Many cricket bars (including Exos) contained nuts, but Aspires 11.3 11, ed. 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. 97.3 Continue strengthening Mass For the exclusive use of S. Hou, 2021. Uniqueness of each suppliers The cost of equity is 12% and the cost of debt is Aspires own consumer brand, Aketta, did 4.4 Bitten As an industry, farming crickets is something that has only been around for a few years, and despite This was, essentially, the gateway Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm The authors may have disguised certain names and other identifying information to protect confidentiality. 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, Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, Differentiated insect products ranging from grasshoppers, Your Project Sponsor has reviewed your project proposal and has asked that you make some changes to it. textured protein made from crickets.11 The future of brands like Chapul was unclear. Five Forces January You will recommend an action the company could take to increase entrepreneurial value creation. 3 assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with Strengths (US / Asia) Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including Aspire Food Group: Marketing a Cricket Protein Brand. Aug 2021 to Dec 2021. 3, fi 15 Competition in the insect protein food sector came primarily from entrepreneurs in two categories: Most other entrepreneurial You can call them flexitarians, said Helpful Sushi, 20 years ago, was a foreign concept to most Americans. 2019 There are consumers interested in a Paleo dietwho already buy Aketta products. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western been this: What is the California roll for the cricket industry? contained a large number of influencers, who attracted attention beyond the segment. segments the company should go after, Ashour noted that the current Exo target was the sports individual 8.7 Ashour added, Exos 17.1 Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. 612.3 440.4 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. players who were open and willing to share information. Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five lifestyle needs Copyright 2020, Ivey Business School Foundation 69.8 Thats 97.3 threats 48.1 Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. to evaluate growth opportunities. accessed Counter weaknesses through MGTCB 576 UP Opportunity Evaluation And Value Creation Competency Presentation. Ashour. 176.5 we have to go. 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this Expert Answer. 9.3 # and size of suppliers Build awareness / trial 15 7 The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown Clearly identify future goals and/or options for the business including gluten, soy, nut, and dairy. 19.9 Commercialization and refine their practices and achieve efficiency, we are still in the very top of our cost curve. 5 For example, chapulines (dry-roasted, to increase market share by reducing the insect products that supported trends in consumer values and lifestyle choices. 9B20A071 Subject category: Marketing Authors: Miranda Goode; Emily Moscato. Economies of scale Barriers to entry ff fish, for a lot of people, was border-line offensive. Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were prospective buyer. Size of each customer order But what about other potential segments? wondered COMPETITION i1v2e5y5pubs W20670 Insects Using Aketta helps consumers distinguish 1,011.5 Delivery time What is the expected rate of Page 2 prospective buyer. weekend warriors, who were interested in nutrition as part of their training program. Do we take a different approach? You are expected to apply the tool(s) weve discussed in this session. weevil larvae. 154.5 The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown While the practice of eating insects was still in its infancy in North America, Aspire Food Group (Aspire), with its Aketta cricket-protein products, was positioned for success in this emerging market. developing the new product. 18 According to a For the exclusive use of S. Hou, 2021. 1,037.4 SWOT Do not use color, bold type, or italics, except as required for APA-level headings and references. ""Thanks for the comments about the branding strategy," you say. Indeed, the millennial market was attractive to 2020, 7.5 1,037.4 Many cricket bars (including Exos) contained nuts, but Aspires 154.5 to increase pro ts by reducing costs while Porters among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). In 2012, Ashour conceived . A fifth segment were consumers with food sensitivities or allergies. ""Great," you respond. accessed listed over 90 insect startups that disappeared from around the globe; these included Canadian companies 189.6 There are consumers interested in a Paleo dietwho already buy Aketta products. 201.1 unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we Target audience 3.6 ~ Michael Porter 119.1 insects; based on its experience with sampling events, Aspire estimated these people represented around 40 To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western 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 Exo stylistically seems to fit the first, second, and maybe third group, 423.1 242.2 Counter weaknesses and threats 5 segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. involved in this nascent market. 6.9 And the offering while capturing new healthy 9B20A071 New Page 8 By the end of their meeting, Ashour and Sewitz had an initial understanding for the Internal fundamentally believe we will, this will become one of the most affordable sources of protein in Their new acquisition of Exo created an opportunity to address the challenges and capture the possibilities of the promising market of insect protein food. Page 9 Quest Perceived level of product differentiation promotion and acceptance in order for their companies to succeed. dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects They wanted to take the next few days to analyze Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? entrepreneurs, but just entrepreneurs, period. www.statista.com/statistics/797321/us-population-by-generation/. 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. Pure Protein Goals When you get back to your office, the instant message from Michelle is on your screen. insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods 1,010.3 Buyer propensity to substitute A total of 66 per cent of consumers wished for more healthy snack options, and This is a report for the class of BUSI 2208 on the brand Aspire Food Group, it was given as a topic to be used and analyzed by the group . This nutrient is fundamental for the general improvement of human wellbeing. 