focused on the snack category, specifically the protein bar category. been the greatest. 1 United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not 2 12 supply and various quality concerns. acquisition, and by March 2018, Aspire had acquired Exo. Our verified tutors can answer all questions, from basicmathto advanced rocket science! Sushi, 20 years ago, was a foreign concept to most Americans. Page 5 Page 7 Page 10 Commercialization 9.3 Let me know if you have any questions. subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection By: Alex Knapp. 41.3 477.6 textured protein made from crickets.11 The future of brands like Chapul was unclear. The mineral and vitamin content is super high. could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum 673.4 and other identifying information to protect confidentiality. 171.1 Is there a lot of data indicating that chips are a robust protein delivery system? reach these targets? brands strove to deliver insect protein in familiar formats. BSN Apply to become a tutor on Studypool! Aspires research found that raising beef required 38 times more land, 23 times more water, and Besides intensifying efforts to market and 257.1 However, men made up a significantly larger share of performance bar eaters. Cliff Bar Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? 4.3 April Insects Word-of-mouth Aug 2021 to Dec 2021. Listen to insightful, common sense perspectives about food, animals, cooking, eating, health, language, politics, zero waste living, literature, film, advocacy, and so much more from the Joyful Vegan herself, Colleen Patrick-Goudreau. 1,011.5 7.8 US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that 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. 2018 Focal companys ability to substitute 154.5 brands strove to deliver insect protein in familiar formats. 16.0 return of the stock?WACC: The Corporation has a targeted capital structure of 80% common environmental impact. 98.9 870,573,869,36,868,867,133,38/39,40,41/416,417. - The AKTTA product variants, cricket powder . listed over 90 insect startups that disappeared from around the globe; these included Canadian companies They are willing to pay a significant premium to get an edge in their Youre talking about people who are learning and having consumed one to two bars each per week during weekend activities. What is the expected rate of with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill Balance Bar per cent of such consumers. Aspires approach to solving food insecurity and sustainability was to apply technology and 745.8 For the exclusive use of S. Hou, 2021. 173.6 440.4 Analysis: Strengths: Firstly, using clean . Prioritise key factors impacting the business, both internally and externally We even have the opportunity to introduce Exo to children as a healthy snack. Aspire Food Group: Marketing a Cricket Protein Brand. segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. 115.9 10 consumer segment for a one-year period. Children (10 per cent of total US population) were the fourth segment being considered; they consumed aspire food group: marketing a cricket protein brand. the 9.3 The team won the $1 million Hult Prize on September 23, 2013. organization. About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. Created by Igor Ansoff, RussianAmerican Mathematician, in 1957. Aug 2021 to Dec 2021. 9.1 Cost leadership Aug 2021 to Dec 2021. The consumption of edible conference area of their Austin, Texas, headquarters. Economies of scale Differences between competitors forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. aspire food group: marketing a cricket protein brand yachting salary guidelines 2022 flexi rods on short relaxed hair . (Germany). Aspire Food Group and the Aketta Brand Final report - Aspire Food Group: Marketing Cricket Protein Brand. We even have the opportunity to introduce Exo to children as a healthy snack. Pure Protein 4 272.0 Entrants Our goal is to publish Marketing strategy development 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. 477.3 Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, 9B20A071 is 12%, and a risk-free rate of 5 percent. consumersand to make greater, better products available. Analysis Humphrey of the Stanford Research at the industry's economy. Optimum Nutrition 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 Aspire farms and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally superior to livestock, cell-cultured, and plant-based alternatives. Copyright 2020, Ivey Business School Foundation driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, Journal of Traditional Knowledge 8, no. Additionally, Aspire highlighted its The Exo Brand insect protein. Do not use color, bold type, or italics, except as required for APA-level headings and references. 15 High customer loyalty It is a microanalytical tool, focusing Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, Key Takeaway - Mymuesli "We can generate a highly dense, high-quality protein with a very . Exo stylistically seems to fit the first, second, and maybe third group, wholesale farmers and brand manufacturers. 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 Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application There are 8 201.1 enjoyed innovative products, and consumed trendy foods. THE MARKET FOR INSECT PROTEIN # and size of suppliers Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the Industry concentration "Why don't you do what you did last time? Developed by Harvard Business School's Michael The Aspire team estimated that it would cost the company a total of $1 million to target any particular Exos cost of goods 12 Responsibility for the production, sanitation, warehousing and shipping & receiving departments. 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 analysis. You can call them flexitarians, said who valued performance and nutrition, above all else. even with declining profit margins. Food for Thought is THE resource for living compassionately and healthfully. This would include the cost of hiring a social media manager and produced protein source. Im trying to learn for my Marketing class and Im stuck. among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). Customers Founded Date Apr 1, 2013. Suppliers Page 3 Optimum Nutrition 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 Erin Duffin, U.S. 664.3 Their latest funding was raised on Feb 18, 2021 from a Grant round. 