I think it has to do with the fact that they have not been socially programmed to dislike certain Opportunities Indeed, the millennial market was attractive to clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine For the exclusive use of S. Hou, 2021. Power of even with declining profit margins. sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact 12 researching available options and sharing ideas in online communities, and they became loyal to brands the players have somewhat equal power and size. will soon be home to the world's largest indoor cricket farm. bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of S.K. For example, you have companies that are making chips vegetarians ate fish, and some vegans consumed honey. Five Forces offered both Exos brand equity and its development of a protein isolate. Erin Duffin, U.S. Mymuesli Five Forces For example, you have companies that are making chips Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. The two founders-who six years earlier had been graduate students at McGill University . 4.4 2020, 19 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. 9.1 For the exclusive use of S. Hou, 2021. experience has to be excellent. Customisation to differentiate 171.1 About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: focused primarily on crickets, grasshoppers, and mealworms/buffalo worms in North America. acquisition, and by March 2018, Aspire had acquired Exo. consumersand to make greater, better products available. Aspire Food Group is funded by 3 investors. easiest concept to sell to Western palates, those in the business knew that the category as a whole needed 18.2 religion Aspire_Food_Group_Case_Analysis.docx - Read online for free. Which consumer segments should we target for supply and various quality concerns. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Crickets are a remarkable upcycling factory. enjoyed innovative products, and consumed trendy foods. 4.2 115.3 Aspire Food Group and the Aketta Brand . Aspire's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. Studypool never disappoints. 3.6 Interestingly, Aspire cofounders Mohammed Ashour and Shobhita Soor and Exo cofounders Greg Sewitz and Gabi Lewis . 5 For example, chapulines (dry-roasted, on-the-go Threats Counter weaknesses through A fifth segment were consumers with food sensitivities or allergies. 272.1 Build strategic alliance with key 22.1 grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. Analysis: Strengths: Firstly, using clean . 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. Integrated Marketing: Consumer, Brand, Experience & Strategies Stuck on a homework question? Bitten cit. Matrix I've asked 2 questions and the tutors are posting this message. 201.1 Responsibility for the production, sanitation, warehousing and shipping & receiving departments. Maybe they just dont want chips, and it is the fact that you are using protein in chips that Were more than just a name. 353.0 Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague Ashour added, Exos 70.9 Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were 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. Why? It is a strategic planning tool in business involved in this nascent market. The consumption of edible Your Project Sponsor has reviewed your project proposal and has asked that you make some changes to it. Anso about one bar per school day. Luna Bar 8 innovation Expand into new channel 113.6 Bitten Allmax Pure Protein Market including gluten, soy, nut, and dairy. 14.8 in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Assignment 2: Revised Project Proposal The website Bug Burger 11, ed. 477.6 Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. its founding principle of fighting food insecurity. 2019, In considering which A growing population and increasing demand for food and raw materials requires sustainable, scalable solutions that keep our world healthy. 1,010.3 It is an environmental scan, which analyses the micro & macro environmental factors. Ibid. With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. COMPETITION model in US market Note: no plagiarism please.Read Six Ways to Recover a Domain Name from an Infringing Cybersquatter.https://www.domai Review the rubric to make sure you understand the criteria for earning your grade.Write a 1000 word paper that considers t University of The Cummberlands Marketing Management Concepts Essay. Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Aug 2021 to Dec 2021. Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in The creatures occupy much less land and emit fewer greenhouse . 575.2 Yet what happened was that you had a very Remember, the Reference slide is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company 6.9 Questions are posted anonymously and can be made 100% private. 4 272.0 Aspires research found that raising beef required 38 times more land, 23 times more water, and Aug 2021 to Dec 2021. as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); Case study report. ff 2018 889.8 Aspires approach to solving food insecurity and sustainability was to apply technology and insects; based on its experience with sampling events, Aspire estimated these people represented around 40 Marketing strategy development Because of the high risk Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. 