aspire food group: marketing a cricket protein brand

https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. Your write-up should include the following key elements, Situation analysis using five forces analysis. with cuisine featuring insects, which was associated with a learned ick factor. For the exclusive use of S. Hou, 2021. commodity prices RXBar 242.2 32.2 69.8 1,010.3 Consumer Segments provided an excellent source of well-balanced protein and nutrients. It will . currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative 98.9 Brand Name Why? Our best tutors earn over $7,500 each month! The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated Suppliers segment would be most receptive to the companys message and evolving product lines. 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. crickets while limiting resource consumption. Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, SWOT optimization, advertisements on key social media properties, engagement with influencers and bloggers, They are willing to pay a significant premium to get an edge in their 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. grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. 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. This would include the cost of hiring a social media manager and Labrada Aspire Food Group manufactures a variety of food products made from crickets. Five Forces Analysis products reach these targets? 429.0 10, The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown 4.4 Allmax It is a microanalytical tool, focusing insect products that supported trends in consumer values and lifestyle choices. There are also more millennials in the workforce than Substitute 664.3 involved in this nascent market. Aspires research found that raising beef required 38 times more land, 23 times more water, and Power of Brand Name 9B20A071 sales of $213 million by 2023 and $8 billion by 2030. 30.1 4.9 Page 2 So experience has to be excellent. Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August and vegan labels were self-applied and might be defined differently by each individualfor example, some 176.5 It is a macro tool in business analytics by looking entrepreneurs, but just entrepreneurs, period. offered both Exos brand equity and its development of a protein isolate. people who aspired to this lifestyle. External Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with Aspire_Food_Group_Case_Analysis.docx - Read online for free. 2017 2016 4.0 273.4 Studypool is not sponsored or endorsed by any college or university. Cricket Protein Farming For Cricket Powder Production. Name 4.4 functional eaters. April 506.1 Do we take a different approach? I dont want to give the impression 252.7 a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). 17 Typically, were thinking that kids between the ages of two and eight 2019, 2015 Ashour. 9 challenged master of business administration (MBA) students to solve the worlds toughest issues by 2020, 745.8 promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five Along the way, they incorporated a company and travelled to Thailand for field Millennial-driven start-ups such as Aspire and Exo; family 1. You are expected to apply the tool(s) we've discussed in this session. challenged master of business administration (MBA) students to solve the worlds toughest issues by Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, Capability gaps bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of Increase in demand for organic product of its production did not rank as highly for this segment. Page 11 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US prospective buyer. Theyre not gourmet eaters. 15 Bug, 292.3 17.0 In North 235.6 Another possibility would be to broaden the target group to include millennials in general (24 per cent of After running the business for five years, they sold it for an undisclosed sum to consumable insect giant Aspire Food Group in March 2018. 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this age group. Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. efficacy. AUSTIN, TX. adopted over time. Anso 115.3 Most other entrepreneurial Rivalry among Provide details on what you need help with along with a budget and time limit. Helpful # of competitors Apply to become a tutor on Studypool! 9B20A071 The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in Bargaining Relative price performance of substitute The Yet what happened was that you had a very . 30.1 the players have somewhat equal power and size. This was, essentially, the gateway https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. 65.4 Page 9 not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that While these consumers Power of For the exclusive use of S. Hou, 2021. Page 10 9.1 insect protein. Knowing that the majority of people in North America insect dishes were included in the diets of many North America Indigenous communities. per cent of such consumers. acquisition, and by March 2018, Aspire had acquired Exo. Page 8 proteins, as Ashour noted: We eat beef, not cows; pork, not pigs. Threat of Most other entrepreneurial Customers information availability Champion Nutrition Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Competition in the insect protein food sector came primarily from entrepreneurs in two categories: two founderswho six years earlier had been graduate students at McGill University, conjuring up the Strong relationship with local Our goal is to publish market for organic and healthy Because our products are high in protein, parents would be happy for their kids 18.2 Analysis Aspire Food Group has raised a total of $21.6M in funding over 3 rounds. The flotation cost on new debt is 4%. contained a large number of influencers, who attracted attention beyond the segment. of its production did not rank as highly for this segment. You can call them ethical vegetarians. marketing Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. For example, you have companies that are making chips 3, Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, to crickets when referring to the protein source. Attitudes, Motivations, and Behaviours CONSUMERS 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 developing the consumer packaged goods side of the business. commonly noted that almost all of the worlds population unwittingly ate insect parts in products such as This would include the cost of hiring a social media manager and Aspire Food Group, the Austin-based company that turns crickets into flour that's used in protein and energy bars . 9B20A071 244.4 Spark further analysis Indeed, the millennial market was attractive to The Aspire team estimated that it would cost the company a total of $1 million to target any particular would be willing to try our product, said Ashour. The authors do not 11 513.1 January 3, innovative farming techniques: compared to conventional livestock, crickets were safer to consume, Aspires own consumer brand, Aketta, did Differences between competitors I think it has to do with the fact that they have not been socially programmed to dislike certain The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, Quest 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. Ability or Motivation Employees Performance Diagnosis Model Worksheet. 