18.2 Counter weaknesses through 4.4 Aug 2021 to Dec 2021. Existing Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in As an industry, farming crickets is something that has only been around for a few years, and despite 39.8 429.0 7.8 MGTCB 576 UP Opportunity Evaluation And Value Creation Competency Presentation. Five Forces population, or about 327 million people) and consumed about three to five bars each a week as snacks. www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. Helpful 97.3 overseas operations. ff 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. Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Threats 6.9 Opportunities 3.6 More info. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Balance Bar Agency, so they had lighter compliance requirements and did not require additional processing inspections. 17.5 9B20A071 5 Cs Page 4 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 For the exclusive use of S. Hou, 2021. Aspire Food Group: Marketing a Cricket Protein Brand. The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown advertise products aggressively, the barriers to exit are high, forcing firms to remain in the industry ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND . Headquarters Regions Southern US. Reproduction of this material is not covered under authorization by any reproduction rights The CEO and Co-Founder of Aspire Food Group, a cricket protein manufacturer, is currently heading an expansion on the heels of their $16.8M in funding from NGen which includes a manufacturing . 38.8 The 257.1 Optimum Nutrition Aspire Food Group: Marketing A Cricket Protein Brand 16.0 2019, Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. Founded Date Apr 1, 2013. of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation View attached explanation and answer. 292.3 Leverage strengths to maximise Your matched tutor provides personalized help according to your question details. Substitute 289.4 Aspire Food Group and the Aketta Brand . Pure Protein share price of $125. 65.2 the total US population), who consumed approximately three to five bars each per week. product and then how to market that new food product with the novel ingredient to a new market. Constant innovation to expand product For the exclusive use of S. Hou, 2021. fi Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States optimization, advertisements on key social media properties, engagement with influencers and bloggers, A total of 66 per cent of consumers wished for more healthy snack options, and In-body academic citations to support your decisions and analysis are required. to evaluate growth opportunities. Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, Ashour and Mott moved their headquarters to Austin and established operations in the United States, while They are willing to pay a significant premium to get an edge in their 9B20A071 72.4 conference area of their Austin, Texas, headquarters. expansion Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, September 29, 2022 . Crickets are a remarkable upcycling factory. Studypool is not sponsored or endorsed by any college or university. Quality differences insect dishes were included in the diets of many North America Indigenous communities. 189.6 Low unsupported brand awareness including gluten, soy, nut, and dairy. The consumption of edible 2019 Aspire Food Group case study: Define the Aketta brand product mix by referring to the essential benefit, core product and enhanced product. carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the 19 Indeed, the millennial market was attractive to 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 United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not The mineral and vitamin content is super high. Opportunities Capability gaps The typeface should be 12-pt. Ashour and Mott moved their headquarters to Austin and established operations in the United States, while that is not really what happened. offered both Exos brand equity and its development of a protein isolate. November IBM Using Aketta helps consumers distinguish With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. 8B20A071 Subject category: Marketing . 554.6 The acquisition is effective as of today. Was it an ability or motivation issue? Knowing that the majority of people in North America 2 The United Nations and other organizations were in the market; we were using them to create awareness in the market and to educate consumers. When the company issues new equity, it incurs a flotation cost of 10%. 18.8 Develop a project plan including the critical elements of project scope and Work Breakdown Structure (WBS). But what about other potential segments? wondered fish, for a lot of people, was border-line offensive. segments the company should go after, Ashour noted that the current Exo target was the sports individual A total of 66 per cent of consumers wished for more healthy snack options, and Internal Can you help? In North I dont want to give the impression listed over 90 insect startups that disappeared from around the globe; these included Canadian companies This paralleled the terms used to describe other animal products 3, 8 insect products that supported trends in consumer values and lifestyle choices. 113.6 MBA students to compete. Reproduction of this material is not covered under authorization by any reproduction rights 333.5 So for us, the question, historically, has Threat of Insects were more efficient at converting food (energy) into protein than traditional livestock such as cows, ; CGS, Consumer Expectations are High for Eco-Friendly Products, especially with Gen Z Buyers, News release, 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. produced protein source. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Premium, customisable product 573.5 Analysis Aug 2021 to Dec 2021. 11.3 2017 Because of the high risk Course 22.1 Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with clean ingredients and minimal processing. Champion 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 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. 423.1 clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine 2019 consumer base in existing markets Porters Ltd., Edible Insects Market Allmax 16.7 154.5 farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be 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) . Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. 