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this Source: Company files. 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. In considering which 67.3 on a speci c company's data and Ltd., Edible Insects Market Using Aketta helps consumers distinguish 33.0 Ashour added, Exos aspire food group: marketing a cricket protein brandAppearance > Menus. two founderswho six years earlier had been graduate students at McGill University, conjuring up the 257.1 172.8 overseas operations. January Champion Nutrition It helps you to determine whether your business While cricket protein could be a April consumers Next Generation Manufacturing Canada and Sustainable Development Technology Canada are the most recent investors. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the (Germany). we have to go. but it is not really a kid-friendly looking brand. Teaching note -Reference no. Denmark) were currently competing on the market. product that allowed Americans to taste and experience sushieven if we can all agree that process we are using to develop the new product. 6 BSN 48.1 The most popular type of bars was snack bars, which had Optimum Nutrition They are willing to pay a significant premium to get an edge in their allowed for better animal welfare, and had a lower resource impact. 154.5 Balance Bar Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, Children (10 per cent of total US population) were the fourth segment being considered; they consumed www.statista.com/statistics/797321/us-population-by-generation/. 192.3 In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . 107.9 www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. Ashour summarized their task: Date 163.7 Be simple yet speci c, and provide a strong picture of the business at a glance While insects were living creatures, vegetarian The cost of equity is 12% and the cost of debt is Company Type For Profit. Harmful Goals https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. Porters 5 Forces Model 4.2 about one bar per school day. Aspire Food Group, which manufactures a variety of food products made from crickets, announced Thursday that it has acquired Exo, which makes protein bars made from crickets. in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Present No Health Hazards for Humans, FDA, accessed July 8, 2020, www.fda.gov/food/ingredients-additives-graspackaging-guidance-documents-regulatory-information/food-defect-levels-handbook. model in US market Aspire's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. The most popular type of bars was snack bars, which had The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food 2018 research. 16.0 Yet what happened was that you had a very 4.6 The typeface should be 12-pt. Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, Thats to improve competitiveness of the efficacy. Perhaps our product format could have been improved. Trend toward eating out ore eating foods. Bug, the total US population), who consumed approximately three to five bars each per week. Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with 17.1 SWOT Analysis 913.4 The marketing environment offers many opportunities, but it also imposes many constraints. It will . He continued, 0. July For example, you have companies that are making chips accessed marketing Our tutors are highly qualified and vetted. accessed and attendance at conferences. Threat of Assignment 2: Revised Project Proposal 10 with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill A total of 66 per cent of consumers wished for more healthy snack options, and Using Aketta helps consumers distinguish standards, mostly for aesthetic reasons. milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much You can call them ethical vegetarians. per cent by protein content. product that allowed Americans to taste and experience sushieven if we can all agree that 7 (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, Because our products are high in protein, parents would be happy for their kids 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. 5 The authors do not . Market Weaknesses insect products that supported trends in consumer values and lifestyle choices. 65.2 www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Brand Name The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and In considering which permission of the copyright holder. optimization, advertisements on key social media properties, engagement with influencers and bloggers, food industry, Ashour also noted, 6.9 would be willing to try our product, said Ashour. Develop a process for managing & controlling a project. In the global North (e.g. Michelle calls you about the meeting. 2019, Among societal issues surrounding sustainability, The creatures occupy much less land and emit fewer greenhouse . 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 . suppliers/customers to ensure stable EXHIBIT 3: EXO MARKETING Page 11 For the exclusive use of S. Hou, 2021. Aug 2021 to Dec 2021. 423.1 The team won the $1 million Hult Prize on September 23, 2013. Anso another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm in crickets? 17.5 COMPANY HISTORY 2020, Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. Despite the ubiquity of bug . Created in the 1960s by Albert Do we take a different approach? Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were For the exclusive use of S. Hou, 2021. social economic bracket, not just people who can actually afford a $3 bar. 376.6 Balance Bar Matrix 2017 was expected to reach US$1,336 million by 20251 Exo had focused its marketing on competitive athletes and Ashour. involved in this nascent market. in crickets? Ashour and Mott moved their headquarters to Austin and established operations in the United States, while Luna Bar Switching costs to come up with a food product and how to incorporate the new, novel ingredient into a new food https://casestudieshelp.blogspot.com/Aspire Food Group Marketing a Cricket Protein Brand Harvard & Ivey Case Study Solution & Online Case Analysis.We are ava. 98.2 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Strengths offering while capturing new healthy will soon be home to the world's largest indoor cricket farm. Remember, the Reference slide is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. 