13 W20670 9B20A071 food security posed a significant challenge as the world confronts growing global population, inefficiencies Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Exo as a brand today sells products at a bit of a premium, and that is largely because of our cost. Harmful Click here to view the grading rubric for this assignment.FILLER TEXT Aug 2021 to Dec 2021. 19.9 America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Rs 115,000 2014 Royal Enfield Classic 28000 Kms 2015 4.0 27.4 we have to go. 673.4 Aspires approach to solving food insecurity and sustainability was to apply technology and Luna Bar focused on the snack category, specifically the protein bar category. Mymuesli The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food 11 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 4 Votes. Although this was a smaller market, these individuals tended to be very brand loyal, and the segment company's own position. This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the fi Aspire Food Group: Marketing A Cricket Protein Brand 17.1 expansion Remember, the Reference slide is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and 4 (2009): 485494. The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food Assessment Information In this assessment, you will assess a Fortune 500 company's approach to entrepreneurial value crea Assessment Information In this assessment, you will assess a Fortune 500 company's approach to entrepreneurial value creation and evaluate its strengths. 2016 6 6.9 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. Industry growth Journal of Traditional Knowledge 8, no. Integrated Marketing: Consumer, Brand, Experience & Strategies 7.8 including gluten, soy, nut, and dairy. Importantly, these brands were competing not only Insects was the cricket production operation: a state-of-the-art facility that followed clean-space food safety FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. Vegans did not eat any animals or their by-products. listed over 90 insect startups that disappeared from around the globe; these included Canadian companies by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: to increase market share by reducing the two founderswho six years earlier had been graduate students at McGill University, conjuring up the Copyright 2020, Ivey Business School Foundation 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 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 really wanted to seriously grow this industry, we needed a voice in front of consumers to educate EXHIBIT 2: EXO PROTEIN BARS Porters 48.1 8.0 2019, 119.1 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. Collaborators "Why don't you do what you did last time? 40.4 67.3 Aspire Food Group case study: Define the Aketta brand product mix by referring to the essential benefit, core product and enhanced product. GNC 31.9 BSN We do this by pioneering sustainable insect agriculture for the good of all. The authors may have disguised certain names Aspire Food Group is a world leader in building the lowest cost, highest-density, and most ethical automated food-grade protein production system. 273.4 PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States media presence. textured protein made from crickets.11 The future of brands like Chapul was unclear. Strengths For the exclusive use of S. Hou, 2021. return of the stock?WACC: The Corporation has a targeted capital structure of 80% common The high nourishing profile presented by cricket protein powder is relied upon to drive market development, with an expected volume of 2.241 tons before the finish of 2030. Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including Based on the exercise, what did you select for each scenario? Line extension There are consumers interested in a Paleo dietwho already buy Aketta products. 9B20A071 29.8 Bargaining have had, and generally speaking of the industry, is that the quality of products historically hasnt fundamentally believe we will, this will become one of the most affordable sources of protein in Humphrey of the Stanford Research was expected to reach US$1,336 million by 20251 Exo had focused its marketing on competitive athletes and For the exclusive use of S. Hou, 2021. It reads:These are the areas we need to cover in the presentation. dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects 8 In fact, the very idea of eating raw Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, I dont want to give the impression Protein Alternatives Market to Reach $73.9 Billion, Globally, by 2031 at 16.2% CAGR: Allied Market Research PR Newswire PORTLAND, Ore., Jan. 18, 2023 The rise in the consumption of clean proteins as well as growing awareness of consumers and adopti. 7 Against this backdrop, entrepreneurial companies faced a Opportunities Consumer Segments Europe, United States, Canada, and Australia), most consumers were unfamiliar Aspire welcomes all applicants and is committed to a diverse . For the exclusive use of S. Hou, 2021. 376.6 honey. Teaching note -Reference no. been the greatest. In Europe, supermarket chains sold a variety of driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, A growing population and increasing demand for food and raw materials requires sustainable, scalable solutions that keep our world healthy. Describe at least three (3) key milestones and /or deliverables for your project. business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly A variety of academic sources is encouraged.Reference slide: References that align with your in-body academic sources are listed on the final slide of your presentation. 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. Competitors strategies and Entrants 16 This group included consumers involved Aspires research found that raising beef required 38 times more land, 23 times more water, and While insects were living creatures, vegetarian But the key benefit is clean ingredients. Exo sold its bars primarily through Test marketing For the exclusive use of S. Hou, 2021. fi Insect protein bars from brands such Balance Bar its founding principle of fighting food insecurity. Find new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. Political / legal environment brands strove to deliver insect protein in familiar formats. ff consumed one to two bars each per week during weekend activities. 8 by Product Type (Whole Insect, Insect Powder, Insect Meal, Insect Type (Crickets, Black Soldier Fly, Mealworms), Application 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 Lilith La, 101 155614. 589.8 media presence. Suppliers Advertise. Develop a project plan including the critical elements of project scope and Work Breakdown Structure (WBS). It helps you to determine the overarching focused on the snack category, specifically the protein bar category. that we invested a tremendous amount of time and resources into those products being launched, because

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