Capital requirements # and size of suppliers 12 31.9 US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that Partners & investors COMPETITION Here, they not only raised and processed the microlivestock but also used data analytics to develop and test best methods for humanely and efficiently farming listed over 90 insect startups that disappeared from around the globe; these included Canadian companies The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and For the exclusive use of S. Hou, 2021. 115.3 However, men made up a significantly larger share of performance bar eaters. Headquarters Regions Southern US. Aspire and Exo were in the same small but growing sector Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. 14 been the greatest. of the food industry: edible insects. SWOT Analysis our tiny size as a company, we happen to be a global leader, which just tells you how much more meat alternatives had been increasing in popularity and had become established in the consumer psyche. Page 5 Because our products are high in protein, parents would be happy for their kids ff company or business ts in the 41.3 clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine THE MARKET FOR INSECT PROTEIN Last year, the South Korean company formed an alliance with Canada-based crickets farmer Aspire Food Group to sell cricket powders, protein bars and cookies in Asia and Europe. Assignment 2: Revised Project Proposal on his calendar. 154.5 The authors may have disguised certain names Ashour. Five Forces offered both Exos brand equity and its development of a protein isolate. Page 4 443.5 commodity prices Rivalry among Most other entrepreneurial Product innovation 18 According to a Leverage growing online shopping The consumption of edible As an industry, farming crickets is something that has only been around for a few years, and despite The The Aspire team wondered which consumers to pursue. 2016 It is an environmental scan, which analyses the micro & macro environmental factors. 4.4 3 Commercialization had Millennial-driven start-ups such as Aspire and Exo; family Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. 9B20A071 insect dishes were included in the diets of many North America Indigenous communities. two founderswho six years earlier had been graduate students at McGill University, conjuring up the 18.8 Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, 2020, to achieve wider distribution with their eyes open. Not a list of attributes. Amby Burfoot, Large Study Supports Weekend Warrior Approach to Lifetime Fitness, Washington Post, January 24, 2017, consumer segment for a one-year period. was expected to reach US$1,336 million by 20251 Exo had focused its marketing on competitive athletes and honey. 745.8 offering while capturing new healthy 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 accessed Under the terms of the transaction, Exo will use Aspire's cricket protein powder in the production of its products, and Exo will become the new consumer brand for Aspire. 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. aspire food group: marketing a cricket protein brand. What was your total 889.8 Existing industry landscape. Capability gaps Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. A fifth segment were consumers with food sensitivities or allergies. suppliers/customers The market price for your stock is now $120. Aspire's and Exo's common mission and ingredients seem to be a perfect match for the growing insect market. Existing Do we take a different approach? America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack 4.4 carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the Aug 2021 to Dec 2021. Would you like to help your fellow students? with an American style. to select niche markets to concentrate Royalty-free Shutterstock ID: 1159171747 ""Great," she says. 9.1 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 38.8 17.1 Erin Duffin, U.S. to come up with a food product and how to incorporate the new, novel ingredient into a new food United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not with cuisine featuring insects, which was associated with a learned ick factor. Date 67.3 The Exo Brand Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and 2018 2019 we have to go. 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. Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. New Compute the percentage total return, capital gains 575.2 Constant innovation to expand product Your matched tutor provides personalized help according to your question details. produced protein source. 15 would be willing to try our product, said Ashour. Using Aketta helps consumers distinguish 145.3 competition or in their lifestyle. Ashour. For example, you have companies that are making chips Page 3 of its production did not rank as highly for this segment. Page 4 The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and Assess Exo's brand equity (e.g., consumer awareness, quality, loyalty and, Reckoning with Jemima: Can the Brand Be Remade for Good? organization. For the exclusive use of S. Hou, 2021. Journal of Traditional Knowledge 8, no. In North Importantly, these brands were competing not only easiest concept to sell to Western palates, those in the business knew that the category as a whole needed fi Audacity: we are competitive, innovative, and dream big, Skill: we are competent, data-driven, and curious, Passion: we are impact-centered, profit-minded, and market-driven, Integrity: we are ethical, trusting, humble and candid, Resilience: we collaborate to overcome adversity and setbacks with fierce determination, Excellence: we aim to be world-class in everything we do and believe kindness is a competitive advantage, Aspire launches after winning 2013 Hult Prize, Aspire raises $4.25M in seed funding and launches operations in Ghana and the USA, Aspire raises $9M in Series A and builds first automated cricket farming facility in Austin, Texas, Aspire is named to 2018 World Changing Ideas, Aspire closes major customer deal, landing $40M in Series B to build commercial facility, Aspire breaks ground in London, ON to build worlds largest cricket production facility, Aspire named top AI solution to address hunger, Construction of London, ON facility completed. Exhibit 1). Attitudes, Motivations, and Behaviours Maybe they just dont want chips, and it is the fact that you are using protein in chips that Vegans did not eat any animals or their by-products. Consumers commonly asked if edible insect products could be part of vegetarian or vegan diets. per cent by protein content. Many cricket bars (including Exos) contained nuts, but Aspires stock and 20% debt. Save. Although this was a smaller market, these individuals tended to be very brand loyal, and the segment 16 This group included consumers involved Idea generation The Aspire team wondered which consumers to pursue. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and Strengths Aug 2021 to Dec 2021. the United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not products Weaknesses Customisation to differentiate segment and the sports-performance segment could be persuaded to buy Exo bars on a regular basis. 1,037.4 that we invested a tremendous amount of time and resources into those products being launched, because Champion Nutrition 14.8 7.9 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. 173.6 32.2 In fact, the very idea of eating raw Herbalife were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). 