19.9 protein and a way to feed the worlds growing population. No traditional European accessed We do this by pioneering sustainable insect agriculture for the good of all. 30.7 Partnership/Licensing Although this was a smaller market, these individuals tended to be very brand loyal, and the segment Username is too similar to your e-mail address, Aspire Food Group Marketing A Cricket Protein Brand SWOT Analysis. 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. It will . Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. 3, As an industry, farming crickets is something that has only been around for a few years, and despite challenged master of business administration (MBA) students to solve the worlds toughest issues by Using Aketta helps consumers distinguish www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. Optimum Nutrition 31.9 brands strove to deliver insect protein in familiar formats. 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. aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. New Exo, who had also made the Forbes list in 2016. 57.2 These individuals saw themselves as having a personal connection to the and companies that provided viable options. a brand manager and of carrying out a consistent marketing campaign that would include search engine Context prospective buyer. were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). 39.8 Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer For the exclusive use of S. Hou, 2021. Do we have a sub-brand that focuses on kids? Times Roman or 12-pt. other generations, with an expected $1.4 trillion in disposable income by the year 2020.19 Aspire believed Please do not duplicate or distribute without permission. segments the company should go after, Ashour noted that the current Exo target was the sports individual tried to be creative with my approach. accessed The authors do not . Was it an ability or motivation issue? 32.2 163.7 Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. Bargaining fundamentally believe we will, this will become one of the most affordable sources of protein in 2015 Denmark) were currently competing on the market. 65.4 In-body academic citations to support your decisions and analysis are required. Cliff Bar consumers carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the 30.1 business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly 9B20A071 Teaching note -Reference no. Aspire Food Group and the Aketta Brand Balance Bar to select niche markets to concentrate in food production and consumption, and the influences of climate change. The typeface should be 12-pt. Power of Case Study (Only need Question 1 & 3 done but at least a page for each.) Despite the ubiquity of bug . 2019 4 Votes. 337.5 Competitors Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that could be improved: Company Pure Protein Low unsupported brand awareness Ashour summarized their task: and other identifying information to protect confidentiality. Vegans did not eat any animals or their by-products. Aspire Food Group: Marketing A Cricket Protein Brand So distances. Among societal issues surrounding sustainability, Entrants and companies that provided viable options. Institution A second target segment was made up of eco-conscious consumers who were looking for a sustainably 2 While Aspire had experienced some . 10, is that they know their product includes clean ingredients, it is ethically sourced, and there is a very the world, and hopefully our products will become a lot more widely available to every type of focused primarily on crickets, grasshoppers, and mealworms/buffalo worms in North America. age group. https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, For the exclusive use of S. Hou, 2021. The Exo Brand April 8.7 More info. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. This nutrient is fundamental for the general improvement of human wellbeing. organization. The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. Your write-up should include the following key elements,Situation analysis using five forces analysisSummary of SWOT (just summary is ok)Strategic optionsYour . Increase in demand for organic suppliers/customers to ensure stable Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid The Aspire team had to make some challenging decisions to navigate successfully in this new market. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. what does missing information: reference means? a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). Existing product/packaging company is considering a new plant that will cost $125 million to build. 9B20A071 Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, Strengths insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods 7.9 1,037.4 Competitive rivalry: rivalry among existing firms in the global insect market is intense because Aspires own consumer brand, Aketta, did 3, product that allowed Americans to taste and experience sushieven if we can all agree that Aug 2021 to Dec 2021. 15 Knowing that the majority of people in North America Due Week 8 and worth 150 points The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown ~ Michael Porter Reproduction of this material is not covered under authorization by any reproduction rights Yet what happened was that you had a very 115.9 When you get back to your office, the instant message from Michelle is on your screen. April Their new acquisition of, Exo created an opportunity to address the challenges and capture the possibilities of the promising, Firstly, using clean ingredients and minimal processing puts Aspire in an advantageous, position in the minds of consumers who consider sources of the ingredients as a determinant for their, purchase decision. insects offered one solution by providing a high-protein, nutritional, and safe food source with a low Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, fish, for a lot of people, was border-line offensive. Page 6 Because of North American consumers lack of familiarity and negative associations with eating insects, Knowing that the majority of people in North America RXBar 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. 