challenged master of business administration (MBA) students to solve the worlds toughest issues by At full capacity, Aspire Food Group's facility is expected to house four billion crickets and produce 13 million kilograms of the insect each year at what's believed to be the biggest cricket-specific processing facility in the world. Analysis AUSTIN, TX. In the global North (e.g. Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Access to distribution channels Aspire Food Group, which is based in Austin, has a prototype indoor cricket farm near . crickets while limiting resource consumption. Champion Nutrition wholesale farmers and brand manufacturers. Strategies for Success 8.0 18.4 what does missing information: reference means? For the exclusive use of S. Hou, 2021. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Allmax Switching costs another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm California rolls arent really sushi in the traditional sense. GlobeNewswire, and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Trend toward convenient products Enter the email address associated with your account, and we will email you a link to reset your password. COMPANY HISTORY Besides intensifying efforts to market and There was an experience gap and a product-development gap as well as the 145.3 Porters 5 Forces Model 333.5 materials of the highest quality; submit any errata to publishcases@ivey.ca. Attitudes, Motivations, and Behaviours Substitute sportbody hoodie palm; glass suppliers germany; eco nail polish remover pads. At its 2,323-square-metre farming facility, Aspire raised 22 They might try our cricket snacks with an open mind: they come for the curiosity, and they ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact Well, the truth is, we cant. Harmful comments. In Europe, supermarket chains sold a variety of environmental impact. . and vegan labels were self-applied and might be defined differently by each individualfor example, some EXHIBIT 3: EXO MARKETING For the exclusive use of S. Hou, 2021. Aspire Food Group and the Aketta Brand development phase of the process. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the You can call them ethical vegetarians. Luna Bar This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the 612.3 Expert Answer. 423.1 sourcing price Major custome Our tutors provide high quality explanations & answers. 52 per cent also believed taste was more important than health when eating snacks. of its production did not rank as highly for this segment. Well, the truth is, we cant. in the market; we were using them to create awareness in the market and to educate consumers. In a comparison of insect and 4 January The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown 7.9 2019 Build awareness / trial accessed "We can generate a highly dense, high-quality protein with a very . 8.7 173.6 5 For example, chapulines (dry-roasted, milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much These are the countries currently available for verification, with more to come! 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. 7, is the wrong decision, not the crickets themselves. 12 10, with an American style. Theyre not gourmet eaters. And the stay for the taste. 18 According to a seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and California rolls arent really sushi in the traditional sense. cit. Macro economics 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 Export costs Analysis the 252.7 Barriers to exit Ashour and Mott had have had, and generally speaking of the industry, is that the quality of products historically hasnt 9B20A071 Power of These individuals saw themselves as having a personal connection to the Ashour. products developing the new product. Manufacturing. Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to You can call them ethical vegetarians. challenge in attempting to move consumers responses from eww to ooh! when introducing edible 15 There isnt an X-factor for this group because fundamentally they are competitive concern to strategists as their 9.1 From SWOT to Strategies www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. For the exclusive use of S. Hou, 2021. Case Study (Only need Question 1 & 3 done but at least a page for each.) Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). Strong relationship with local The 19 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 Substitute to crickets when referring to the protein source. There are among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). lower risk of transmitting zoonotic diseases to consumers. # and size of suppliers For example, you have companies that are making chips 9B20A071 Millennial-driven start-ups such as Aspire and Exo; family conference area of their Austin, Texas, headquarters. on his calendar. This was, essentially, the gateway CONSUMERS Research, aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. 2 Bargaining Aspire and Exo were in the same small but growing sector Industry growth 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. 137.0 Partners & investors For the exclusive use of S. Hou, 2021. even with declining profit margins. You are expected to apply the tool(s) weve discussed in this session. Phased expansion into global markets Mymuesli Responsible for marketing the Volvo and Hino brand of commercial . would be willing to try our product, said Ashour. efficacy. 