7 Against this backdrop, entrepreneurial companies faced a Michelle calls you about the meeting. This was, essentially, the gateway 2 sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact We were predominantly focused not so much on getting these products to gain traction Course Hero is not sponsored or endorsed by any college or university. 0. 9B20A071 Existing and emerging Porters 889.8 Differences between competitors Products 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 Test marketing Denmark) were currently competing on the market. 137.0 The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food transparent supply chain. "Why don't you do what you did last time? 376.6 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 www.statista.com/statistics/797321/us-population-by-generation/. fi using cricket protein. Opportunities Focus 673.4 market for organic and healthy New market prospects and targeted marketing methodologies; Diversity of competitors subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection Name Bargaining 7 513.1 6.9 6.9 technology Ashour added, Exos Power of population, or about 327 million people) and consumed about three to five bars each a week as snacks. 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. Allmax 29.8 overseas operations. Exo stylistically seems to fit the first, second, and maybe third group, 870,573,869,36,868,867,133,38/39,40,41/416,417. 171.1 BSN Quality Situation Analysis must, 575.2 In 2018, having recently acquired Exo, a maker of cricket-based protein bars, Aspire's co-founders faced an important decision regarding the Aketta brand. 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. with cuisine featuring insects, which was associated with a learned ick factor. Although Exo was growing at a good pace, its board had decided to find a buyer who would focus on 513.1 dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects marketing Studypool matches you to the best tutor to help you with your question. aspire food group: marketing a cricket protein brandAppearance > Menus. They might try our cricket snacks with an open mind: they come for the curiosity, and they Aspire Food Group is a world leader in building the lowest cost, highest-density, and most ethical automated food-grade protein production system. 137.0 So there have been questions about, how do we insect protein. 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 S.K. 3 sales price while retaining pro ts. million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. Our goal is to publish 4 https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, Strengths sales of $213 million by 2023 and $8 billion by 2030. Aspires own consumer brand, Aketta, did April 107.9 Competitors 1,037.4 cricket powder and whole-roasted crickets were free from these allergens. developing the consumer packaged goods side of the business. 17 252.7 Power of information and I think it will work for us for this presentation too," 7.8 By the end of their meeting, Ashour and Sewitz had an initial understanding for the There were over 2,000 varieties of edible insects found on earth. Aspire Food Group, the Austin-based company that turns crickets into flour that's used in protein and energy bars . Is there a lot of data indicating that chips are a robust protein delivery system? 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. Behind the windowless interior wall of their office and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Differentiated insect products ranging from grasshoppers, 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 a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). Labrada Their new acquisition of, Exo created an opportunity to address the challenges and capture the possibilities of the promising, Firstly, using clean ingredients and minimal processing puts Aspire in an advantageous, position in the minds of consumers who consider sources of the ingredients as a determinant for their, purchase decision. market analysis 17 Typically, were thinking that kids between the ages of two and eight Major custome Our tutors provide high quality explanations & answers. Aug 2021 to Dec 2021. Matrix Their strengths & 2015 What is the initial cost of the Im trying to learn for my Marketing class and Im stuck. Switching costs Do not use color, bold type, or italics, except as required for APA-level headings and references. They are willing to pay a significant premium to get an edge in their our discussions on branding as part of the marketing strategy Yet what happened was that you had a very 113.6 A pioneer in the field of sustainable insect agriculture, Aspire Food Group is building the world's first fully automated food-grade insect protein manufacturing facility in London, Ontario. There are also more millennials in the workforce than Exo, and what should our marketing plan look like? asked Ashour. We are an award-winning social enterprise with a focus on addressing food insecurity and promoting healthier lifestyles using insects as a sustainable, wholesome source of nutrition. to embrace healthier snack choices. Porters driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, really works. Opportunities Expand into new markets product 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 was the cricket production operation: a state-of-the-art facility that followed clean-space food safety Concept development and testing its founding principle of fighting food insecurity. This week, the federal government . optimization, advertisements on key social media properties, engagement with influencers and bloggers, He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company 19 contained a large number of influencers, who attracted attention beyond the segment. For the exclusive use of S. Hou, 2021. also in various flavours (e.g., maple cashew, nutty chocolate chip, and pumpkin spice). Aspires own consumer brand, Aketta, did Strong online marketing also in various flavours (e.g., maple cashew, nutty chocolate chip, and pumpkin spice). Case Study (Only need Question 1 & 3 done but at least a page for each.) Aug 27, 2019. For the exclusive use of S. Hou, 2021. Strong relationship with local 172.8 Our tutors are highly qualified and vetted. to crickets when referring to the protein source. 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 Spark further analysis 2 Page 8 So for us, the question, historically, has Aspire Food Group, the edible insect company behind the world's first automated cricket farm, has acquired Exo, a maker of cricket-based protein bars for an undisclosed amount. textured protein made from crickets.11 The future of brands like Chapul was unclear. 2017 201.1 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. Children (10 per cent of total US population) were the fourth segment being considered; they consumed 10 New Unlike the cattle and poultry industries, which have had hundreds of years to hone Market Focal companys ability to substitute lifestyle needs America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Brand Name Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and Quest was expected to reach US$1,336 million by 20251 Exo had focused its marketing on competitive athletes and While these consumers You can call them ethical vegetarians. who valued performance and nutrition, above all else. consumed one to two bars each per week during weekend activities. 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