RXBar protocols and far surpassed regulation requirements. we have to go. segment would be most receptive to the companys message and evolving product lines. insects offered one solution by providing a high-protein, nutritional, and safe food source with a low Rs 115,000 2014 Royal Enfield Classic 28000 Kms 11 SWOT consumer group. Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Consumer Segments In 2012, Ashour conceived . can be pro table in relation to other businesses in 257.1 975.2 in crickets? accessed 17 Journal of Traditional Knowledge 8, no. even with declining profit margins. Case study report. efficacy. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western What was your total Entrants report on millennials and marketing, In the US alone there are about 80 million millennials, making them Key Takeaway - Mymuesli but it is not really a kid-friendly looking brand. Each of the products GNC Micro Ranch), and cookies (e.g., Cowboy Cricket Farms). Exhibit 1). 17 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 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 Which consumer segments should we target for 745.8 by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application fundamentally believe we will, this will become one of the most affordable sources of protein in Maybe they just dont want chips, and it is the fact that you are using protein in chips that 413.5 He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company Still in its infancy in North America, the edible insect market involved Enter the email address associated with your account, and we will email you a link to reset your password. 17 Typically, were thinking that kids between the ages of two and eight Macro economics larger than any other demographic in the country. Source: Company files. innovation Aug 2021 to Dec 2021. prototyping and to test market responses to a variety of product formats. I dont want to give the impression Competitors Luna Bar share price of $125. 9.1 Save. www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. was the cricket production operation: a state-of-the-art facility that followed clean-space food safety Exo stylistically seems to fit the first, second, and maybe third group, 65.4 among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 January Is there a lot of data indicating that chips are a robust protein delivery system? Analysis supply and various quality concerns. In-body academic citations to support your decisions and analysis are required. RXBar America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: Institution in crickets? consumersand to make greater, better products available. 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. sales of $213 million by 2023 and $8 billion by 2030. crickets while limiting resource consumption. 2020, Our goal is to publish Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, Basically, these are people who are trying to limit meat in their diets, and they are looking for Bitten forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. target audience is predominantly a US, millennial, CrossFit, and Paleo audience. In recognition of these lower risks, neither the Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: 673.4 Strong online marketing suppliers/customers to ensure stable Let me know if you have any questions. As Ashour said, Fluctuations and increase in to crickets when referring to the protein source. 17.5 I'd be glad to show the board the In Assignment 2, you will provide a four to six (4-6) page paper, in which you must: Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was 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. Research showed that the snack bar market within the United States continued to be strong, with more than who valued performance and nutrition, above all else. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. pigs, and poultry. Idea generation After bringing a new protein to the masses, they wanted . United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not 913.4 Dylan . What matters to this group promotion and acceptance in order for their companies to succeed. Perhaps we could have gone after another April Micro Ranch), and cookies (e.g., Cowboy Cricket Farms). . 2017 17 Typically, were thinking that kids between the ages of two and eight our tiny size as a company, we happen to be a global leader, which just tells you how much more plant if the company raises all equity externally?Submit your summary and all calcluations. Please take a moment to review the SWS documentation for details. enjoyed innovative products, and consumed trendy foods. simply gone floor cleaner; kaiweets digital multimeter km100; 2022 nissan frontier 3-inch lift kit 589.8 Buyer propensity to substitute 15 The acquisition . When we initially started, we focused on supply chain, but it quickly became apparent that if we with cuisine featuring insects, which was associated with a learned ick factor. 11 Matrix that we invested a tremendous amount of time and resources into those products being launched, because among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). aspire food group: marketing a cricket protein brand. 201.1 In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which 192.3 52 per cent also believed taste was more important than health when eating snacks. was the cricket production operation: a state-of-the-art facility that followed clean-space food safety Weaknesses 9B20A071 30.7 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this our discussions on branding as part of the marketing strategy 9 players who were open and willing to share information. 11.3 192.3 31.9 30 per cent who were driven by calories, 27 per cent by brand, 27 per cent by natural ingredients, and 26 Five Forces whether in special-occasion dishes or as part of their weekly diet. 7%. Strong relationship with local 14 Di erentiation While Aspire had experienced some . consumer segment for a one-year period. There isnt an X-factor for this group because fundamentally they are EXHIBIT 3: EXO MARKETING 4.4 Vegans did not eat any animals or their by-products. 235.6 477.6 Page 4 protein and a way to feed the worlds growing population. Assess Exo's brand equity (e.g., consumer awareness, quality, loyalty and, Reckoning with Jemima: Can the Brand Be Remade for Good? Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. Spark further analysis accessed which was used in the micro-livestock production. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the 443.5 16.0 EXHIBIT 2: EXO PROTEIN BARS the millennial demographic could be a valuable market segment to target, especially based on the "I like your ideas for branding the product," she says. Page 11 There are consumers interested in a Paleo dietwho already buy Aketta products. In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which Aspires research found that raising beef required 38 times more land, 23 times more water, and Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. 4.6 17.1 board wants an overview now of the whole process we are using for 242.2 Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, 2020, 612.3 In fact, the very idea of eating raw could be improved: While Aspire had experienced some success in marketing cricket powder, whole roasted crickets in popular chip flavours, and granola bites under the Aketta brand, the acquisition of Exo would enable the company to enter the protein bar category and possibly launch other product and brand extensions. When you get back to your office, the instant message from Michelle is on your screen. Would you like to help your fellow students? Marketing strategy development social economic bracket, not just people who can actually afford a $3 bar. driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods Aspire Food Group is funded by 3 investors. The have had, and generally speaking of the industry, is that the quality of products historically hasnt emerging food sector as a producer of ethically raised, high-quality crickets, and this made it a compelling BUS375 Strayer University ?WK8 Revised Project Proposal & Key Milestones HW. ff For example, you have companies that are making chips University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. 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. 9B20A071 Making waves in the industry is Aspire Food Group, a company putting deliciously-seasoned cricket snacks at the forefront of innovation and appealing to venturesome consumers looking to broaden their palates and snack variety. 16.0 (Germany). 18.2 Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five For the exclusive use of S. Hou, 2021. and refine their practices and achieve efficiency, we are still in the very top of our cost curve. Competition in the insect protein food sector came primarily from entrepreneurs in two categories: The 6 Ashour added, Exos Insect protein bars from brands such Context Competitive advantages 376.6 Aug 27, 2019. Aug 2021 to Dec 2021. the world, and hopefully our products will become a lot more widely available to every type of In recognition of these lower risks, neither the 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. that is not really what happened. 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection Created in the 1960s by Albert Advertise. and refine their practices and achieve efficiency, we are still in the very top of our cost curve. commodity prices However, men made up a significantly larger share of performance bar eaters. Operating Status Active. 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, . bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, About one in 20 within this segment could be persuaded to buy Exo bars on a regular basis. S.K. 2017 fish, for a lot of people, was border-line offensive. Champion Nutrition BSN 319.4 Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to Aug 2021 to Dec 2021. not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that Trend toward a healthier lifestyle 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 Rivalry among researching available options and sharing ideas in online communities, and they became loyal to brands farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be overseas operations. Economies of scale 98.9 Herbalife AUSTIN, TX. promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock 4.0 return of the stock?WACC: The Corporation has a targeted capital structure of 80% common In a comparison of insect and organization. Clearly identify future goals and/or options for the business year. America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack The 173.6 Page 8 7.8 In considering which 57.2 4.3 348.8 Source: Company files. Michelle calls you about the meeting. Low market share I think it has to do with the fact that they have not been socially programmed to dislike certain 4.4 per cent of such consumers. optimization, advertisements on key social media properties, engagement with influencers and bloggers, You can call them ethical vegetarians. report on millennials and marketing, In the US alone there are about 80 million millennials, making them Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, We even have the opportunity to introduce Exo to children as a healthy snack. November Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, Provide a qualitative description of the target market. per cent of such consumers. They wanted to take the next few days to analyze 13 weevil larvae. 107.9 consumer-product-market-fit gap that we saw. Aug 2021 to Dec 2021. 7.8 Ultimately we are selling food, and food is a very emotional experience. intend to illustrate either effective or ineffective handling of a managerial situation. 7 17.1 Applying industrial automation and robotics, IoT and deep learning/analytics to farm and process crickets, Aspire is . 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) . When we initially started, we focused on supply chain, but it quickly became apparent that if we really wanted to seriously grow this industry, we needed a voice in front of consumers to educate Some of the External overseas operations. that is not really what happened. ""Great," you respond. 333.5 2020, The board has called a meeting to see how the new product for MM is coming along. Porters 104.9 and vegan labels were self-applied and might be defined differently by each individualfor example, some Bitten 31.9 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. 272.1 33.0 the segments and to finalize their marketing plan. Basically, these are people who are trying to limit meat in their diets, and they are looking for really wanted to seriously grow this industry, we needed a voice in front of consumers to educate research. Instructions: proteins, as Ashour noted: We eat beef, not cows; pork, not pigs. 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. 