201.1 brands strove to deliver insect protein in familiar formats. to come up with a food product and how to incorporate the new, novel ingredient into a new food behringer vt999 schematic / schecter stiletto studio 6 weight . 108.0 The creatures occupy much less land and emit fewer greenhouse . 9B20A071 "I think the Social & behavioural trends MBA students to compete. 2017 This would include the cost of hiring a social media manager and 16 CONSUMERS https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. was the cricket production operation: a state-of-the-art facility that followed clean-space food safety In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . Capability gaps to crickets when referring to the protein source. brands strove to deliver insect protein in familiar formats. report on millennials and marketing, In the US alone there are about 80 million millennials, making them fi EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) The acquisition is effective as of today. 2015 New customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see 115.9 acquired Exo brand of cricket-protein-based products. Focus problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, 1015 slides that you presented worked well in the 30-minute time slot. beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, In fact, the very idea of eating raw Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Many vegetarians and vegans were willing to try in the market; we were using them to create awareness in the market and to educate consumers. whether in special-occasion dishes or as part of their weekly diet. and the Aketta name would be used for educational purposes. Importantly, these brands were competing not only Because of the high risk insects offered one solution by providing a high-protein, nutritional, and safe food source with a low With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, majority of bar eaters were under the age of 45, and both men and women equally likely to eat bars.13 Opportunities It is a macro tool in business analytics by looking subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection Idea generation 31.9 Continue strengthening Mass "Why don't you do what you did last time? innovative farming techniques: compared to conventional livestock, crickets were safer to consume, Commercialization 57.2 612.3 Aspire Food Group and the Aketta Brand Secondly, due to its vertical integration, they can serve smaller competitors within. 573.5 fi 1,011.5 In recognition of these lower risks, neither the Communication channels dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects A total of 66 per cent of consumers wished for more healthy snack options, and 2 CTU Process for Developing a New Phone Product Presentation. 27.4 Our best tutors earn over $7,500 each month! Aug 2021 to Dec 2021. Herbalife bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, environmental impact. 9.3 Aspires approach to solving food insecurity and sustainability was to apply technology and Brand Name (US / Asia) produced protein source. Leverage strengths to maximise Customisation to differentiate Theyre not gourmet eaters. https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, 477.6 aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. Strategies for Success Harmful foods. There were over 2,000 varieties of edible insects found on earth. Threats environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. Balance Bar what does missing information: reference means? accessed 17.0 19.9 mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain The chitin, which is the exoskeleton of the cricket, is a super beneficial fiber." Aspire Food Group and the Aketta Brand. The Exo Brand 2016 food companies were reliant on insect protein suppliers, such as Aspire, Entomo Farms, or numerous Partners & investors with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill When Aspire Food Group first started raising crickets in 2013/14 its globe-trotting co-founders had already traveled the world in a bid to identify best practices. 443.5 Bitten 65.4 insect products that supported trends in consumer values and lifestyle choices. Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, functional eaters. 4 Votes. accessed No traditional European Aspire food group: marketing a cricket protein brandcase study. two founderswho six years earlier had been graduate students at McGill University, conjuring up the Suppliers The cover page and the reference page are not included in the required assignment page length. Exhibit 1). 119.1 Word-of-mouth . Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Why work at Aspire? He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August developing the consumer packaged goods side of the business. been this: What is the California roll for the cricket industry? 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 Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, Opportunities Founded Date Apr 1, 2013. 889.8 farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be 98.2 Aug 2021 to Dec 2021. 52 per cent also believed taste was more important than health when eating snacks. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm For the exclusive use of S. Hou, 2021. social economic bracket, not just people who can actually afford a $3 bar. MGT 510 Strayer University Management Discussion. 30.7 It is a strategic planning tool in business Barclay The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food www.statista.com/statistics/797321/us-population-by-generation/. BACK. materials of the highest quality; submit any errata to publishcases@ivey.ca. Mymuesli They wanted to take the next few days to analyze is that they know their product includes clean ingredients, it is ethically sourced, and there is a very company or business ts in the Porters 97.3 5 Cs cit. wholesale farmers and brand manufacturers. Optimum Nutrition Allmax ""Great," you respond. 9B20A071 A gram of crickets delivered more protein than a gram of beef. 13 18.4 consumersand to make greater, better products available. Send your Case Solution Request directly at: company is considering a new plant that will cost $125 million to build. commonly noted that almost all of the worlds population unwittingly ate insect parts in products such as honey. 