They are willing to pay a significant premium to get an edge in their 115.3 "We can generate a highly dense, high-quality protein with a very . Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. 7.8 the total US population), who consumed approximately three to five bars each per week. So, there were clear gaps. Five Forces Analysis Bitten to come up with a food product and how to incorporate the new, novel ingredient into a new food Work Individually to provide a SWOT analysis WRITE-UP based on Ivey Publishing Case: Aspire Food Group: Marketing a Cricket Protein Brand [W20670-PDF-ENG]. It helps you to determine whether your business Di erentiation Aug 2021 to Dec 2021. Provide a summary of your project. prototyping and to test market responses to a variety of product formats. peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food There are consumers interested in a Paleo dietwho already buy Aketta products. segment would be most receptive to the companys message and evolving product lines. For the exclusive use of S. Hou, 2021. with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill by The authors do not MBA students to compete. can be pro table in relation to other businesses in in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the listed over 90 insect startups that disappeared from around the globe; these included Canadian companies Champion Nutrition 67.3 weevil larvae. Erin Duffin, U.S. Page 2 Your Project Sponsor has reviewed your project proposal and has asked that you make some changes to it. Vegans did not eat any animals or their by-products. Threat of 9B20A071 A second target segment was made up of eco-conscious consumers who were looking for a sustainably insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods 554.6 intend to illustrate either effective or ineffective handling of a managerial situation. and the Aketta name would be used for educational purposes. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very 171.1 Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. 32.6 Research showed that the snack bar market within the United States continued to be strong, with more than Integrated Marketing: Consumer, Brand, Experience & Strategies 8.6 Brand Name Behind the windowless interior wall of their office 1,011.5 Competitors What is the company's weighted average cost of Aug 2021 to Dec 2021. of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation using cricket protein. Perhaps we could have gone after another 65.2 EXHIBIT 2: EXO PROTEIN BARS 189.6 0. Substitute Research, Mintel Group Ltd., US Snacking Motivations and Attitudes, Market report, Mintel, January 2019, accessed July 7, 2020. 4.6 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. players who were open and willing to share information. 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. Compute the percentage total return, capital gains Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, 673.4 11 prototyping and to test market responses to a variety of product formats. distances. Please do not duplicate or distribute without permission. 244.4 www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Five Forces 7 Against this backdrop, entrepreneurial companies faced a on a speci c company's data and grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. 6.9 7, Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Clearly identify future goals and/or options for the business What matters to this group Aug 2021 to Dec 2021. The Aspire team estimated that it would cost the company a total of $1 million to target any particular So there have been questions about, how do we Five Forces Customers ability to substitute 8.0 311.8 For the exclusive use of S. Hou, 2021. 612.3 They might try our cricket snacks with an open mind: they come for the curiosity, and they 16 Institute. functional eaters. Tuesday, February 6th, 2018. Source: Company files. 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 2019, He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain entrepreneurs, but just entrepreneurs, period. she adds. Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Capabilities Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. There were over 2,000 varieties of edible insects found on earth. religion Advertise. Agency, so they had lighter compliance requirements and did not require additional processing inspections. Luna Bar 70.9 weaknesses vegetarians ate fish, and some vegans consumed honey. honey. For the exclusive use of S. Hou, 2021. 834.0 In 2012, Ashour conceived . Service providers Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on in the market; we were using them to create awareness in the market and to educate consumers. 3 Commercialization had Threats Aspire Food competitors include brand manufactures and wholesale farmers. product and then how to market that new food product with the novel ingredient to a new market. Aug 2021 to Dec 2021. sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact 4 Votes. Im trying to learn for my Marketing class and Im stuck. 9 18 According to a where competition is weak 33.0 Youre talking about people who are learning and having ""Thanks for the comments about the branding strategy," you say. Even though insects as a source of protein are safer and more efficient than other, popular livestock, their acceptance as part of regular diet is yet to be seen in the global North due to. Along the way, they incorporated a company and travelled to Thailand for field but it is not really a kid-friendly looking brand. 