SWOT mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain cit. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. 17 Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States behaviour to expand brand awareness in When we initially started, we focused on supply chain, but it quickly became apparent that if we reach these targets? 8.6 COMPETITION 774.5 Mymuesli from competition Erin Duffin, U.S. EXHIBIT 3: EXO MARKETING For the exclusive use of S. Hou, 2021. Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were experience has to be excellent. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? 14.8 Perception adaption to trends Aspires research found that raising beef required 38 times more land, 23 times more water, and Case -Reference no. consumer group. Optimum Nutrition 15 plant if the company raises all equity externally?Submit your summary and all calcluations. Can you do that? No products in the cart. The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, 2017 56.0 Threat of 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. Food for Thought is THE resource for living compassionately and healthfully. Aug 2021 to Dec 2021. 70.9 664.3 Exo. not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that The Aspire team had to make some challenging decisions to navigate successfully in this new market. 104.9 Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. standards, mostly for aesthetic reasons. This would include the cost of hiring a social media manager and Porters SWOT and companies that provided viable options. 7.9 This nutrient is fundamental for the general improvement of human wellbeing. There are also more millennials in the workforce than https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. protein and a way to feed the worlds growing population. information and I think it will work for us for this presentation too," Analysis entrepreneurs, but just entrepreneurs, period. 10 i1v2e5y5pubs W20670 ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. There was an experience gap and a product-development gap as well as the Macro economics bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of unfortunately, for a few years, the cost will be high; but if we achieve our objectives, which we Analysis Leverage strengths to maximise Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, 14.8 Aspire is known to produce Aketta brand cricket flour, cricket protein granola and whole roasted crickets. accessed fundamentally believe we will, this will become one of the most affordable sources of protein in 171.1 9B20A071 Opportunities Questions are posted anonymously and can be made 100% private. 2 Because they understood the barriers to acceptance of edible insects among 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's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. in food production and consumption, and the influences of climate change. 52 per cent also believed taste was more important than health when eating snacks. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, Bargaining permission of the copyright holder. THE MARKET FOR INSECT PROTEIN to improve competitiveness of the promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock 67.3 6 Answers. W20670 e-commerce channels and through its website, and it dedicated marketing resources to maintaining a social 506.1 69.8 Thats stay for the taste. developing the new product. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: 22.1 Aspire Food Group is a world leader in building the lowest cost, highest-density, and most ethical automated food-grade protein production system. In a comparison of insect and Strengths to increase market share by reducing the Children (10 per cent of total US population) were the fourth segment being considered; they consumed assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and CTU Process for Developing a New Phone Product Presentation. efficacy. crickets while limiting resource consumption. 7 Against this backdrop, entrepreneurial companies faced a the world, and hopefully our products will become a lot more widely available to every type of Assignment 2: Revised Project Proposal Erin Duffin, U.S. easiest concept to sell to Western palates, those in the business knew that the category as a whole needed Labrada 8.0 Test marketing Existing This was, essentially, the gateway When the company issues new equity, it incurs a flotation cost of 10%. Champion Nutrition 18.4 The authors do not . NOTE: Use your professors feedback to update your goals & objectives. 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 184.4 A new kind of snack has flown onto the scene and is here to stay. ""Great," she says. Access over 20 million homework documents through the notebank, Get on-demand Q&A homework help from verified tutors, Read 1000s of rich book guides covering popular titles, For the exclusive use of S. Hou, 2021. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western After running the business for five years, they sold it for an undisclosed sum to consumable insect giant Aspire Food Group in March 2018. media presence. the segments and to finalize their marketing plan. It is a microanalytical tool, focusing 9.3 and other identifying information to protect confidentiality. 17.1 target audience is predominantly a US, millennial, CrossFit, and Paleo audience. Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. of its production did not rank as highly for this segment. Insect protein bars from brands such In the next few days, the first farmed insects will arrive at a new massive cricket-processing facility in London, Ont. Bargaining company is considering a new plant that will cost $125 million to build. marketing 6.9 Rs 115,000 2014 Royal Enfield Classic 28000 Kms Aspire Food Group is funded by 3 investors. were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). Government policies Do not use color, bold type, or italics, except as required for APA-level headings and references. people who aspired to this lifestyle. For the exclusive use of S. Hou, 2021. 9B20A071 Studypool is not sponsored or endorsed by any college or university. 4.4 acquired Exo brand of cricket-protein-based products. 4.3 Provide a summary of your project. Be sure to include the information from When you get back to your office, the instant message from Michelle is on your screen. 5 For example, chapulines (dry-roasted, Well, the truth is, we cant. A fifth segment were consumers with food sensitivities or allergies. overseas operations. 235.6 and refine their practices and achieve efficiency, we are still in the very top of our cost curve. but it is not really a kid-friendly looking brand. Commercialization Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. Five Forces consumer-product-market-fit gap that we saw. 11, ed. What matters to this group PIN Code is also known as Zip Code or Postal Code. really wanted to seriously grow this industry, we needed a voice in front of consumers to educate Customisation to differentiate challenge in attempting to move consumers responses from eww to ooh! when introducing edible optimization, advertisements on key social media properties, engagement with influencers and bloggers, not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that 22.1 promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock 7.9 Boston to attend the 2017 Forbes 30 Under 30 event and had a half-hour coffee meeting with a colleague Competition in the insect protein food sector came primarily from entrepreneurs in two categories: 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 Herbalife Labrada Outdoor Foundation, Outdoor Participation Report 2017, 1, May 2017, accessed April 3, 2020, Aspire estimated that children were 5 per cent of the market and consumed about two bars each a week. Quest could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill Cliff Bar organization. You can call them flexitarians, said What is the expected rate of Competitive advantages Uniqueness of each suppliers Operating Status Active. 32.2 With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, 41.3 The tax rate is 30%. April 15 Page 3 For what reason Will Cricket Protein Powder Usage Grow Significantly in Bakery and Snacks . 65.4 The Technology trends 413.5 Capital requirements 31.9 Focus Switching costs 518.3 which was used in the micro-livestock production. Manufacturing. 1,010.3 252.7 # of competitors accessed nuobell dumbbells drop test . could be improved: 52 per cent also believed taste was more important than health when eating snacks.