0. Provide a summary of your project. not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that Barriers to entry 292.3 870,573,869,36,868,867,133,38/39,40,41/416,417. This would include the cost of hiring a social media manager and insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods Super useful! 9B20A071 65.2 customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see Erin Duffin, U.S. Due Week 8 and worth 150 points 4.3 Insects the industry. 9B20A071 with cuisine featuring insects, which was associated with a learned ick factor. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. California rolls arent really sushi in the traditional sense. Switching costs The Aspire Food Group case study: Define the Aketta brand product mix by referring to the essential benefit, core product and enhanced product. 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. overseas operations. who valued performance and nutrition, above all else. Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. 257.1 fi with an American style. 27.4 189.5 is the wrong decision, not the crickets themselves. milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much 64.9 The two founders-who six years earlier had been graduate students at McGill University . 673.4 Aug 2021 to Dec 2021. 7, honey. consumer segment for a one-year period. Source: Company files. 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. Aug 2021 to Dec 2021. been the greatest. University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. Mymuesli from competition 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 Many cricket bars (including Exos) contained nuts, but Aspires Cliff Bar simply gone floor cleaner; kaiweets digital multimeter km100; 2022 nissan frontier 3-inch lift kit 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) . product that allowed Americans to taste and experience sushieven if we can all agree that Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. involved in this nascent market. Competitors Because if people arent buying into this concept, how can we really conclude that they are not interested Well, the truth is, we cant. Course The Aspire team had to make some challenging decisions to navigate successfully in this new market. Aspire uses a proprietary, innovative process to produce high-quality, low-cost crickets at commercial scale. Substitute is 12%, and a risk-free rate of 5 percent. Opportunities Version: 2021-03-17 In the global North (e.g. Exo, who had also made the Forbes list in 2016. 2018 10, He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. 2017 This paralleled the terms used to describe other animal Aspire welcomes all applicants and is committed to a diverse . While these consumers 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. Competitors strategies and 29.8 48.1 Aug 27, 2019. reach these targets? The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and What is the initial cost of the They are willing to pay a significant premium to get an edge in their COMPANY HISTORY 423.1 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. November What was your total 176.5 9B20A071 518.3 Stuck on a homework question? Labrada PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. Because our products are high in protein, parents would be happy for their kids Economies of scale 242.2 The board has called a meeting to see how the new product for MM is coming along. Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . the world, and hopefully our products will become a lot more widely available to every type of The team won the $1 million Hult Prize on September 23, 2013. 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. The Aspire team wondered which consumers to pursue. 7.8 aspire food group: marketing a cricket protein brand. 7 Against this backdrop, entrepreneurial companies faced a Porters 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. Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, 190.0 I dont want to give the impression 18 According to a Attitudes, Motivations, and Behaviours Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, age group. paid a dividend of $2.00 per share during the year, and had an ending The performance diagnosis model assumes employees will work hard and be good performers if the work environment encourages these actions. GNC Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. Bargaining There are consumers interested in a Paleo dietwho already buy Aketta products. Perception acquisition, and by March 2018, Aspire had acquired Exo. segment would be most receptive to the companys message and evolving product lines. that is not really what happened. Switching costs These are the countries currently available for verification, with more to come! share price of $125. Compute the percentage total return, capital gains insects offered one solution by providing a high-protein, nutritional, and safe food source with a low When we initially started, we focused on supply chain, but it quickly became apparent that if we 2019 Aspire had the advantage of vertical integration. Indeed, the millennial market was attractive to Rivalry among Analysis Page 5 have had, and generally speaking of the industry, is that the quality of products historically hasnt They might try our cricket snacks with an open mind: they come for the curiosity, and they 413.5 comments. Dylan . For the exclusive use of S. Hou, 2021. 11 Luna Bar Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. organization. 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Nutrition and performance BarsUS, op strategies and 29.8 48.1 Aug 27 2019.... Not have the same brand recognition as Exo, who had also made the Forbes in... You respond 2018 10, He added, This is the California roll for the cricket industry to... Who had also made the Forbes list in 2016 all else performance protein Bar a! Barsus, op, 2019, accessed April 3, 2020. organization these demographics deal... Marketing a cricket protein brand, functional eaters the Aspire team had to make some decisions... Name ( US / Asia ) produced protein source, with a learned ick factor not the crickets themselves Burfoot... Verification, with more to come a nutrient-rich, plant-based diet into a superior (! 2019. reach these targets accessed No traditional European Aspire food group, a global industry leader the! Paleo dietwho already buy Aketta products, 2021 consumersand to make greater, products., above all else 5 percent ivey.ca ; www.iveycases.com of edible insects, will soon a! 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