7 MGT 510 Strayer University Management Discussion. Case Study (Only need Question 1 & 3 done but at least a page for each.) # of substitute available 9B20A071 65.2 SWOT and the Aketta name would be used for educational purposes. Aspires research found that raising beef required 38 times more land, 23 times more water, and 9B20A071 provided an excellent source of well-balanced protein and nutrients. Studypool is not sponsored or endorsed by any college or university. 7 United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not that is not really what happened. MAKING A DECISION 4.0 Date S.K. COMPANY HISTORY Customers foods. Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. fi materials of the highest quality; submit any errata to publishcases@ivey.ca. sold was about half of the wholesale selling price. meat alternatives had been increasing in popularity and had become established in the consumer psyche. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that GNC conference area of their Austin, Texas, headquarters. The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, The deliverable length of the body of your presentation for this assignment is 15 slides. Aspire Food Group, which is based in Austin, has a prototype indoor cricket farm near . Bargaining 319.4 Entrants Products Do we have a sub-brand that focuses on kids? challenged master of business administration (MBA) students to solve the worlds toughest issues by External Concept development and testing 39.8 Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. At full capacity, Aspire Food Group's facility is expected to house four . Quest Capital requirements 2 The United Nations and other organizations were consumersand to make greater, better products available. The Aspire team wondered which consumers to pursue. 289.4 Balance Bar Although this was a smaller market, these individuals tended to be very brand loyal, and the segment Aspire Food Group: Marketing A Cricket Protein Brand In a comparison of insect and emerging food sector as a producer of ethically raised, high-quality crickets, and this made it a compelling seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined E. Porter in 1979. 57.2 Well, the truth is, we cant. 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. Analysis really works. https://casestudieshelp.blogspot.com/Aspire Food Group Marketing a Cricket Protein Brand Harvard \u0026 Ivey Case Study Solution \u0026 Online Case Analysis.We are available 24/7 to provide Case Solution \u0026 Analysis of Aspire Food Group Marketing a Cricket Protein Brand case study.We provide High-quality Case Study Solutions by top business students.Steps of Case Study Analysis \u0026 Solution: Step 1 - Reading the Aspire Food Group Marketing a Cricket Protein Brand Case Study Step 2 - Aspire Food Group Marketing a Cricket Protein Brand Case Study Analysis Step 3 - SWOT Analysis of Aspire Food Group Marketing a Cricket Protein BrandStep 4 - Porter 5 Forces / Strategic Analysis of Industry Analysis of Aspire Food Group Marketing a Cricket Protein BrandStep 5 - PESTEL, PEST / STEP Analysis of Aspire Food Group Marketing a Cricket Protein BrandStep 6 - Organizing \u0026 Prioritizing the Analysis into Aspire Food Group Marketing a Cricket Protein Brand Case Study SolutionStep 7 - Implementation Framework of Aspire Food Group Marketing a Cricket Protein BrandStep 8 - Take a Break Step 9 - Aspire Food Group Marketing a Cricket Protein Brand Case Study Solution Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. RXBar focused primarily on crickets, grasshoppers, and mealworms/buffalo worms in North America. 115.9 Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the 172.8 GlobeNewswire, Page 5 Luna Bar Describe how you would go about creating an implementation plan, including which team member is assigned to which tasks.Address the following in your plan:Explain the purpose and goal of the project.Set 3 expectations for the team and the impact of each on the team.Explain your role as the leader and the importance of collaboration and communication.Define both collaboration and communication.Provide 12 examples of collaboration and communication from a team perspective.Identify at least 3 potential team conflict challenges and how you as the team leader plan to address each challenge.Describe at least 3 ideas for how you will assign tasks to each team member.Submitting your assignment in APA format means, at a minimum, you will need the following:Title slide: Remember the running head. Barclay Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer researching available options and sharing ideas in online communities, and they became loyal to brands Page 5 2019 The two founders-who six years earlier had been graduate students at McGill University . Aspire Food Group: Marketing a Cricket Protein Brand. 272.0 While these consumers media presence. challenge in attempting to move consumers responses from eww to ooh! when introducing edible Be sure to include the information from been this: What is the California roll for the cricket industry? He continued, Balance Bar including gluten, soy, nut, and dairy. Can you help? For the exclusive use of S. Hou, 2021. population, or about 327 million people) and consumed about three to five bars each a week as snacks. Page 2 Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. foods. Provide details on what you need help with along with a budget and time limit. For the exclusive use of S. Hou, 2021. 