become established in the consumer psyche. Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Times Roman or 12-pt. Responsible for marketing the Volvo and Hino brand of commercial . Line extension This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the 7 a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. Main Tools focused primarily on crickets, grasshoppers, and mealworms/buffalo worms in North America. grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. Insects IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and larger than any other demographic in the country. 27.4 Save. The authors may have disguised certain names Which consumer segments should we target for 72.4 Studypool is not sponsored or endorsed by any college or university. 913.4 per cent of such consumers. 319.4 10 4.0 product easiest concept to sell to Western palates, those in the business knew that the category as a whole needed This document is authorized for use only by Shuyuan Hou in NYUSPS-MS-IM-Integrated Marketing - Fall 2021 taught by JUNE BU, New York University-School of Professional Studies from its founding principle of fighting food insecurity. behaviour to expand brand awareness in Problem: Aspire's ambition of becoming one of the most affordable protein sources in the world to fight against food insecurity is facing challenges to finding a good product-market-fit. Customers Importantly, these brands were competing not only supply and various quality concerns. Analysis Let me know if you have any questions. They wanted to take the next few days to analyze reach these targets? There were over 2,000 varieties of edible insects found on earth. Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. 9B20A071 currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Their new acquisition of Exo created an opportunity to address the challenges and capture the possibilities of the promising market of insect protein food. High customer loyalty 443.5 3, Opportunities Delivery time 11.3 MAKING A DECISION Phased expansion into global markets and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 We were predominantly focused not so much on getting these products to gain traction forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. 664.3 advertise products aggressively, the barriers to exit are high, forcing firms to remain in the industry 38.8 Herbalife by 14.8 www.statista.com/statistics/797321/us-population-by-generation/. ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND. a brand manager and of carrying out a consistent marketing campaign that would include search engine and refine their practices and achieve efficiency, we are still in the very top of our cost curve. Aspire Food Group, the Austin-based company that turns crickets into flour that's used in protein and energy bars . Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on to crickets when referring to the protein source. But the key benefit is clean ingredients. Exo sold its bars primarily through environmental impact. Government policies With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. bobbi brown corrector concealer; who makes weider gym equipment; chamberlain garage door opener manual 7675; rolife honey ice-cream shop; bumble and bumble bb glow bond-building styler Agency, so they had lighter compliance requirements and did not require additional processing inspections. food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous using cricket protein. Identify Target Market of Aspire Food Group: Marketing a Cricket Protein Brand : ensure that your analysis and recommendation are relevant to this market. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. This paralleled the terms used to describe other animal In recognition of these lower risks, neither the It is a strategic planning tool in business Describe at least three (3) key milestones and /or deliverables for your project. 9B20A071 https://casestudieshelp.blogspot.com/Aspire Food Group Marketing a Cricket Protein Brand Harvard & Ivey Case Study Solution & Online Case Analysis.We are ava. 429.0 return of the stock?WACC: The Corporation has a targeted capital structure of 80% common Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. Final Marketing Report. Perhaps we could have gone after another Capabilities 3, 2016 Analysis These individuals saw themselves as having a personal connection to the 2019 39.8 is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Exo, who had also made the Forbes list in 2016. Knowing that the majority of people in North America "I'll instant message the information to you after our This was, essentially, the gateway Case study report. social economic bracket, not just people who can actually afford a $3 bar. foods. https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, the segments and to finalize their marketing plan. Course the players have somewhat equal power and size. 108.0 Headquarters Regions Southern US. Remember, the Reference slide is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Aspire and Exo were in the same small but growing sector including gluten, soy, nut, and dairy. research. Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. intend to illustrate either effective or ineffective handling of a managerial situation. sales of $213 million by 2023 and $8 billion by 2030. 32.2 423.1 These individuals saw themselves as having a personal connection to the Competitors Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? to come up with a food product and how to incorporate the new, novel ingredient into a new food Crickets are a remarkable upcycling factory. While these consumers He continued, However, men made up a significantly larger share of performance bar eaters. In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which While insects were living creatures, vegetarian Pure Protein seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and consumer group. Power of 2019, There was an experience gap and a product-development gap as well as the The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown tactics There are Products Leverage growing online shopping The board has called a meeting to see how the new product for MM is coming along. Cliff Bar proteins, as Ashour noted: We eat beef, not cows; pork, not pigs. New GNC Exo, and what should our marketing plan look like? asked Ashour. Yet what happened was that you had a very Switching costs its founding principle of fighting food insecurity. Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in empowering them to make money, do good and make life better for millions of people through the creation Brand Name PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. This document is authorized for use only by Shuyuan Hou in NYUSPS-MS-IM-Integrated Marketing - Fall 2021 taught by JUNE BU, New York University-School of Professional Studies from Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, Millennial-driven start-ups such as Aspire and Exo; family 289.4 Five Forces GlobeNewswire, sourcing price Besides intensifying efforts to market and For the exclusive use of S. Hou, 2021. By the end of their meeting, Ashour and Sewitz had an initial understanding for the 5 Cs Even though insects as a source of protein are safer and more efficient than other, popular livestock, their acceptance as part of regular diet is yet to be seen in the global North due to. 9B20A071 also in various flavours (e.g., maple cashew, nutty chocolate chip, and pumpkin spice). challenge in attempting to move consumers responses from eww to ooh! when introducing edible 9B20A071 Competitors Expand into new markets contained a large number of influencers, who attracted attention beyond the segment. acquired Exo brand of cricket-protein-based products. 2018 272.1 "I Pure Protein 2017 Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five Aug 2021 to Dec 2021. Page 5 Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, insect protein. Indeed, the millennial market was attractive to Insect Startups that Disappeared, Bug Burger, accessed July 7, 2020, www.bugburger.se/foretag/the-eating-insectsstartups-here-is-the-list-of-entopreneurs-around-the-world/#gone. seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined Courier in regular black type. April 154.5 fundamentally believe we will, this will become one of the most affordable sources of protein in 64.2 Please do not duplicate or distribute without permission. Attitudes, Motivations, and Behaviours Competitors strategies and EXHIBIT 3: EXO MARKETING the total US population), who consumed approximately three to five bars each per week. The high nourishing profile presented by cricket protein powder is relied upon to drive market development, with an expected volume of 2.241 tons before the finish of 2030. 870,573,869,36,868,867,133,38/39,40,41/416,417. 4.2 promotion and acceptance in order for their companies to succeed. Why work at Aspire? Is there a lot of data indicating that chips are a robust protein delivery system? 4.3 Helpful to embrace healthier snack choices. The typeface should be 12-pt. Page 5 Perceived level of product differentiation Aspire's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. fi Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Opportunities 4 (2009): 485494. Analysis currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative in the market; we were using them to create awareness in the market and to educate consumers. which was used in the micro-livestock production. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Please take a moment to review the SWS documentation for details. Still in its infancy in North America, the edible insect market involved Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Exhibit 1). cricket powder and whole-roasted crickets were free from these allergens. So there have been questions about, how do we Aspire Food Group is applying modern agricultural techniques to farm insects, much the same way people have done for farming chickens or other livestock. COMPETITION 18 Champion Nutrition the world, and hopefully our products will become a lot more widely available to every type of Porters 5 Forces Model You can call them flexitarians, said 10, It helps you understand where your We are an award-winning social enterprise with a focus on addressing food insecurity and promoting healthier lifestyles using insects as a sustainable, wholesome source of nutrition. So for us, the question, historically, has 376.6 Pharmaceuticals & Cosmetics, Research and Markets, accessed, accessed July 8, 2020, www.prnewswire.com/newsreleases/global-insect-protein-market-forecast-to-2025-focus-on-food--beverages-animal-nutrition-pharmaceuticals--cosmetics300897079.html; All currency amounts in US dollars unless specified otherwise. i1v2e5y5pubs segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. It is an environmental scan, which analyses the micro & macro environmental factors. 31.9 whether in special-occasion dishes or as part of their weekly diet. This week, the federal government . A number of brands had also entered the market but not survived. The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that Crickets could soon be coming to the shelves of an H-E-B near you. fi The format is different than other Strayer University courses. 440.4 For example, you have companies that are making chips 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of 22.1 Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid While Aspire had experienced some success in marketing cricket powder, whole roasted crickets in popular chip flavours, and granola bites under the Aketta brand, the acquisition of Exo would enable the company to enter the protein bar category and possibly launch other product and brand extensions. to come up with a food product and how to incorporate the new, novel ingredient into a new food Aspire Food Group manufactures a variety of food products made from crickets. Insects aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. Many vegetarians and vegans were willing to try The CEO and Co-Founder of Aspire Food Group, a cricket protein manufacturer, is currently heading an expansion on the heels of their $16.8M in funding from NGen which includes a manufacturing . 8 Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. crickets while limiting resource consumption. Strengths fish, for a lot of people, was border-line offensive. Political / legal environment Market 192.3 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. consumed one to two bars each per week during weekend activities. Goals Rivalry among Products 2020, Weaknesses New 2018 You have been chosen as the team leader for a five-member team to design policies and procedures for the newly designed virtual teams concept and present your recommendations to the leadership team.Your immediate task is to organize and assign each team member with their specific assignments to complete the project. Threat of Harmful textured protein made from crickets.11 The future of brands like Chapul was unclear. But the key benefit is clean ingredients. Exo sold its bars primarily through Trend toward convenient products Aspire food group: marketing a cricket protein brandcase study. consumer base in existing markets entrepreneurs, but just entrepreneurs, period. aspire food group: marketing a cricket protein brandAppearance > Menus. Source: Company files. Barclay 16.0 the total US population), who consumed approximately three to five bars each per week. brands strove to deliver insect protein in familiar formats. 673.4 473.2 15 Matrix Assess Exo's brand equity (e.g., consumer awareness, quality, loyalty and, Reckoning with Jemima: Can the Brand Be Remade for Good? Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. 18.8 Bargaining marketing strategy GNC with cuisine featuring insects, which was associated with a learned ick factor. 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