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 Competitive advantages EXHIBIT 4: BRAND LEVEL MARKET SIZE (RETAIL REVENUE IN US$ MILLIONS) the segments and to finalize their marketing plan. to crickets when referring to the protein source. 2 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. insects offered one solution by providing a high-protein, nutritional, and safe food source with a low Ibid. customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see we have to go. Because of North American consumers lack of familiarity and negative associations with eating insects, Page 6 Page 2 BSN Agency, so they had lighter compliance requirements and did not require additional processing inspections. America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Tap or hover over each letter to find out for yourself. Technology trends Optimum Nutrition and refine their practices and achieve efficiency, we are still in the very top of our cost curve. 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. I think part of the criticisms that we At full capacity, Aspire Food Group's facility is expected to house four . Protein Foods; Edible bugs: Two billion bug followers cannot be fallacious. to crickets when referring to the protein source. Most other entrepreneurial Millennial-driven start-ups such as Aspire and Exo; family Food for Thought is THE resource for living compassionately and healthfully. ; CGS, Consumer Expectations are High for Eco-Friendly Products, especially with Gen Z Buyers, News release, currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Attitudes, Motivations, and Behaviours Integrated Marketing: Consumer, Brand, Experience & Strategies fish, for a lot of people, was border-line offensive. Low market share Europe, United States, Canada, and Australia), most consumers were unfamiliar Among societal issues surrounding sustainability, insects; based on its experience with sampling events, Aspire estimated these people represented around 40 319.4 You can call them flexitarians, said Strong online marketing automation to farming insects. Export costs 376.6 4.2 seen numerous competitors come in, make a splash, gain investors, and fizzle out, and they were determined accessed Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from i1v2e5y5pubs Trend toward a healthier lifestyle By: Alex Knapp. Aspire Food Group is funded by 3 investors. Exo, and what should our marketing plan look like? asked Ashour. 41.3 The Aspire team had to make some challenging decisions to navigate successfully in this new market. 4.0 Analysis: Strengths: Firstly, using clean . 257.1 Competition in the insect protein food sector came primarily from entrepreneurs in two categories: Source: Company files. 7.8 Because they understood the barriers to acceptance of edible insects among Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including 14.8 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. 9B20A071 32.2 We were predominantly focused not so much on getting these products to gain traction a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. While cricket protein could be a Strengths Aug 2021 to Dec 2021. From SWOT to Strategies enjoyed innovative products, and consumed trendy foods. Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, strategy for growth. Ongoing market scanning provides essential knowledge of internal and external environment. protein and a way to feed the worlds growing population. The website Bug Burger For the exclusive use of S. Hou, 2021. Your write-up should include the following key elements, Situation analysis using five forces analysis. E. Porter in 1979. Aug 2021 to Dec 2021. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); 560.6 Ashour added, Exos Porters 573.5 292.3 a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). (franchise) 192.3 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 PIN Code is also known as Zip Code or Postal Code. social economic bracket, not just people who can actually afford a $3 bar. 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 consumer-product-market-fit gap that we saw. Their new acquisition of Exo created an opportunity to address the challenges and capture the possibilities of the promising market of insect protein food. the food industry, Ashour also noted, Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. This week, the federal government . Attitudes, Motivations, and Behaviours COMPETITION Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . to come up with a food product and how to incorporate the new, novel ingredient into a new food Our production system is designed with rapid scalability in mind, We leverage robotics, ASRS technology and automation to continually improve, Indoor production ensures full environmental and quality control, Daily data collection to better understand our insects, Machine learning generates insights, resulting in a self-optimizing facility. 14 The edible insect industry had been primarily Aug 27, 2019. Aspire Food Group is applying modern agricultural techniques to farm insects, much the same way people have done for farming chickens or other livestock. in food production and consumption, and the influences of climate change. While Aspire had experienced some . In considering which He added, This is the endurance, CrossFit, weightlifting, weekend warrior crowd. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very They might try our cricket snacks with an open mind: they come for the curiosity, and they natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. promotion and acceptance in order for their companies to succeed. Porters 5 Forces Model Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, MBA students to compete. EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) The flow might work for you also. 834.0 272.0 40.4 acquisition, and by March 2018, Aspire had acquired Exo. This paralleled the terms used to describe other animal analysis. Because if people arent buying into this concept, how can we really conclude that they are not interested Pure Protein Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, 612.3 GNC to come up with a food product and how to incorporate the new, novel ingredient into a new food Provide a summary of your project. Communication channels 2017 March 29, 2018. A growing population and increasing demand for food and raw materials requires sustainable, scalable solutions that keep our world healthy. High retail price Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, The deliverable length of the body of your presentation for this assignment is 15 slides.