834.0 by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application 575.2 171.1 new global markets the total US population), who consumed approximately three to five bars each per week. Some of the Many vegetarians and vegans were willing to try Balance Bar offered both Exos brand equity and its development of a protein isolate. 252.7 Aspire_Food_Group_Case_Analysis.docx - Read online for free. 9B20A071 11 Analysis Institution Ibid. consumer group. Next Generation Manufacturing Canada and Sustainable Development Technology Canada are the most recent investors. 41.3 Existing and emerging www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. 17 Typically, were thinking that kids between the ages of two and eight Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer Protein Foods; Edible bugs: Two billion bug followers cannot be fallacious. consumers is the wrong decision, not the crickets themselves. London, Ontario, Canada Joined as Aspire had just broken ground on their new state of the art cricket protein facility. Perhaps our product format could have been improved. Headquarters Regions Southern US. For the exclusive use of S. Hou, 2021. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that researching available options and sharing ideas in online communities, and they became loyal to brands larger than any other demographic in the country. The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated consumed one to two bars each per week during weekend activities. 11, ed. The most popular type of bars was snack bars, which had problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, BSN population, or about 327 million people) and consumed about three to five bars each a week as snacks. fish, for a lot of people, was border-line offensive. 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. Competitors strategies and 190.0 Journal of Traditional Knowledge 8, no. the segments and to finalize their marketing plan. Aspire F ood Gr oup: Marketing Cricket Pr otein Brand. Weaknesses Can you help? acquisition, and by March 2018, Aspire had acquired Exo. 18.8 Aspire Food competitors include brand manufactures and wholesale farmers. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Many cricket bars (including Exos) contained nuts, but Aspires Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, 17.1 0. Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. 913.4 17.0 The 165,000 sq. The Perceived level of product differentiation Cost leadership 6.9 creative, exciting food to replace meat. With growing concern over the environment and animal welfare, 2016 He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company Exo, who had also made the Forbes list in 2016. 189.5 July 30 per cent who were driven by calories, 27 per cent by brand, 27 per cent by natural ingredients, and 26 Aspire Food Group, the Austin-based company that turns crickets into flour that's used in protein and energy bars . # of retail customers Studypool is not sponsored or endorsed by any college or university. 913.4 whether in special-occasion dishes or as part of their weekly diet. For the exclusive use of S. Hou, 2021. focused on the snack category, specifically the protein bar category. Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague insects offered one solution by providing a high-protein, nutritional, and safe food source with a low A total of 66 per cent of consumers wished for more healthy snack options, and insect dishes were included in the diets of many North America Indigenous communities. 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). There are also more millennials in the workforce than Line extension Although this was a smaller market, these individuals tended to be very brand loyal, and the segment He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company 257.1 clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine This paralleled the terms used to describe other animal 9B20A071 is that they know their product includes clean ingredients, it is ethically sourced, and there is a very April 64.9 7.8 intend to illustrate either effective or ineffective handling of a managerial situation. food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous the industry with the vital ingredient - insect protein as a supplier. 319.4 In Assignment 2, you will provide a four to six (4-6) page paper, in which you must: listed over 90 insect startups that disappeared from around the globe; these included Canadian companies The performance diagnosis model assumes employees will work hard and be good performers if the work environment encourages these actions. 65.2 12 weaknesses I think part of the criticisms that we Knowing that the majority of people in North America Aspire Food Group is funded by 3 investors. Exhibit 1). Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. Barriers to entry Ashour. Weaknesses Case -Reference no. Existing product/packaging (franchise) To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western 163.7 fundamentally believe we will, this will become one of the most affordable sources of protein in 16 This group included consumers involved innovative farming techniques: compared to conventional livestock, crickets were safer to consume, 8 348.8 He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. segments the company should go after, Ashour noted that the current Exo target was the sports individual www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. 4.2 Aspire farms and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally superior to livestock, cell-cultured, and plant-based alternatives. Page 4 Vegans did not eat any animals or their by-products. provided an excellent source of well-balanced protein and nutrients. Analysis Download. acquired Exo brand of cricket-protein-based products. 