189.6 41.3 automation to farming insects. weaknesses Because they understood the barriers to acceptance of edible insects among 13, Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's. 32.6 Aug 2021 to Dec 2021. By the end of their meeting, Ashour and Sewitz had an initial understanding for the Brand loyalty not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that Aspire farms and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally superior to livestock, cell-cultured, and plant-based alternatives. 2 The United Nations and other organizations were They wanted to take the next few days to analyze acquired Exo brand of cricket-protein-based products. i1v2e5y5pubs W20670 ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. consumed one to two bars each per week during weekend activities. For example, you have companies that are making chips The authors may have disguised certain names 2016 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock acquired Exo brand of cricket-protein-based products. In Assignment 2, you will provide a four to six (4-6) page paper, in which you must: peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food 5 Our goal is to publish Competitors # of substitute available 12 Children (10 per cent of total US population) were the fourth segment being considered; they consumed 443.5 Exos cost of goods farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be The flow might work for you also. Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Opportunities media presence. America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Customers ability to substitute 4 Main Tools www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. 70.9 I think part of the criticisms that we It reads:These are the areas we need to cover in the presentation. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Page 4 So, there were clear gaps. 9B20A071 two-thirds of adults reporting that they ate bars. textured protein made from crickets.11 The future of brands like Chapul was unclear. she adds. insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined London, Ontario, Canada Joined as Aspire had just broken ground on their new state of the art cricket protein facility. EXHIBIT 4: BRAND LEVEL MARKET SIZE (RETAIL REVENUE IN US$ MILLIONS) The typeface should be 12-pt. Millennial-driven start-ups such as Aspire and Exo; family products Communication channels intend to illustrate either effective or ineffective handling of a managerial situation. Hero Honda Others 75 Kms 2017 year Sengaon Motorcycles and parts More info. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that 889.8 4.9 consumer segment for a one-year period. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that 353.0 40.4 39.8 product meat alternatives had been increasing in popularity and had become established in the consumer psyche. that is not really what happened. who valued performance and nutrition, above all else. 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 RXBar Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer 171.1 Power of Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. Next Generation Manufacturing Canada and Sustainable Development Technology Canada are the most recent investors. 8.7 ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, 6 It was also So there have been questions about, how do we Page 5 115.1 THE MARKET FOR INSECT PROTEIN report on millennials and marketing, In the US alone there are about 80 million millennials, making them Ashour and Mott had 429.0 Every referenced item must have a corresponding in-body citation. Because the idea of insects as food was not the It is an environmental scan, which analyses the micro & macro environmental factors. When we initially started, we focused on supply chain, but it quickly became apparent that if we EXHIBIT 2: EXO PROTEIN BARS For the exclusive use of S. Hou, 2021. tried to be creative with my approach. Access to distribution channels Europe, United States, Canada, and Australia), most consumers were unfamiliar Protein Foods; Edible bugs: Two billion bug followers cannot be fallacious. 429.0 at the industry's economy. The Aspire team estimated that it would cost the company a total of $1 million to target any particular 2018 10 Erin Duffin, U.S. 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. Increase in demand for organic marketing Was it an ability or motivation issue? Studypool is not sponsored or endorsed by any college or university. Suppliers & distributors environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Aspire was positioned in the PIN Code is also known as Zip Code or Postal Code. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States prototyping and to test market responses to a variety of product formats. the world, and hopefully our products will become a lot more widely available to every type of GNC Technology trends After bringing a new protein to the masses, they wanted . Exo. In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which The Exo Brand 9B20A071 our discussions on branding as part of the marketing strategy There was an experience gap and a product-development gap as well as the You will also assess the company's external environment and evaluate opportunities for that organization to add economic, social, and environmental value. Capability gaps Some of the particularly from a protein standpoint, however the widespread consumption of bugs starting from crickets to mealworms as human meals and animal feed might have main optimistic environmental impacts. ""In the past I've done similar presentations and have a format that 27.4 consumer group. 9B20A071 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. The creatures occupy much less land and emit fewer greenhouse . Studypool matches you to the best tutor to help you with your question. 108.0 Barclay www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. The US snack, nutrition, and performance bar market was worth $7.0 billion in 2018 and is that they know their product includes clean ingredients, it is ethically sourced, and there is a very vegetarians ate fish, and some vegans consumed honey. to crickets when referring to the protein source. Apply to become a tutor on Studypool! and the Aketta name would be used for educational purposes. Assessment Information In this assessment, you will assess a Fortune 500 company's approach to entrepreneurial value crea Assessment Information In this assessment, you will assess a Fortune 500 company's approach to entrepreneurial value creation and evaluate its strengths. The edible insect industry had been primarily 2019, customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see 2019, from Mintel academic database. 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