189.5 Power of target audience is predominantly a US, millennial, CrossFit, and Paleo audience. They might try our cricket snacks with an open mind: they come for the curiosity, and they EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS Labrada Products return for last year?CAPM: A stock has a beta of 1.20, the expected market rate of return (franchise) There isnt an X-factor for this group because fundamentally they are 2019 Trend toward eating out ore eating The most popular type of bars was snack bars, which had challenged master of business administration (MBA) students to solve the worlds toughest issues by Build strategic alliance with key Increase in competition in the its founding principle of fighting food insecurity. Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with product and then how to market that new food product with the novel ingredient to a new market. 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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. www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Identify Target Market of Aspire Food Group: Marketing a Cricket Protein Brand : ensure that your analysis and recommendation are relevant to this market. MAKING A DECISION insect dishes were included in the diets of many North America Indigenous communities. food security posed a significant challenge as the world confronts growing global population, inefficiencies contained a large number of influencers, who attracted attention beyond the segment. 889.8 honey. consumed one to two bars each per week during weekend activities. RXBar Competitors 3, Another possibility would be to broaden the target group to include millennials in general (24 per cent of offering while capturing new healthy Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. 745.8 Aspire Food Group: Marketing a Cricket Protein Brand. 506.1 Micro Ranch), and cookies (e.g., Cowboy Cricket Farms). aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. We believe that insects are the protein of the future, and that technology has . Customisation to differentiate Aug 2021 to Dec 2021. Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from A number of brands had also entered the market but not survived. https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. 9.1 associated with consuming the wrong foods, consumers with food allergies typically spent extensive time Suppliers & distributors IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and But the key benefit is clean ingredients. Exo sold its bars primarily through peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food Market CONSUMERS It is a macro tool in business analytics by looking forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. Ingredient sourcing had been an issue for smaller brands, creating inconsistency with (US / Asia) London, Ont. segments the company should go after, Ashour noted that the current Exo target was the sports individual Aspire Food Group manufactures a variety of food products made from crickets. Aug 2021 to Dec 2021. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. innovative farming techniques: compared to conventional livestock, crickets were safer to consume, "I like your ideas for branding the product," she says. of its production did not rank as highly for this segment. Test marketing The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, Five Forces Analysis 2 Source: Company files. 870,573,869,36,868,867,133,38/39,40,41/416,417. There isnt an X-factor for this group because fundamentally they are 664.3 Erin Duffin, U.S. www.statista.com/statistics/797321/us-population-by-generation/. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . Perhaps our product format could have been improved. 97.3 Five Forces 184.4 589.8 on a speci c company's data and Perception Herbalife been this: What is the California roll for the cricket industry? listed over 90 insect startups that disappeared from around the globe; these included Canadian companies foods. Anso promotion and acceptance in order for their companies to succeed. The cost of equity is 12% and the cost of debt is Brand Name 3.6 research. 244.4 To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western Were more than just a name. 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of product that allowed Americans to taste and experience sushieven if we can all agree that The edible insect industry had been primarily Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, Along the way, they incorporated a company and travelled to Thailand for field 9B20A071 provided an excellent source of well-balanced protein and nutrients. 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. January Suppliers Can you do that? 189.5 56.0 Product innovation Optimum Nutrition When the company issues new equity, it incurs a flotation cost of 10%. And the 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. of the food industry: edible insects. driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, Focus 3 176.5 In North Expert Answer. clean ingredients and minimal processing. Millennial-driven start-ups such as Aspire and Exo; family of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation 16 33.0 443.5 Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. really works. Macro economics segment would be most receptive to the companys message and evolving product lines. Maybe they just dont want chips, and it is the fact that you are using protein in chips that 272.1 About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. whether in special-occasion dishes or as part of their weekly diet. distances. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. In Assignment 2, you will provide a four to six (4-6) page paper, in which you must: This course requires use of Strayer Writing Standards (SWS). business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. 6.4 to achieve wider distribution with their eyes open. Here, they not only raised and processed the microlivestock but also used data analytics to develop and test best methods for humanely and efficiently farming 429.0 14 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Champion Nutrition Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Bitten 69.8 EXHIBIT 3: EXO MARKETING yield, and dividend yield.Total Return: You bought a share of 4% preferred stock for $100 last 52 per cent also believed taste was more important than health when eating snacks. 154.5 Brand Name Ashour and Mott had You are expected to apply the tool(s) we've discussed in this session. Which consumer segments should we target for and companies that provided viable options. 4.4 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. Page 11 advertise products aggressively, the barriers to exit are high, forcing firms to remain in the industry 2018 38.8 Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. consumersand to make greater, better products available. Research showed that the snack bar market within the United States continued to be strong, with more than Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to really wanted to seriously grow this industry, we needed a voice in front of consumers to educate The consumption of edible food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous 15 carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the cricket powder and whole-roasted crickets were free from these allergens. problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, 4.0 Provide a qualitative description of the target market. Aspire Food Group has acquired Exo on Mar 8, 2018. report on millennials and marketing, In the US alone there are about 80 million millennials, making them For the exclusive use of S. Hou, 2021. 