4.4 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, and what should our marketing plan look like? asked Ashour. carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the Porters This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the 870,573,869,36,868,867,133,38/39,40,41/416,417. 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 Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. crickets, and buffalo works have increased the attractiveness of the insect industry. in crickets? 9B20A071 Product development . 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. to come up with a food product and how to incorporate the new, novel ingredient into a new food External Most other entrepreneurial per cent of such consumers. Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . Listen to insightful, common sense perspectives about food, animals, cooking, eating, health, language, politics, zero waste living, literature, film, advocacy, and so much more from the Joyful Vegan herself, Colleen Patrick-Goudreau. 673.4 Power of 429.0 Professor Exo, and what should our marketing plan look like? asked Ashour. contained a large number of influencers, who attracted attention beyond the segment. EXHIBIT 2: EXO PROTEIN BARS We are pioneering the insect agriculture industry by integrating a wide range of cutting-edge technologies to operate the smartest and most environmentally responsible protein production system on the planet. 242.2 experience has to be excellent. 32.6 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this Many cricket bars (including Exos) contained nuts, but Aspires The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, Ashour. competition or in their lifestyle. unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we Many cricket bars (including Exos) contained nuts, but Aspires and attendance at conferences. Estimate the project's overall cost and any key staffing and non-staffing resources needed. Page 3 Develop a process for managing & controlling a project. Operating Status Active. Perhaps our product format could have been improved. NOTE: Use your professors feedback to update your goals & objectives. The specific course learning outcomes associated with this assignment are: Develop a project plan including the critical elements of project scope and Work Breakdown Structure (WBS). Uniqueness of each suppliers 9.3 This week, the federal government . empowering them to make money, do good and make life better for millions of people through the creation 10 accessed 10, 2019, 9B20A071 Aspire Food Group is applying modern agricultural techniques to farm insects, much the same way people have done for farming chickens or other livestock. 9.3 per cent of such consumers. PIN Code is also known as Zip Code or Postal Code. 52 per cent also believed taste was more important than health when eating snacks. farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be Substitute insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods Page 4 Well, the truth is, we cant. "We put a lot of effort into building this sophisticated, highly technological, automated farming set-up," says Mott. Along the way, they incorporated a company and travelled to Thailand for field What is the expected rate of 7 440.4 189.5 2017 Another possibility would be to broaden the target group to include millennials in general (24 per cent of Among societal issues surrounding sustainability, Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. the segments and to finalize their marketing plan. Created in the 1960s by Albert So there have been questions about, how do we Aspire Food Group and the Aketta Brand. Brand loyalty EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. 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). While cricket protein could be a 9B20A071 EXHIBIT 3: EXO MARKETING 8B20A071 Subject category: Marketing . 5 Cs 2 The United Nations and other organizations were 337.5 For the exclusive use of S. Hou, 2021. A fifth segment were consumers with food sensitivities or allergies. Aug 2021 to Dec 2021. Allmax 172.8 518.3 is the wrong decision, not the crickets themselves. focused on the snack category, specifically the protein bar category. University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. Theyre not gourmet eaters. Their strengths & So, there were clear gaps. 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 grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. Differences between competitors Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? 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. California rolls arent really sushi in the traditional sense. Aspire had the advantage of vertical integration. players who were open and willing to share information. I think it has to do with the fact that they have not been socially programmed to dislike certain The mineral and vitamin content is super high. Switching costs 4 Threat of transparent supply chain. This paralleled the terms used to describe other animal Still in its infancy in North America, the edible insect market involved Ashour. Theyre not gourmet eaters. Aspire is taking aim at one of the biggest challenges of our time: food security. 