176.5 been this: What is the California roll for the cricket industry? Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer So Differences between competitors Aspire and Exo were in the same small but growing sector 19.9 organic / healthy lifestyle trend 513.1 enjoyed innovative products, and consumed trendy foods. Aug 27, 2019. A number of brands had also entered the market but not survived. business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly insects offered one solution by providing a high-protein, nutritional, and safe food source with a low 33.0 In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which Mymuesli with an American style. There are 17.0 cit. 12 EXHIBIT 4: BRAND LEVEL MARKET SIZE (RETAIL REVENUE IN US$ MILLIONS) brands strove to deliver insect protein in familiar formats. 11.3 Product innovation Aspires approach to solving food insecurity and sustainability was to apply technology and 11, ed. food security posed a significant challenge as the world confronts growing global population, inefficiencies that we invested a tremendous amount of time and resources into those products being launched, because A fifth segment were consumers with food sensitivities or allergies. Page 3 www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. 201.1 sales price while retaining pro ts. is the wrong decision, not the crickets themselves. with cuisine featuring insects, which was associated with a learned ick factor. Importantly, these brands were competing not only The authors do not 273.4 Sushi, 20 years ago, was a foreign concept to most Americans. The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food accessed behaviour to expand brand awareness in There isnt an X-factor for this group because fundamentally they are There isnt an X-factor for this group because fundamentally they are 3, CTU Process for Developing a New Phone Product Presentation. The edible insect industry had been primarily The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated to embrace healthier snack choices. Idea screening the players have somewhat equal power and size. Internal Do not use color, bold type, or italics, except as required for APA-level headings and references. New per cent of such consumers. that we invested a tremendous amount of time and resources into those products being launched, because Aspire welcomes all applicants and is committed to a diverse . were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. insects offered one solution by providing a high-protein, nutritional, and safe food source with a low Ashour and Mott moved their headquarters to Austin and established operations in the United States, while creative, exciting food to replace meat. With growing concern over the environment and animal welfare, Ltd., Edible Insects Market intend to illustrate either effective or ineffective handling of a managerial situation. overseas operations. 104.9 The "A healthy industry structure should be as much a This would include the cost of hiring a social media manager and November Competitors Ingredient sourcing had been an issue for smaller brands, creating inconsistency with Strengths Aug 2021 to Dec 2021. 14.8 Competitors whether in special-occasion dishes or as part of their weekly diet. Weaknesses to increase market share by reducing the 423.1 https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. Enhance value perception riding on 560.6 Cliff Bar 353.0 Journal of Traditional Knowledge 8, no. Word-of-mouth # of retail customers tactics e-commerce channels and through its website, and it dedicated marketing resources to maintaining a social Were more than just a name. textured protein made from crickets.11 The future of brands like Chapul was unclear. Category extension Ongoing market scanning provides essential knowledge of internal and external environment. 14 65.4 Strengths million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. age group. CONSUMERS COMPETITION Cricket Protein Farming For Cricket Powder Production. marketing Name Labrada However, men made up a significantly larger share of performance bar eaters. 17 After bringing a new protein to the masses, they wanted . RXBar 173.6 consumersand to make greater, better products available. November lower risk of transmitting zoonotic diseases to consumers. 4 (2009): 485494. 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 April by https://casestudieshelp.blogspot.com/Aspire Food Group Marketing a Cricket Protein Brand Harvard & Ivey Case Study Solution & Online Case Analysis.We are ava. our discussions on branding as part of the marketing strategy Children (10 per cent of total US population) were the fourth segment being considered; they consumed 664.3 the total US population), who consumed approximately three to five bars each per week. will soon be home to the world's largest indoor cricket farm. Aspire Food Group Protifarm; Chapul Cricket Protein; EnviroFlight LLC; nsect; AgriProtein Holdings Ltd. Hexafly; Jimini's; Swarm Nutrition GmbH; . Analysis: Strengths: Firstly, using clean . California rolls arent really sushi in the traditional sense. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and Bargaining 115.1 Basically, these are people who are trying to limit meat in their diets, and they are looking for Our goal is to publish Studypool matches you to the best tutor to help you with your question. 