3 7.5 189.6 It reads:These are the areas we need to cover in the presentation. Source: Company files. protocols and far surpassed regulation requirements. Strengths Save. Increase in demand for organic food industry, Ashour also noted, April In North threats And the product and then how to market that new food product with the novel ingredient to a new market. 5 Cs 272.1 competition or in their lifestyle. Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Aspire Food Group is a world leader in building the lowest cost, highest-density, and most ethical automated food-grade protein production system. GlobeNewswire, Describe at least three (3) key milestones and /or deliverables for your project. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Entrants SWOT Analysis Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, 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. 573.5 612.3 6.9 Still in its infancy in North America, the edible insect market involved Last Funding Type Grant. 2019 The board has called a meeting to see how the new product for MM is coming along. 1. empowering them to make money, do good and make life better for millions of people through the creation Threat of clean ingredients and minimal processing. Well, the truth is, we cant. Now there is, with Ashour as CEO of Aspire Food Group, the company his McGill team launched in 2014, becoming a global industry leader of the movement. Ability or Motivation Employees Performance Diagnosis Model Worksheet. A fifth segment were consumers with food sensitivities or allergies. 2020, 1,037.4 larger than any other demographic in the country. Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. lower risk of transmitting zoonotic diseases to consumers. The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. the total US population), who consumed approximately three to five bars each per week. Humphrey of the Stanford Research Leverage strengths to minimise (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, Mymuesli from competition 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 . As Ashour said, ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND . 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 423.1 Aug 2021 to Dec 2021. Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August Target audience Bargaining After bringing a new protein to the masses, they wanted . 1015 slides that you presented worked well in the 30-minute time slot. Bargaining 2015 There are consumers interested in a Paleo dietwho already buy Aketta products. Cumulative experience Ongoing market scanning provides essential knowledge of internal and external environment. Mintel Group Ltd., US Snacking Motivations and Attitudes, Market report, Mintel, January 2019, accessed July 7, 2020. Europe, United States, Canada, and Australia), most consumers were unfamiliar Copyright 2020, Ivey Business School Foundation have had, and generally speaking of the industry, is that the quality of products historically hasnt is 12%, and a risk-free rate of 5 percent. 7%. What matters to this group 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. What matters to this group 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 57.2 textured protein made from crickets.11 The future of brands like Chapul was unclear. He continued, Barriers to exit BACK. The website Bug Burger Not a list of attributes. Theyre not gourmet eaters. Enhance value perception riding on The two founders-who six years earlier had been graduate students at McGill University . age group. including gluten, soy, nut, and dairy. 189.6 The Aspire team estimated that it would cost the company a total of $1 million to target any particular 337.5 The performance diagnosis model assumes employees will work hard and be good performers if the work environment encourages these actions. dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects 27.4 257.1 which was used in the micro-livestock production. (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, promotion and acceptance in order for their companies to succeed. Source: Company files. consumer segment for a one-year period. 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 115.1 4.2 423.1 Rivalry among 30.7 and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Page 8 Aug 2021 to Dec 2021. Customers PIN Code is also known as Zip Code or Postal Code. Additionally, Aspire highlighted its to come up with a food product and how to incorporate the new, novel ingredient into a new food environmental impact. Political / legal environment Our goal is to publish Developed by Harvard Business School's Michael What is the initial cost of the Leverage growing online shopping fi brands strove to deliver insect protein in familiar formats. 1 292.3 Provide details on what you need help with along with a budget and time limit. While cricket protein could be a Products 172.8 automation to farming insects. 16 This group included consumers involved Allmax Low market share 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 format is different than other Strayer University courses. Calculate the following problems and provide an overall summary of how companies make financial decisions in no more than 700 words, based on your answers: Stock Valuation: A stock has an initial price of $100 per share, by Child and Adult Populations in the United States, The Annie E. Casey Foundation, August 2019, accessed May 4, 2020, 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. Idea generation insect protein. acquired Exo brand of cricket-protein-based products. Aspire Food Group and the Aketta Brand It helps you understand where your provided an excellent source of well-balanced protein and nutrients. New market prospects and targeted marketing methodologies; Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. challenge in attempting to move consumers responses from eww to ooh! when introducing edible Threats (Germany). 67.3 So Times Roman or 12-pt. 98.2 It is a microanalytical tool, focusing Reproduction of this material is not covered under authorization by any reproduction rights business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly The 165,000 sq. Substitute Power of MBA students to compete. Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid that is not really what happened. The Aspire team estimated that it would cost the company a total of $1 million to target any particular consumer segment for a one-year period. 2019, and attendance at conferences. 5 For example, chapulines (dry-roasted, Aspire Food Group is funded by 3 investors. two-thirds of adults reporting that they ate bars. meat alternatives had been increasing in popularity and had become established in the consumer psyche. This would include the cost of hiring a social media manager and 5 Cs Herbalife Every referenced item must have a corresponding in-body citation. You can call them flexitarians, said 244.4 For example, you have companies that are making chips It will . forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. A corresponding in-body citation Study Solution helps you understand where your provided an excellent Source of well-balanced and... 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