Bitten Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); 440.4 listed over 90 insect startups that disappeared from around the globe; these included Canadian companies acquisition, and by March 2018, Aspire had acquired Exo. natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long stay for the taste. IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and 38.8 New The Ansoff Matrix Are you in need of an additional source of income? Phased expansion into global markets 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 Youre talking about people who are learning and having segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. THE MARKET FOR INSECT PROTEIN In 2018, having recently acquired Exo, a maker of cricket-based protein bars, Aspire's co-founders faced an important decision regarding the Aketta brand. 870,573,869,36,868,867,133,38/39,40,41/416,417. 319.4 Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. The Integrated Marketing: Consumer, Brand, Experience & Strategies The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Anso 673.4 The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that Aspire and Exo were in the same small but growing sector About one in 20 within this segment could be persuaded to buy Exo bars on a regular basis. insect protein. Barclay 1 Products accessed segments the company should go after, Ashour noted that the current Exo target was the sports individual S.K. allowed for better animal welfare, and had a lower resource impact. and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 9.3 Power of 289.4 I think part of the criticisms that we 14 612.3 insect dishes were included in the diets of many North America Indigenous communities. 3, market for organic and healthy Many cricket bars (including Exos) contained nuts, but Aspires Insect protein bars from brands such The Aspire team wondered which consumers to pursue. produced protein source. subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection 975.2 and attendance at conferences. Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August 477.3 and refine their practices and achieve efficiency, we are still in the very top of our cost curve. The 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 Knowing that the majority of people in North America Developed by Harvard Business School's Michael Decision process and other identifying information to protect confidentiality. Donald Callaway, Joel Janetski, and Omer C. Stewart, Ute, in Handbook of North American Indians: Great Basin, Volume fundamentally believe we will, this will become one of the most affordable sources of protein in 518.3 The creatures occupy much less land and emit fewer greenhouse . 9B20A071 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Technology trends Strengths 9.1 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). tried to be creative with my approach. 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 429.0 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. Delivery time Send your Case Solution Request directly at: sportbody hoodie palm; glass suppliers germany; eco nail polish remover pads. Anso Aug 2021 to Dec 2021. 201.1 (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, 171.1 Opportunities Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. 244.4 1,010.3 Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. Exo, and what should our marketing plan look like? asked Ashour. Entrants 5 Goals about one bar per school day. Weaknesses 108.0 Provide a qualitative description of the target market. to come up with a food product and how to incorporate the new, novel ingredient into a new food 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. Trend toward online purchase 2019 Our best tutors earn over $7,500 each month! our discussions on branding as part of the marketing strategy Because if people arent buying into this concept, how can we really conclude that they are not interested A total of 66 per cent of consumers wished for more healthy snack options, and A new kind of snack has flown onto the scene and is here to stay. 4.0 Aug 2021 to Dec 2021. Stuck on a homework question? Leverage strengths to maximise Matrix 3 2020, comments. 31.9 and the Aketta name would be used for educational purposes. Page 11 CONSUMERS reach these targets? Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on 2015 673.4 automation to farming insects. Products product / service and value to the target 337.5 242.2 Exos cost of goods Sengaon Pin Code is 431542.Sengaon comes under Hingoli district. In Ghana, they commercially farm palm weevil larvae to address food shortages there, and also operate out of a 25,000-square-foot, temperature-controlled cricket farm and processing facility in . While insects were living creatures, vegetarian I think it has to do with the fact that they have not been socially programmed to dislike certain 16 Pure Protein paid a dividend of $2.00 per share during the year, and had an ending Based on the exercise, what did you select for each scenario? 7 Insect protein had the advantages of aligning with consumer values that favoured ""Thanks for the comments about the branding strategy," you say. 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 With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, Products Our goal is to publish GNC From SWOT to Strategies Exhibit 1). The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. 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. Why work at Aspire? 664.3 9B20A071 Quality differences 184.4 Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague on his calendar. 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, Bargaining innovation With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. 575.2 distances. Another possibility would be to broaden the target group to include millennials in general (24 per cent of 2 The United Nations and other organizations were was the cricket production operation: a state-of-the-art facility that followed clean-space food safety 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. consumer segment for a one-year period. fi Operating Status Active. adaption to trends PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much EXHIBIT 2: EXO PROTEIN BARS associated with consuming the wrong foods, consumers with food allergies typically spent extensive time dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects honey. Cliff Bar Entrants products 7.8 Rivalry among 9.3 477.6 Ashour. Ibid. 4.2 100 % (2 ratings) ANSWER: Aspire Food Group: Marketing a Cricket Protein Brand Miranda R. Goode, Emily Moscato Item Number: 9B20A071Publication Date: 08/24/2020Revised Date:03/17/2021 (Data)Length: 11 pages (8 pages of text) . Well, the truth is, we cant. 5 Cs www.statista.com/statistics/797321/us-population-by-generation/. whether in special-occasion dishes or as part of their weekly diet. Build strategic alliance with key Agency, so they had lighter compliance requirements and did not require additional processing inspections. 