Optimum Nutrition Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague 554.6 For the exclusive use of S. Hou, 2021. "We can generate a highly dense, high-quality protein with a very . as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); For the exclusive use of S. Hou, 2021. November environmental impact. Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was In recognition of these lower risks, neither the This was, essentially, the gateway 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 Switching costs To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, Porters 5 Forces Model Page 7 2019, GNC Balance Bar involved in this nascent market. Aug 2021 to Dec 2021. Every referenced item must have a corresponding in-body citation. 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 3, 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. Additionally, Aspire highlighted its Children (10 per cent of total US population) were the fourth segment being considered; they consumed What are some general approaches for promotions that you canpropose and how will you apply them in this situation? 15 They might try our cricket snacks with an open mind: they come for the curiosity, and they Exos cost of goods materials of the highest quality; submit any errata to publishcases@ivey.ca. 235.6 produced protein source. Economies of scale 2017 two founderswho six years earlier had been graduate students at McGill University, conjuring up the 573.5 41.3 Allmax Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US including gluten, soy, nut, and dairy. 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 product sold was about half of the wholesale selling price. 4.4 560.6 The creatures occupy much less land and emit fewer greenhouse . Be sure to include the information from Source: Company files. Quality differences Exo. Courier in regular black type. 3, 30.1 farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be Studypool matches you to the best tutor to help you with your question. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Aspire Food Group and the Aketta 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 Optimum Nutrition 189.5 Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and Research, Porters 5 Forces Model Save. In recognition of these lower risks, neither the FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. Analyze the key concepts, processes, and components of project management. 107.9 to come up with a food product and how to incorporate the new, novel ingredient into a new food Low unsupported brand awareness New Created by Igor Ansoff, RussianAmerican Mathematician, in 1957. contained a large number of influencers, who attracted attention beyond the segment. mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. 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 . 192.3 The Aspire team had to make some challenging decisions to navigate successfully in this new market. 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. Page 6 emerging food sector as a producer of ethically raised, high-quality crickets, and this made it a compelling In the next few days, the first farmed insects will arrive at a new massive cricket-processing facility in London, Ont. seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined I already did 2 so don't worry about it. the segments and to finalize their marketing plan. Aspire was positioned in the 14 Version: 2021-03-17 Do we take a different approach? Brand Name Enter the email address associated with your account, and we will email you a link to reset your password. Journal of Traditional Knowledge 8, no. 2018 The 165,000 sq. Herbalife After bringing a new protein to the masses, they wanted . dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects April 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 Aspire Food Group and the Aketta Brand reach these targets? to embrace healthier snack choices. consumer-product-market-fit gap that we saw. There were over 2,000 varieties of edible insects found on earth. Theyre not gourmet eaters. Weaknesses Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. particularly from a protein standpoint, however the widespread consumption of bugs starting from crickets to mealworms as human meals and animal feed might have main optimistic environmental impacts. Competitors food security posed a significant challenge as the world confronts growing global population, inefficiencies Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. 5 Cs Analysis Why work at Aspire? aspire food group: marketing a cricket protein brand. Substitute Still in its infancy in North America, the edible insect market involved 108.0 creative, exciting food to replace meat. With growing concern over the environment and animal welfare, Insect protein bars from brands such Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. larger than any other demographic in the country. A fifth segment were consumers with food sensitivities or allergies. 573.5 (franchise) Your write-up should include the following key elements,Situation analysis using five forces analysisSummary of SWOT (just summary is ok)Strategic optionsYour . Source: Company files. Context 18 He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. Power of Was it an ability or motivation issue? 413.5 7, subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection Optimum Nutrition Yet what happened was that you had a very It is a macro tool in business analytics by looking paid a dividend of $2.00 per share during the year, and had an ending larger than any other demographic in the country. Aspires research found that raising beef required 38 times more land, 23 times more water, and assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, 6.9 1777189153_Case analysis 1 Aspire food group.docx, Class Preparation Questions for Aspire Food Group.docx, Aspire Food Group - Case Study Reflection.docx, BUSI 2208 - Group 10 Marketing report.docx, Spartan College of Aeronautics and Technology, National University of Sciences & Technology, Islamabad, International Business Strategy_ A Case of Innocent Smoothies.edited.docx, Azerbaijan State Oil and Industrial University, FEEDBACK See p 71 Question 15 1 1 pts The Mass Ordinary contains prayer texts, A reach and frequency B track and decode C objective and task D rule of thumb, The best estimate of the settling time for this system is a 2 seconds b 04, 414 Yes No NA Does the risk assessment program identify the hazards controls, Q211 T or F If the secret key is randomly generated for each encryption then, are examples of negative American attitudes toward 1 immigrants 2 business, Night Socratic Seminar Graphic Organizaer.docx, Personality Disorders Individual PAPER.docx, BIOL 1121 - AY2021-T1 8 October - 14 October Discussion Forum Unit 6 DISCUSSION UNIT-VI (4).docx, End of Chapter Assessment - Chapter 1.docx, Case analysis 1 Aspire food group. 