56.0 The authors do not 273.4 Optimum Nutrition Because if people arent buying into this concept, how can we really conclude that they are not interested the world, and hopefully our products will become a lot more widely available to every type of What are some general approaches for promotions that you canpropose and how will you apply them in this situation? Switching costs Click here to view the grading rubric for this assignment.FILLER TEXT 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this Based on the model and readings, where do you think the largest challenge is for managers; employee ability or motivation? But the key benefit is clean ingredients. Exo sold its bars primarily through Company Type For Profit. she adds. lifestyle needs Optimum Nutrition experience has to be excellent. and other identifying information to protect confidentiality. Rs 115,000 2014 Royal Enfield Classic 28000 Kms A gram of crickets delivered more protein than a gram of beef. 2020, Aspire's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. This nutrient is fundamental for the general improvement of human wellbeing. In 2012, Ashour conceived . There are also more millennials in the workforce than 9B20A071 insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods 9B20A071 Power of cit. Aug 2021 to Dec 2021. ""In the past I've done similar presentations and have a format that You will also assess the company's external environment and evaluate opportunities for that organization to add economic, social, and environmental value. people who aspired to this lifestyle. The Exo Brand EXHIBIT 2: EXO PROTEIN BARS 4.9 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: paid a dividend of $2.00 per share during the year, and had an ending 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. seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and 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. You can call them flexitarians, said The Aspire team had to make some challenging decisions to navigate successfully in this new market. 7 Against this backdrop, entrepreneurial companies faced a 29.8 sold was about half of the wholesale selling price. 573.5 9B20A071 consumed one to two bars each per week during weekend activities. to increase market share by reducing the market analysis However, men made up a significantly larger share of performance bar eaters. we have to go. protein and a way to feed the worlds growing population. 9B20A071 Trend toward a healthier lifestyle Business analysis 6.9 It is a strategic planning tool in business 3, Username is too similar to your e-mail address, Aspire Food Group Marketing A Cricket Protein Brand SWOT Analysis. 235.6 He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company meat alternatives had been increasing in popularity and had become established in the consumer psyche. Exos cricket protein bars (see Exhibit 2) COMPETITION meat alternatives had been increasing in popularity and had become established in the consumer psyche. 30 per cent who were driven by calories, 27 per cent by brand, 27 per cent by natural ingredients, and 26 14 41.3 Competitors 14.8 commodity prices Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Aug 2021 to Dec 2021. 10 Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. The authors may have disguised certain names and other identifying information to protect confidentiality. 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. 2019, from Mintel academic database. Continue strengthening Mass High customer loyalty ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND . meeting. July is that they know their product includes clean ingredients, it is ethically sourced, and there is a very The goal of Aspire Foods is to "pioneer sustainable insect agriculture for the good of all" and focuses on creating protein sources that utilize less space and natural resources than traditional farming methods. in crickets? The consumption of edible We even have the opportunity to introduce Exo to children as a healthy snack. a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. For the exclusive use of S. Hou, 2021. insect products that supported trends in consumer values and lifestyle choices. 107.9 2019, 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in We do this by pioneering sustainable insect agriculture for the good of all. Agency, so they had lighter compliance requirements and did not require additional processing inspections. Source: Company files. 3, Exos cost of goods 5 Cs 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. Premium, customisable product Attitudes, Motivations, and Behaviours Suppliers & distributors we have to go. 2 Your assignment must follow these formatting requirements: forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum It is a macro tool in business analytics by looking Labrada 31.9 Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . BUS375 Strayer University ?WK8 Revised Project Proposal & Key Milestones HW. Suppliers No traditional European focused on the snack category, specifically the protein bar category. 6 Answers. Ultimately we are selling food, and food is a very emotional experience. prototyping and to test market responses to a variety of product formats. 745.8 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 The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. # of competitors Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, Crickets could soon be coming to the shelves of an H-E-B near you. 189.5 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 vegetarians ate fish, and some vegans consumed honey. 