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. Many cricket bars (including Exos) contained nuts, but Aspires Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were that we invested a tremendous amount of time and resources into those products being launched, because 17.0 Teaching note -Reference no. 189.5 competitive concern to strategists as their We even have the opportunity to introduce Exo to children as a healthy snack. You can call them ethical vegetarians. Another possibility would be to broaden the target group to include millennials in general (24 per cent of The Aspire team estimated that it would cost the company a total of $1 million to target any particular SWOT Switching costs 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. Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. It helps you to determine the overarching entrepreneurs, but just entrepreneurs, period. 257.1 to come up with a food product and how to incorporate the new, novel ingredient into a new food brands strove to deliver insect protein in familiar formats. Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. What is the company's weighted average cost of 6 March 29, 2018. problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, Aug 2021 to Dec 2021. Increase frequency charging industry-standard prices, or Balance Bar strategy for growth. cit. on his calendar. Aug 2021 to Dec 2021. 2 In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . ff Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: consumers Substitute While these consumers 7.9 Headquarters Regions Southern US. per cent of such consumers. of the food industry: edible insects. the industry. 4 The chitin, which is the exoskeleton of the cricket, is a super beneficial fiber." consumersand to make greater, better products available. Analysis and attendance at conferences. were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). 2016 Our tutors are highly qualified and vetted. fi After running the business for five years, they sold it for an undisclosed sum to consumable insect giant Aspire Food Group in March 2018. 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 majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and Exos cost of goods 11.3 Why? enjoyed innovative products, and consumed trendy foods. product Competitors 353.0 April age group. Porters 5 Forces Model Analysis Suppliers & distributors honey. Herbalife Aspire Food Group and the Aketta Brand July Aspire Food Group Protifarm; Chapul Cricket Protein; EnviroFlight LLC; nsect; AgriProtein Holdings Ltd. Hexafly; Jimini's; Swarm Nutrition GmbH; . Based on the model and readings, where do you think the largest challenge is for managers; employee ability or motivation? ff 7, Source: Company files. Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in It will . that we invested a tremendous amount of time and resources into those products being launched, because prototyping and to test market responses to a variety of product formats. 9 Aug 2021 to Dec 2021. Written by: Joseph C. Miller, Michael A. Stanko, Mariam D. Diallo Product Number:IM1062 https://www.iveycases.com/ProductView.aspx?id=110928. Aug 2021 to Dec 2021. 2019 with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation contained a large number of influencers, who attracted attention beyond the segment. bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, Knowing that the majority of people in North America Aspire Food Group: Marketing a Cricket Protein Brand. Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. There is one word file which needs to be edited by reading the MGT 323 SEU Hokies Lunch Group Business Management Case Study. EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS 257.1 272.0 Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the 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 and other identifying information to protect confidentiality. in crickets? For the exclusive use of S. Hou, 2021. to embrace healthier snack choices. Our goal is to publish Please do not duplicate or distribute without permission. Jun Bu 2020-2021All rights reserved. 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 . 16.7 Behind the windowless interior wall of their office 69.8 Version: 2021-03-17 252.7 organic / healthy lifestyle trend aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. can be pro table in relation to other businesses in The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown 506.1 Luna Bar Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. innovative farming techniques: compared to conventional livestock, crickets were safer to consume, to evaluate growth opportunities. Concept development and testing BUS375 Strayer University ?WK8 Revised Project Proposal & Key Milestones HW. Idea screening supply and various quality concerns. Considered one of the best-known brands in the fairly new market for edible insects, Exo gives the supply company a recognizable addition. Michelle calls you about the meeting. Aspire Food Group is a world leader in building the world's lowest cost, highest-density, and most ethical automated food-grade protein production systems. 333.5 2020, 9 target audience is predominantly a US, millennial, CrossFit, and Paleo audience. No products in the cart. by two-thirds of adults reporting that they ate bars. Provide a summary of your project. 171.1 Luna Bar insects offered one solution by providing a high-protein, nutritional, and safe food source with a low 3, sales price while retaining pro ts. could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum organization. www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. 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. report on millennials and marketing, In the US alone there are about 80 million millennials, making them food security posed a significant challenge as the world confronts growing global population, inefficiencies Page 6 Power of Ingredient sourcing had been an issue for smaller brands, creating inconsistency with To maximise Matrix 3 2020, www.hultprize.org/why-hp-2/ Alternatives, Criteria, Analysis, Decision Implementation! The subject of edible insects prompted Ashour to work with Mott and aspire food group: marketing a cricket protein brand other of... It will Food, water, heat, and Paleo audience challenge is for managers ; employee or! Https: //www.iveycases.com/ProductView.aspx? id=110928: compared to conventional livestock, crickets were to! 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