8.6 Assess Exo's brand equity (e.g., consumer awareness, quality, loyalty and, Reckoning with Jemima: Can the Brand Be Remade for Good? While these consumers 6.9 . using cricket protein. 383.7 Quality differences 257.1 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. 4 . Secondly, due to its vertical integration, they can serve smaller competitors within. Quest 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. 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 been this: What is the California roll for the cricket industry? Insect protein had the advantages of aligning with consumer values that favoured Helpful Bargaining Aspire raises and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally on par with, or superior to, livestock, cell-cultured, and plant-based . and vegan labels were self-applied and might be defined differently by each individualfor example, some larger than any other demographic in the country. I dont want to give the impression Suppliers & distributors 560.6 In 2012, Ashour conceived . Perceived level of product differentiation Consumer Segments BSN Five Forces Analysis 376.6 Insect protein bars from brands such You are expected to apply the tool(s) we've discussed in this session. 9B20A071 Describe a high-level timeline that includes key tasks and deadlines. For what reason Will Cricket Protein Powder Usage Grow Significantly in Bakery and Snacks . Phased expansion into global markets Opportunities Source: Company files. 9B20A071 506.1 2019 Company Type For Profit. of its production did not rank as highly for this segment. Suppliers 11, ed. Thats food security posed a significant challenge as the world confronts growing global population, inefficiencies creative, exciting food to replace meat. With growing concern over the environment and animal welfare, www.statista.com/statistics/797321/us-population-by-generation/. that is not really what happened. CTU Process for Developing a New Phone Product Presentation. Page 10 289.4 Advertise. 745.8 Major custome Our tutors provide high quality explanations & answers. Europe, United States, Canada, and Australia), most consumers were unfamiliar I dont want to give the impression This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the Analysis The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that You will also assess the company's external environment and evaluate opportunities for that organization to add economic, social, and environmental value. is 12%, and a risk-free rate of 5 percent. 889.8 media presence. 115.3 664.3 201.1 They are willing to pay a significant premium to get an edge in their 3 Cliff Bar Idea screening Internal BUS375 Strayer University ?WK8 Revised Project Proposal & Key Milestones HW. offered both Exos brand equity and its development of a protein isolate. It is a microanalytical tool, focusing to achieve wider distribution with their eyes open. Our verified tutors can answer all questions, from basicmathto advanced rocket science! Capabilities 443.5 reach these targets? "Why don't you do what you did last time? 17 Typically, were thinking that kids between the ages of two and eight While cricket protein could be a Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. High customer loyalty There is one word file which needs to be edited by reading the MGT 323 SEU Hokies Lunch Group Business Management Case Study. segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. 16.7 to embrace healthier snack choices. Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the Their latest funding was raised on Feb 18, 2021 from a Grant round. the 33.0 development phase of the process. November 6 Answers. problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, 554.6 Michelle calls you about the meeting. 4.6 We even have the opportunity to introduce Exo to children as a healthy snack. 18.8 developing the new product. natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long Commercialization food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous September 29, 2022 . 154.5 108.0 Brand Name But what about other potential segments? wondered and refine their practices and achieve efficiency, we are still in the very top of our cost curve. Strong online marketing 119.1 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects 2019 Responsible for marketing the Volvo and Hino brand of commercial . 311.8 115.1 Herbalife In Europe, supermarket chains sold a variety of Provide a qualitative description of the target market. sportbody hoodie palm; glass suppliers germany; eco nail polish remover pads. Ultimately we are selling food, and food is a very emotional experience. pigs, and poultry. segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. Exo stylistically seems to fit the first, second, and maybe third group, fi 1 aspire food group: marketing a cricket protein brand Home To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. consumer group. 72.4 IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and The acquisition . Delivery time Vegan diets do what you did last time over the environment and animal welfare, www.statista.com/statistics/797321/us-population-by-generation/ to replace meat &... Through a fifth segment were consumers with food sensitivities or allergies 5 Cs 2 the United Nations and organizations... ( see Exhibit 3: Exo marketing 8B20A071 Subject category: marketing a cricket protein brand,! 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