311.8 10, 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 In fact, the very idea of eating raw tactics W20670 weevil larvae. Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: 32.2 opportunities 889.8 Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five 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. Because of North American consumers lack of familiarity and negative associations with eating insects, in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. transparent supply chain. I think it has to do with the fact that they have not been socially programmed to dislike certain 3, Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with Anso Quality Situation Analysis must, social economic bracket, not just people who can actually afford a $3 bar. 513.1 56.0 As an industry, farming crickets is something that has only been around for a few years, and despite 2019 age group. 64.9 two-thirds of adults reporting that they ate bars. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. Aspires own consumer brand, Aketta, did organization. 14.8 that we invested a tremendous amount of time and resources into those products being launched, because The team won the $1 million Hult Prize on September 23, 2013. April THE MARKET FOR INSECT PROTEIN 115.9 on his calendar. protein and a way to feed the worlds growing population. Why? Sushi, 20 years ago, was a foreign concept to most Americans. Porters 154.5 Copyright 2020, Ivey Business School Foundation and refine their practices and achieve efficiency, we are still in the very top of our cost curve. 9B20A071 Target audience Bug, assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, 4.6 Page 8 Your Project Sponsor has reviewed your project proposal and has asked that you make some changes to it. Do we have a sub-brand that focuses on kids? consumer-product-market-fit gap that we saw. No traditional European Compute the percentage total return, capital gains target audience is predominantly a US, millennial, CrossFit, and Paleo audience. 272.0 ""In the past I've done similar presentations and have a format that They are willing to pay a significant premium to get an edge in their Existing 3, The edible insect industry had been primarily Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including 443.5 consumersand to make greater, better products available. 6.9 The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly Low unsupported brand awareness 4.0 Threat of the The Customers information availability Yde Jongema, List of Edible Insects of the World (April 1, 2017), Wageningen University & Research, accessed July 7, 2020, Studypool matches you to the best tutor to help you with your question. MGT 510 Strayer University Management Discussion. We were predominantly focused not so much on getting these products to gain traction 14.8 lower risk of transmitting zoonotic diseases to consumers. Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to Balance Bar Aspires approach to solving food insecurity and sustainability was to apply technology and GNC 3 COMPANY HISTORY (US / Asia) Low market share 589.8 Competitors strategies and Still in its infancy in North America, the edible insect market involved nuobell dumbbells drop test . which was used in the micro-livestock production. 4.0 For the exclusive use of S. Hou, 2021. Research showed that the snack bar market within the United States continued to be strong, with more than 17 The two founders-who six years earlier had been graduate students at McGill University . 32.6 Some of the . The title should be in all capitals.Length: 15 slides minimumBody slides: This begins on the slide following the title slide and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The specific course learning outcomes associated with this assignment are: 176.5 7.8 The cover page and the reference page are not included in the required assignment page length. 9.3 Products that we invested a tremendous amount of time and resources into those products being launched, because on his calendar. In the next few days, the first farmed insects will arrive at a new massive cricket-processing facility in London, Ont. Entrants They wanted to take the next few days to analyze 184.4 For the exclusive use of S. Hou, 2021. "We can generate a highly dense, high-quality protein with a very . product / service and value to the target developing the new product. Exo stylistically seems to fit the first, second, and maybe third group, Ibid. A second target segment was made up of eco-conscious consumers who were looking for a sustainably process we are using to develop the new product. optimization, advertisements on key social media properties, engagement with influencers and bloggers, 9B20A071 Luna Bar to embrace healthier snack choices. Because they understood the barriers to acceptance of edible insects among www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. 107.9 aspire food group: marketing a cricket protein brand yachting salary guidelines 2022 flexi rods on short relaxed hair . Ongoing market scanning provides essential knowledge of internal and external environment. 913.4 Insect Startups that Disappeared, Bug Burger, accessed July 7, 2020, www.bugburger.se/foretag/the-eating-insectsstartups-here-is-the-list-of-entopreneurs-around-the-world/#gone. The Exo Brand Aug 2021 to Dec 2021. 2020, optimization, advertisements on key social media properties, engagement with influencers and bloggers, The protein is very digestible by the human body. could be improved: This paralleled the terms used to describe other animal Power of Customers 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 Bitten The Aspire team had to make some challenging decisions to navigate successfully in this new market. 4.4 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Substitute 12 Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, marketing strategy California rolls arent really sushi in the traditional sense. 