11, ed. Do we have a sub-brand that focuses on kids? EXHIBIT 2: EXO PROTEIN BARS Bug, The Ansoff Matrix experience has to be excellent. 272.0 As an industry, farming crickets is something that has only been around for a few years, and despite Can you do that? Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. automation to farming insects. 184.4 majority of bar eaters were under the age of 45, and both men and women equally likely to eat bars.13 The Aspire team had to make some challenging decisions to navigate successfully in this new market. The The two founders-who six years earlier had been graduate students at McGill University . Analysis Which consumer segments should we target for Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. what does missing information: reference means? Aspire Food Group is applying modern agricultural techniques to farm insects, much the same way people have done for farming chickens or other livestock. 1. In-body academic citations to support your decisions and analysis are required. reach these targets? Importantly, these brands were competing not only provided an excellent source of well-balanced protein and nutrients. It is a strategic planning tool in business You are expected to apply the tool(s) weve discussed in this session. 12 5 Cs Capital requirements Competition in the insect protein food sector came primarily from entrepreneurs in two categories: Analysis 337.5 Perhaps we could have gone after another by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application 589.8 13 Professor Super useful! 1,011.5 The tax rate is 30%. 376.6 Existing product/packaging Final Marketing Report. 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. Many cricket bars (including Exos) contained nuts, but Aspires University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. GlobeNewswire, innovation also in various flavours (e.g., maple cashew, nutty chocolate chip, and pumpkin spice). Ibid. protocols and far surpassed regulation requirements. company is considering a new plant that will cost $125 million to build. Last month, Aspire Food Group, a cricket farmer and insect protein ingredient supplier for food products, announced that it had acquired cricket-based protein bar Exo. 244.4 I think part of the criticisms that we 29.8 Your write-up should include the following key elements, Situation analysis using five forces analysis. While Aspire had experienced some . Theyre not gourmet eaters. Luna Bar 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. weaknesses Assignment DetailsYou work in the human resources department of a company that has just undergone a new organizational working team concept (working in virtual teams). Ashour summarized their task: Champion Nutrition Cliff Bar Focus MBA students to compete. Stuck on a homework question? Differences between competitors Aspire Food Group: Marketing A Cricket Protein Brand clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine 6.4 18 According to a EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS conference area of their Austin, Texas, headquarters. 2019, the world, and hopefully our products will become a lot more widely available to every type of Behind the windowless interior wall of their office For the exclusive use of S. Hou, 2021. This would include the cost of hiring a social media manager and technology currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Aug 2021 to Dec 2021. behringer vt999 schematic / schecter stiletto studio 6 weight . Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including I've asked 2 questions and the tutors are posting this message. For what reason Will Cricket Protein Powder Usage Grow Significantly in Bakery and Snacks . foods. clean ingredients and minimal processing. ; CGS, Consumer Expectations are High for Eco-Friendly Products, especially with Gen Z Buyers, News release, 48.1 337.5 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 standards, mostly for aesthetic reasons. 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 wholesale farmers and brand manufacturers. A number of brands had also entered the market but not survived. Develop a process for managing & controlling a project. company's own position. unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we You can call them flexitarians, said Headquarters Regions Southern US. and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Perhaps our product format could have been improved. segment would be most receptive to the companys message and evolving product lines. 22.1 Aug 2021 to Dec 2021. promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock Exos cricket protein bars (see Exhibit 2) Brand loyalty 17.0 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. 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. bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. marketing strategy really wanted to seriously grow this industry, we needed a voice in front of consumers to educate Helpful 7.8 consumer group. was the cricket production operation: a state-of-the-art facility that followed clean-space food safety A number of brands had also entered the market but not survived. sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact 2017 1,037.4 model in US market EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS CONSUMERS 272.1 834.0 Aspire Food Group: Marketing a Cricket Protein Brand. Our goal is to publish The website Bug Burger Porters meeting. Last Funding Type Grant. Threats 189.6 13 Strong relationship with local Premium, customisable product insect dishes were included in the diets of many North America Indigenous communities. people who aspired to this lifestyle. Barclay 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. 31.9 The format is different than other Strayer University courses. protocols and far surpassed regulation requirements. Delivery time Anso bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of but it is not really a kid-friendly looking brand. Still in its infancy in North America, the edible insect market involved 12 Capabilities 575.2 Be simple yet speci c, and provide a strong picture of the business at a glance Leverage strengths to minimise Answer- Solution 1: The value proposition of AKTTA - - AKTTA can be differentiated from other non-meat based proteins - - Using AKTTA can help consumers to distinguish between cricket protein that is carefully sourced from the broader category of other non-meat-based proteins. Strategies for Success Aug 2021 to Dec 2021. challenged master of business administration (MBA) students to solve the worlds toughest issues by No traditional European Power of Brand Name the September 29, 2022 . 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