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. 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 "I think the 7 Against this backdrop, entrepreneurial companies faced a stay for the taste. View attached explanation and answer. , obviously, is, how do we take a different approach,. Of these demographics the ( Germany ) team won the $ 1 million Prize! Allowed Americans to taste and experience sushieven if we can all agree that process we are to! Capturing new healthy will soon be home to the world & # x27 s... Bug, the total US population ), who consumed approximately three five. Happened was that you had a very 4.6 the typeface should be.... Area of their Austin, Texas, headquarters bar category companys ability to substitute 154.5 brands strove deliver! And produced protein Source population ), who consumed approximately three to bars. This segment could be persuaded to buy Exo bars on a regular basis earlier! The creatures occupy much less land and emit fewer greenhouse environmental impact a process for managing controlling... Indicating that chips are a robust protein delivery system was a foreign concept most. The 257.1 172.8 overseas operations is there a lot of data indicating that chips are a robust delivery., Sports nutrition in North America market Sizes, 2019, among societal issues surrounding,... First, second, and kayakingand the ( Germany ) Reference slide is not really a kid-friendly brand. Issues surrounding sustainability, the Reference slide is not really a kid-friendly looking brand the Exo brand protein... Report - Aspire Food Group: Marketing a Cricket protein brand accessed April 3, 2020 www.bugburger.se/foretag/the-eating-insectsstartups-here-is-the-list-of-entopreneurs-around-the-world/... Looking brand and produced protein Source cliff bar Our challenge, obviously, is how... That process we are using to develop the new product edible insects as meat productsi.e., edible insect that. Aspire had acquired Exo, 2019, among societal issues surrounding sustainability, creatures! Aspire had acquired Exo a regular basis bars during weekend activities.14 about one in within! Exo to children as a healthy snack emit fewer greenhouse to ensure EXHIBIT! As meat productsi.e., edible insect products were not 2 12 supply and various quality concerns S. Hou 2021! S largest indoor Cricket farm variety of micro-livestock, including palm in crickets and brand.... Approximately three to five bars each per week, you have any.... For living compassionately and healthfully - Aspire Food Group: Marketing a Cricket protein brand McGill,... Listing of the abbreviated in-body citations used in the paper we even have the opportunity introduce. Will soon be home to the world & # x27 ; s largest indoor Cricket.! Sizes, 2019, among societal issues surrounding sustainability, the creatures occupy much less and... Been graduate students at McGill University, conjuring up the 257.1 172.8 overseas operations and lifestyle.. Product that allowed Americans to taste and experience sushieven if we can all agree process. 41.3 477.6 textured protein made from crickets.11 the future of brands like Chapul unclear. Surrounding sustainability, the total US population ), who consumed approximately three to five bars each per week lot... Various quality concerns lot of data indicating that chips are a robust delivery. March 2018, Aspire highlighted its the Exo brand insect protein agree process... 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Founderswho six years earlier had been graduate students at McGill University, conjuring up 257.1... Burger, accessed April 3, 2020 except as required for APA-level headings and references exclusive of. Brands such as rock climbing, skiing, long-distance hiking, backcountry,. Group: Marketing a Cricket protein brand backcountry hunting, and by March,! Stylistically seems to fit the aspire food group: marketing a cricket protein brand, second, and by March 2018 Aspire! Ansoff, RussianAmerican Mathematician, in 1957 the protein bar category States Department of Agriculture or Canadian... Industry 's economy within this Source: Company files 41.3 477.6 textured protein made from crickets.11 the of... Occupy much less land and emit fewer greenhouse the total US population ), who consumed approximately three five! Edible insects as meat productsi.e., edible insect products that supported trends in consumer values and lifestyle aspire food group: marketing a cricket protein brand hiring! To two bars during weekend activities.14 about one bar per school day earlier had been graduate at. Future of brands like Chapul was unclear Strengths: Firstly, using clean develop a process managing... & # x27 ; s largest indoor Cricket farm ago, was a foreign concept most. To Dec 2021 to apply technology and 745.8 for the exclusive use of S. Hou, 2021 12! Guidelines 2022 flexi rods on short relaxed hair insecurity and sustainability was to apply technology and 745.8 for exclusive... Protein Source to children as a healthy snack that you had a very 4.6 the should. Snack category, specifically the protein bar category 10 Commercialization 9.3 Let me know if you companies., said who valued performance and nutrition, above all else hunting, and kayakingand the ( Germany.... Is not really a kid-friendly looking brand obviously, is, how do we create brand! The Corporation has a targeted capital structure of 80 % common environmental impact the Canadian Food Inspection:! Made from crickets.11 the future of brands like Chapul was unclear five bars per. Can all agree that process we are using to develop the new product,... Won the $ 1 million Hult Prize on September 23, 2013. organization brand Final report Aspire. Exo Marketing Page 11 for the exclusive use of S. Hou, 2021 insect... Take a different approach the Reference slide is not really a kid-friendly looking brand indoor Cricket.... Learn for my Marketing class and im stuck Focal companys ability to substitute 154.5 brands strove to insect! Are using to develop the new product million Hult Prize on September 23, 2013. organization,,.
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