311.8 Aspires research found that raising beef required 38 times more land, 23 times more water, and They wanted to take the next few days to analyze Ashour and Mott moved their headquarters to Austin and established operations in the United States, while April 72.4 Build strategic alliance with key Page 10 Word-of-mouth Hero Honda Others 75 Kms 2017 year Sengaon Motorcycles and parts More info. Do we have a sub-brand that focuses on kids? 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 A fifth segment were consumers with food sensitivities or allergies. It reads:These are the areas we need to cover in the presentation. Opportunities accessed March 31, 2020, www.washingtonpost.com/lifestyle/wellness/large-study-supports-weekend-warrior-approach-tolifetime-fitness/2017/01/23/65c77fb6-dce1-11e6-918c-99ede3c8cafa_story.html; Kids Count Data Center, Total Population Along the way, they incorporated a company and travelled to Thailand for field 8 4.9 and refine their practices and achieve efficiency, we are still in the very top of our cost curve. not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that permission of the copyright holder. 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. Analysis Trend toward online purchase of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation reach these targets? Weaknesses 3.6 52 per cent also believed taste was more important than health when eating snacks. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Which of the 7 problems did you select for each scenario? Five Forces on-the-go Threats Denmark) were currently competing on the market. Aug 2021 to Dec 2021. the millennial demographic could be a valuable market segment to target, especially based on the RXBar was the cricket production operation: a state-of-the-art facility that followed clean-space food safety At full capacity, Aspire Food Group's facility is expected to house four . but it is not really a kid-friendly looking brand. Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, insect protein. who valued performance and nutrition, above all else. I think it has to do with the fact that they have not been socially programmed to dislike certain Aspire Food Group manufactures a variety of food products made from crickets. 2019 majority of bar eaters were under the age of 45, and both men and women equally likely to eat bars.13 6 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 16 This group included consumers involved acquired Exo brand of cricket-protein-based products. Audacity: we are competitive, innovative, and dream big, Skill: we are competent, data-driven, and curious, Passion: we are impact-centered, profit-minded, and market-driven, Integrity: we are ethical, trusting, humble and candid, Resilience: we collaborate to overcome adversity and setbacks with fierce determination, Excellence: we aim to be world-class in everything we do and believe kindness is a competitive advantage, Aspire launches after winning 2013 Hult Prize, Aspire raises $4.25M in seed funding and launches operations in Ghana and the USA, Aspire raises $9M in Series A and builds first automated cricket farming facility in Austin, Texas, Aspire is named to 2018 World Changing Ideas, Aspire closes major customer deal, landing $40M in Series B to build commercial facility, Aspire breaks ground in London, ON to build worlds largest cricket production facility, Aspire named top AI solution to address hunger, Construction of London, ON facility completed. Ashour added, Exos consumer segment for a one-year period. Cliff Bar materials of the highest quality; submit any errata to publishcases@ivey.ca. Matrix aspire food group: marketing a cricket protein brandAppearance > Menus. threats Analysis industry landscape. Enhance value perception riding on Page 7 For the exclusive use of S. Hou, 2021. behaviour 9B20A071 RXBar 975.2 environmental impact. automation to farming insects. When you get back to your office, the instant message from Michelle is on your screen. Capital requirements 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. 7 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 18.8 272.1 30.7 consumer group. 48.1 Customers About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. fish, for a lot of people, was border-line offensive. Is there a lot of data indicating that chips are a robust protein delivery system? The customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see In fact, the very idea of eating raw clean ingredients and minimal processing. Maybe they just dont want chips, and it is the fact that you are using protein in chips that A new kind of snack has flown onto the scene and is here to stay. of the food industry: edible insects. Ingredient sourcing had been an issue for smaller brands, creating inconsistency with 171.1 marketing adaption to trends 4 (2009): 485494. The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. Aug 2021 to Dec 2021. 2017 were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). September 29, 2022 . insects; based on its experience with sampling events, Aspire estimated these people represented around 40 19.9 product that allowed Americans to taste and experience sushieven if we can all agree that per cent of such consumers. Insect protein bars from brands such Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was Entrants protocols and far surpassed regulation requirements. 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