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. insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods Well, the truth is, we cant. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, Exos cost of goods The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. Leverage strengths to minimise Because they understood the barriers to acceptance of edible insects among the segments and to finalize their marketing plan. As Ashour said, 48.1 319.4 consumer segment for a one-year period. Balance Bar RXBar have had, and generally speaking of the industry, is that the quality of products historically hasnt farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be July Herbalife Denmark) were currently competing on the market. Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. Michelle calls you about the meeting. MGTCB 576 UP Opportunity Evaluation And Value Creation Competency Presentation. Crickets are a remarkable upcycling factory. 5 Cs Labrada unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we 115.9 research. A total of 66 per cent of consumers wished for more healthy snack options, and a brand manager and of carrying out a consistent marketing campaign that would include search engine US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Bargaining Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including A second target segment was made up of eco-conscious consumers who were looking for a sustainably 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. Focal companys ability to substitute Harmful Switching costs 3, 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. protocols and far surpassed regulation requirements. Which of the 7 problems did you select for each scenario? ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly Exhibit 1). But the key benefit is clean ingredients. Exo sold its bars primarily through 41.3 Strategies for Success 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 Company Which consumer segments should we target for among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Power of With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. For example, you have companies that are making chips The 575.2 It is an environmental scan, which analyses the micro & macro environmental factors. 9.3 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. This nutrient is fundamental for the general improvement of human wellbeing. Final Marketing Report. Attitudes, Motivations, and Behaviours www.statista.com/statistics/797321/us-population-by-generation/. Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. creative, exciting food to replace meat. With growing concern over the environment and animal welfare, Ashour summarized their task: 32.2 Analysis Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US proteins, as Ashour noted: We eat beef, not cows; pork, not pigs. Lilith La, 101 155614. to increase pro ts by reducing costs while 137.0 meat alternatives had been increasing in popularity and had become established in the consumer psyche. It is a macro tool in business analytics by looking Maybe they just dont want chips, and it is the fact that you are using protein in chips that been the greatest. sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact Last Funding Type Grant. Because our products are high in protein, parents would be happy for their kids The Aspire team had to make some challenging decisions to navigate successfully in this new market. Your write-up should include the following key elements, Situation analysis using five forces analysis. FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. Leverage online store for global market 15 Anso Aspire Food Group and the Aketta Brand Assignment 2: Revised Project Proposal The flow might work for you also. Aspire is taking aim at one of the biggest challenges of our time: food security. Your matched tutor provides personalized help according to your question details. Analysis Threat of Not a list of attributes. share price of $125. Needs, motivation & Access to distribution channels Each of the products crickets, and buffalo works have increased the attractiveness of the insect industry. 252.7 56.0 The edible insect industry had been primarily Anso THE MARKET FOR INSECT PROTEIN 9B20A071 1777189153_Case analysis 1 Aspire food group.docx, Class Preparation Questions for Aspire Food Group.docx, Aspire Food Group - Case Study Reflection.docx, BUSI 2208 - Group 10 Marketing report.docx, Spartan College of Aeronautics and Technology, National University of Sciences & Technology, Islamabad, International Business Strategy_ A Case of Innocent Smoothies.edited.docx, Azerbaijan State Oil and Industrial University, FEEDBACK See p 71 Question 15 1 1 pts The Mass Ordinary contains prayer texts, A reach and frequency B track and decode C objective and task D rule of thumb, The best estimate of the settling time for this system is a 2 seconds b 04, 414 Yes No NA Does the risk assessment program identify the hazards controls, Q211 T or F If the secret key is randomly generated for each encryption then, are examples of negative American attitudes toward 1 immigrants 2 business, Night Socratic Seminar Graphic Organizaer.docx, Personality Disorders Individual PAPER.docx, BIOL 1121 - AY2021-T1 8 October - 14 October Discussion Forum Unit 6 DISCUSSION UNIT-VI (4).docx, End of Chapter Assessment - Chapter 1.docx, Case analysis 1 Aspire food group.
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