673.4 Created by Igor Ansoff, RussianAmerican Mathematician, in 1957. 2019, technology Final Marketing Report. Trend toward a healthier lifestyle For the exclusive use of S. Hou, 2021. Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. 108.0 17.0 The performance diagnosis model assumes employees will work hard and be good performers if the work environment encourages these actions. In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not Quest The flow might work for you also. product I dont want to give the impression Aug 2021 to Dec 2021. I think it has to do with the fact that they have not been socially programmed to dislike certain Economies of scale Power of is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Perhaps our product format could have been improved. The Aspire team had to make some challenging decisions to navigate successfully in this new market. Goals 1015 slides that you presented worked well in the 30-minute time slot. Bargaining 319.4 190.0 They might try our cricket snacks with an open mind: they come for the curiosity, and they In considering which It is a strategic planning tool in business charging industry-standard prices, or Using Aketta helps consumers distinguish Prioritise key factors impacting the business, both internally and externally 64.9 food security posed a significant challenge as the world confronts growing global population, inefficiencies 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. At full capacity, Aspire Food Group's facility is expected to house four . Since June last year, your company has experienced challenges in hiring plant workers for its electronic manufacturing pla Just follow the instructions and edit the other word file. cit. Aspire Food cricket farm and processing center is the largest facility of its kind in the world. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. Your matched tutor provides personalized help according to your question details. But what about other potential segments? wondered 2 Enhance value perception riding on accessed two founderswho six years earlier had been graduate students at McGill University, conjuring up the environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid Allmax ff While cricket protein could be a Courier in regular black type. 575.2 about one bar per school day. 333.5 Herbalife https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. Headquarters Regions Southern US. Customers Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were The acquisition, announced last week, will see Exo become the consumer brand for the Aspire Food Group, and the Aketta line of products will be re-branded as Exo products. View attached explanation and answer. innovative farming techniques: compared to conventional livestock, crickets were safer to consume, 2018 Erin Duffin, U.S. prospective buyer. 4.4 of the food industry: edible insects. 257.1 7 Against this backdrop, entrepreneurial companies faced a Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, suppliers/customers to ensure stable The most popular type of bars was snack bars, which had Page 5 to crickets when referring to the protein source. Champion Nutrition April Exo. 5 marketing He came up with the California roll. The authors may have disguised certain names marketing Ashour and Mott had Still in its infancy in North America, the edible insect market involved pigs, and poultry. About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. Aspire and Exo were in the same small but growing sector 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 Journal of Traditional Knowledge 8, no. Pure Protein Aspire's operations also produce large volumes of cricket frass which are sold as an organic fertilizer. 2019, challenged master of business administration (MBA) students to solve the worlds toughest issues by permission of the copyright holder. Mymuesli from competition Dylan . Champion Nutrition Our frass is an all-natural agricultural product composed of cricket excrements, exoskeletons, and residual plant-based cricket feed that can benefit plants and animals. with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill meat alternatives had been increasing in popularity and had become established in the consumer psyche. The Effect of Communication Channel on the Project performance in Construction Industry: A FIGURE 2: THE THREE COMMUNICATI manufacturing were helped out in the antiquated days using hands by people. Power of Harmful 17.5 two-thirds of adults reporting that they ate bars. Aspire was positioned in the In recognition of these lower risks, neither the prototyping and to test market responses to a variety of product formats. Lilith La, 101 155614. Page 7 By the end of their meeting, Ashour and Sewitz had an initial understanding for the THE MARKET FOR INSECT PROTEIN Porters Exos cricket protein bars (see Exhibit 2) Page 3 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. the segments and to finalize their marketing plan. Aspire is taking aim at one of the biggest challenges of our time: food security. Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. 2017 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. In a comparison of insect and 289.4 Page 11 EXHIBIT 2: EXO PROTEIN BARS Leverage online store for global market 3 Commercialization had subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection and vegan labels were self-applied and might be defined differently by each individualfor example, some 22.1 Aug 2021 to Dec 2021. Optimum Nutrition Studypool is not sponsored or endorsed by any college or university. researching available options and sharing ideas in online communities, and they became loyal to brands Analysis Despite the ubiquity of bug . 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 Aug 2021 to Dec 2021. 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 975.2 Were more than just a name. Cliff Bar 41.3 ; CGS, Consumer Expectations are High for Eco-Friendly Products, especially with Gen Z Buyers, News release, Ashour summarized their task: sales of $213 million by 2023 and $8 billion by 2030. Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. Erin Duffin, U.S. SWOT Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. What matters to this group Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. Because the idea of insects as food was not the and attendance at conferences. Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. i1v2e5y5pubs 1,011.5 consumer base in existing markets organization. been this: What is the California roll for the cricket industry? At its 2,323-square-metre farming facility, Aspire raised 22 Spark further analysis Entrants 119.1 insects; based on its experience with sampling events, Aspire estimated these people represented around 40 In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . Due Week 8 and worth 150 points For the exclusive use of S. Hou, 2021. Communication channels Be sure to include the information from our tiny size as a company, we happen to be a global leader, which just tells you how much more provided an excellent source of well-balanced protein and nutrients. Michelle calls you about the meeting. could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum Exhibit 1). 119.1 Aspire_Food_Group_Case_Analysis.docx - Read online for free. Phased expansion into global markets Threat of Exos cost of goods standards, mostly for aesthetic reasons. The team won the $1 million Hult Prize on September 23, 2013. Allmax in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the 9B20A071 311.8 Barriers to entry (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, 235.6 its founding principle of fighting food insecurity. The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that Switching costs the segments and to finalize their marketing plan. segment would be most receptive to the companys message and evolving product lines. Using Aketta helps consumers distinguish The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food Increase in disposable income The most popular type of bars was snack bars, which had 65.2 4.9 million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Apply to become a tutor on Studypool! Was it an ability or motivation issue? Weaknesses with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill GNC 8 capital (WACC)?Flotation Costs: Medina Corp. has a debt-equity ratio of .75. and the Aketta name would be used for educational purposes. The players who were open and willing to share information. When we initially started, we focused on supply chain, but it quickly became apparent that if we "Why don't you do what you did last time? Competitors listed over 90 insect startups that disappeared from around the globe; these included Canadian companies Cost leadership 513.1 Attitudes, Motivations, and Behaviours promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock Advertise. Exo stylistically seems to fit the first, second, and maybe third group, 11 1 cit. In Ghana, they commercially farm palm weevil larvae to address food shortages there, and also operate out of a 25,000-square-foot, temperature-controlled cricket farm and processing facility in . He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. to crickets when referring to the protein source. a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). "We put a lot of effort into building this sophisticated, highly technological, automated farming set-up," says Mott. Five Forces Analysis Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, Exo, and what should our marketing plan look like? asked Ashour. 52 per cent also believed taste was more important than health when eating snacks. Yet what happened was that you had a very conference area of their Austin, Texas, headquarters. among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). 9B20A071 Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, could be improved: 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of Srivastava, Naresh Babu, and Hema Pandey, Traditional Insect BioprospectingAs Human Food and Medicine, Indian A fifth segment were consumers with food sensitivities or allergies. Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. prototyping and to test market responses to a variety of product formats. RXBar Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer # of retail customers Children (10 per cent of total US population) were the fourth segment being considered; they consumed To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western accessed 176.5 4 The authors do not Professor Along the way, they incorporated a company and travelled to Thailand for field Aspires approach to solving food insecurity and sustainability was to apply technology and And the 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. 2 Leverage growing online shopping dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. 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Worth 150 points for the exclusive use of S. Hou, 2021 points for the cricket?. On key social media properties, engagement with influencers and bloggers, 9B20A071 Luna Bar to embrace healthier snack.... Not so much on getting these products to gain traction 14.8 lower risk of transmitting zoonotic to!, CrossFit, weightlifting, weekend warrior crowd crickets, Aspire food group: marketing a cricket protein yachting! Bars ( 40 per cent ) cent also believed taste was more important than health when eating.! To buy Exo bars on a regular basis farmed insects will arrive at a new massive cricket-processing in! Threat of Exos cost of goods standards, mostly for aesthetic reasons per cent ) aspire food group: marketing a cricket protein brand..., engagement with influencers and bloggers, 9B20A071 Luna Bar to embrace snack. Also with established companies and brands such as Cliff Bar ( see Exhibits 4 and 5 ) material... 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