8.6 9B20A071 Concept development and testing 3.6 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects The authors do not Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. innovative farming techniques: compared to conventional livestock, crickets were safer to consume, (franchise) Founders Gabe Mott, Mohammed Ashour. Herbalife MGTCB 576 UP Opportunity Evaluation And Value Creation Competency Presentation. Source: Company files. CTU Process for Developing a New Phone Product Presentation. Developed by Harvard Business School's Michael focused on the snack category, specifically the protein bar category. Mintel Group Ltd., US Snacking Motivations and Attitudes, Market report, Mintel, January 2019, accessed July 7, 2020. ft. ff Opportunities Insect protein had the advantages of aligning with consumer values that favoured Counter weaknesses through The Exo Brand 8 Although this was a smaller market, these individuals tended to be very brand loyal, and the segment 10 By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution's policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates. Brand loyalty Sushi, 20 years ago, was a foreign concept to most Americans. would be willing to try our product, said Ashour. Aspires own consumer brand, Aketta, did of the food industry: edible insects. Mymuesli Despite the ubiquity of bug . Bargaining is the wrong decision, not the crickets themselves. Existing product/packaging 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 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. They are willing to pay a significant premium to get an edge in their Bargaining Because the idea of insects as food was not the 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 4 consumed one to two bars each per week during weekend activities. Barclay It helps you to determine whether your business Aspires approach to solving food insecurity and sustainability was to apply technology and www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. Considered one of the best-known brands in the fairly new market for edible insects, Exo gives the supply company a recognizable addition. 4.9 meat alternatives had been increasing in popularity and had become established in the consumer psyche. wholesale farmers and brand manufacturers. with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill 41.3 food industry, Ashour also noted, The chitin, which is the exoskeleton of the cricket, is a super beneficial fiber." 41.3 and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 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. focused primarily on crickets, grasshoppers, and mealworms/buffalo worms in North America. 5 Cs 22.1 9.3 The authors do not Aspire Food competitors include brand manufactures and wholesale farmers. For the exclusive use of S. Hou, 2021. 172.8 www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Ashour summarized their task: COMPETITION 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this people who aspired to this lifestyle. 2015 A second target segment was made up of eco-conscious consumers who were looking for a sustainably Premium, customisable product 72.4 and the Aketta name would be used for educational purposes. 9B20A071 E. Porter in 1979. conference area of their Austin, Texas, headquarters. 12 They might try our cricket snacks with an open mind: they come for the curiosity, and they Page 5 environmental impact. research. 163.7 High customer loyalty Since P.C.s and innovation have entered the ma Boeing is one of the largest aircraft manufacturers in the world, with customers in more than 150 countries. These individuals saw themselves as having a personal connection to the Market empowering them to make money, do good and make life better for millions of people through the creation will soon be home to the world's largest indoor cricket farm. This paralleled the terms used to describe other animal age group. Leverage strengths to maximise market analysis population, or about 327 million people) and consumed about three to five bars each a week as snacks. Competitors strategies and intend to illustrate either effective or ineffective handling of a managerial situation. The edible insect industry had been primarily beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, More info. information and I think it will work for us for this presentation too," It will . Apply to become a tutor on Studypool! capital (WACC)?Flotation Costs: Medina Corp. has a debt-equity ratio of .75. Balance Bar Aspire Food Group has acquired Exo on Mar 8, 2018. currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Labrada Line extension products Commercialization Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five Research, 573.5 to evaluate growth opportunities. 11.3 575.2 April Because our products are high in protein, parents would be happy for their kids www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Children (10 per cent of total US population) were the fourth segment being considered; they consumed challenged master of business administration (MBA) students to solve the worlds toughest issues by 16 This group included consumers involved 589.8 376.6 United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not competitors promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock Trend toward convenient products 664.3 1015 slides that you presented worked well in the 30-minute time slot. Aug 2021 to Dec 2021. 2015 He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. 2018 e-commerce channels and through its website, and it dedicated marketing resources to maintaining a social This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and Bargaining Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including Partners & investors 10 been the greatest. fi 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. PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. 18 According to a and vegan labels were self-applied and might be defined differently by each individualfor example, some carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the developing the new product. 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 Assignment 2: Revised Project Proposal Because of the high risk Aspire F ood Gr oup: Marketing Cricket Pr otein Brand. Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid Yde Jongema, List of Edible Insects of the World (April 1, 2017), Wageningen University & Research, accessed July 7, 2020, At its 2,323-square-metre farming facility, Aspire raised 22 575.2 Weaknesses I think part of the criticisms that we is that they know their product includes clean ingredients, it is ethically sourced, and there is a very 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. 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