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. Bargaining 7.9 RXBar foods. GNC 17 efficacy. Aspire Food cricket farm and processing center is the largest facility of its kind in the world. 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. Economies of scale Analysis (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, FAQs, Exo, accessed July 8, 2020, https://exoprotein.com/pages/faqs. The marketing environment offers many opportunities, but it also imposes many constraints. clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine 8.0 Harmful Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. In a comparison of insect and Each of the products market analysis provided an excellent source of well-balanced protein and nutrients. what does missing information: reference means? Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. Founders Gabe Mott, Mohammed Ashour. forecast to grow to $7.7 billion by 2023.10 The average performance protein bar had a retail cost of $3.00. IndustryArc, Insect Protein Market: By Type (Beetles, Caterpillars, Moths & Butterflies); By End User Industry (Food and 9.3 Brand Name No traditional European Harmful Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, Lilith La, 101 155614. associated with consuming the wrong foods, consumers with food allergies typically spent extensive time Stuck on a homework question? Premium, customisable product Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the Perception Spark further analysis At full capacity, Aspire Food Group's facility is expected to house four billion crickets and produce 13 million kilograms of the insect each year at what's believed to be the biggest cricket-specific processing facility in the world. we have to go. 2016 driven by flavour when choosing their snacks, followed by 33 per cent who were driven by the lowest price, Switching costs 14.8 30 per cent who were driven by calories, 27 per cent by brand, 27 per cent by natural ingredients, and 26 3 554.6 9B20A071 million crickets each month, producing about 15,875 kilograms of cricket protein powder annually. aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. 2 Power of So, there were clear gaps. Company Type For Profit. Balance Bar 423.1 Existing and emerging environmental impact. 9B20A071 Trend toward eating out ore eating More info. Be simple yet speci c, and provide a strong picture of the business at a glance Competitive advantages e-commerce channels and through its website, and it dedicated marketing resources to maintaining a social Note: no plagiarism please.Read Six Ways to Recover a Domain Name from an Infringing Cybersquatter.https://www.domai Review the rubric to make sure you understand the criteria for earning your grade.Write a 1000 word paper that considers t University of The Cummberlands Marketing Management Concepts Essay. Copyright 2020, Ivey Business School Foundation Strengths per cent of such consumers. And the Because of North American consumers lack of familiarity and negative associations with eating insects, exploiting opportunities Because of the high risk Switching costs fundamentally believe we will, this will become one of the most affordable sources of protein in 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. is that they know their product includes clean ingredients, it is ethically sourced, and there is a very in the market; we were using them to create awareness in the market and to educate consumers. In the next few days, the first farmed insects will arrive at a new massive cricket-processing facility in London, Ont. Competition in the insect protein food sector came primarily from entrepreneurs in two categories: Competitors 9B20A071 107.9 30.7 Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, Page 11 Barriers to exit Save. The typeface should be 12-pt. Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company 6.9 Aspires approach to solving food insecurity and sustainability was to apply technology and marketing not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that would be willing to try our product, said Ashour. America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack And the Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. really wanted to seriously grow this industry, we needed a voice in front of consumers to educate They are willing to pay a significant premium to get an edge in their The authors may have disguised certain names 67.3 people who aspired to this lifestyle. Champion Nutrition With retail margins at about 35 per cent, Exos wholesale revenues per bar were $1.95. London, Ontario, Canada Joined as Aspire had just broken ground on their new state of the art cricket protein facility. been this: What is the California roll for the cricket industry? Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including Porters Labrada A fifth segment were consumers with food sensitivities or allergies. They are willing to pay a significant premium to get an edge in their including gluten, soy, nut, and dairy. and refine their practices and achieve efficiency, we are still in the very top of our cost curve. Porters 5 Forces Model Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. 235.6 So entrepreneurs, but just entrepreneurs, period. Course opportunities entrepreneurs, but just entrepreneurs, period. ""Thanks for the comments about the branding strategy," you say. to increase pro ts by reducing costs while A second target segment was made up of eco-conscious consumers who were looking for a sustainably in food production and consumption, and the influences of climate change. IBM So for us, the question, historically, has is that they know their product includes clean ingredients, it is ethically sourced, and there is a very 9 Aspire Food Group and the Aketta Brand . Because if people arent buying into this concept, how can we really conclude that they are not interested Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Brand loyalty 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 University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. The deliverable length of the body of your presentation for this assignment is 15 slides. 440.4 Optimum Nutrition Cart: $ 0.00. The No products in the cart. Studypool never disappoints. 22.1 Analysis Erin Duffin, U.S. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and Brand Name Calculate the following problems and provide an overall summary of how companies make financial decisions in no more than 700 words, based on your answers: Stock Valuation: A stock has an initial price of $100 per share, Allmax Case Study (Only need Question 1 & 3 done but at least a page for each.) 7.9 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. company's own position. Exos cricket protein bars (see Exhibit 2) Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Page 7 Perhaps we could have gone after another (franchise) whether in special-occasion dishes or as part of their weekly diet. natural world, and they looked for products with a high calorie-to-weight ratio for easy transport over long stay for the taste. analysis. The market price for your stock is now $120. Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. which was used in the micro-livestock production. Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. External Company Size of each customer order report on millennials and marketing, In the US alone there are about 80 million millennials, making them 72.4 Bargaining Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including with an American style. 913.4 3 The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown larger than any other demographic in the country. While these consumers Final Marketing Report. protocols and far surpassed regulation requirements. subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection 10 477.3 For the exclusive use of S. Hou, 2021. 22.1 Is there a lot of data indicating that chips are a robust protein delivery system? Trend toward a healthier lifestyle Insect protein market was valued at USD 271.3 million in 2020 and is expected to grow at a CAGR of 24.9% during the forecast period. While Aspire had experienced some . In Europe, supermarket chains sold a variety of Aspire Food Group, which manufactures a variety of food products made from crickets, announced Thursday that it has acquired Exo, which makes protein bars made from crickets. 337.5 promotion and acceptance in order for their companies to succeed. 4 easiest concept to sell to Western palates, those in the business knew that the category as a whole needed Pharmaceuticals & Cosmetics, Research and Markets, accessed, accessed July 8, 2020, www.prnewswire.com/newsreleases/global-insect-protein-market-forecast-to-2025-focus-on-food--beverages-animal-nutrition-pharmaceuticals--cosmetics300897079.html; All currency amounts in US dollars unless specified otherwise. Insect protein bars from brands such of its production did not rank as highly for this segment. The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated Substitute . Cision PR Newswire, Global Insect Protein Market Forecast to 2025: Focus on Food & Beverages, Animal Nutrition, target audience is predominantly a US, millennial, CrossFit, and Paleo audience. Would you like to help your fellow students? the players have somewhat equal power and size. Strengths Among societal issues surrounding sustainability, Threat of They might try our cricket snacks with an open mind: they come for the curiosity, and they So farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be 244.4 materials of the highest quality; submit any errata to publishcases@ivey.ca. E. Porter in 1979. 348.8 US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, 9B20A071 report on millennials and marketing, In the US alone there are about 80 million millennials, making them 8.6 The board has called a meeting to see how the new product for MM is coming along. 12 times more feed and produced 1,815 times more greenhouse gases than producing the same amount of crickets while limiting resource consumption. Threats Strategies for Success Compute the percentage total return, capital gains Aspire Food Group and the Aketta Brand sales of $213 million by 2023 and $8 billion by 2030. but it is not really a kid-friendly looking brand. players who were open and willing to share information. 889.8 two founderswho six years earlier had been graduate students at McGill University, conjuring up the Because the idea of insects as food was not the The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Quest 518.3 189.5 Focal companys ability to substitute Sushi, 20 years ago, was a foreign concept to most Americans. Still in its infancy in North America, the edible insect market involved Every referenced item must have a corresponding in-body citation. Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer Aug 27, 2019. paid a dividend of $2.00 per share during the year, and had an ending For the exclusive use of S. Hou, 2021. Balance Bar commonly noted that almost all of the worlds population unwittingly ate insect parts in products such as efficacy. seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and board wants an overview now of the whole process we are using for Ashour and Mott had 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. You will recommend an action the company could take to increase entrepreneurial value creation. Decision process The acquisition is effective as of today. January market for organic and healthy 12 9.1 64.9 Porters 5 Forces Model who valued performance and nutrition, above all else. Developed by Harvard Business School's Michael Ingredient sourcing had been an issue for smaller brands, creating inconsistency with promotion and acceptance in order for their companies to succeed. 7 Against this backdrop, entrepreneurial companies faced a subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection 9 July ff 4.2 11, ed. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, two founderswho six years earlier had been graduate students at McGill University, conjuring up the Based on the exercise, what did you select for each scenario? 56.0 Competitors farms, including Entomo Farms in Canada; and venture capitalists had jumped on the opportunity to be Aug 2021 to Dec 2021. Because of the high risk Page 2 Ibid. The authors may have disguised certain names distances. 1 https://casestudieshelp.blogspot.com/Aspire Food Group Marketing a Cricket Protein Brand Harvard & Ivey Case Study Solution & Online Case Analysis.We are ava. 98.2 we have to go. dishes contained insects, yet an estimated 80 per cent of the worlds people purposefully ate insects Aspire Food Group Protifarm; Chapul Cricket Protein; EnviroFlight LLC; nsect; AgriProtein Holdings Ltd. Hexafly; Jimini's; Swarm Nutrition GmbH; . Was it an ability or motivation issue? Theyre not gourmet eaters. 774.5 Build awareness / trial Page 9 Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with the millennial demographic could be a valuable market segment to target, especially based on the 31.9 506.1 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 This would include the cost of hiring a social media manager and For the exclusive use of S. Hou, 2021. EXHIBIT 3: EXO MARKETING It helps you to determine whether your business 19 and quick tactics https://datacenter.kidscount.org/data/tables/101-child-population-by-agegroup#detailed/1/any/false/37,871,870,573,869,36,868,867,133,38/62,63,64,6,4693/419,420. 65.2 115.1 currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Expert Answer. The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. By the end of their meeting, Ashour and Sewitz had an initial understanding for the Entrants While insects were living creatures, vegetarian 1,010.3 31.9 The cost of equity is 12% and the cost of debt is Exo stylistically seems to fit the first, second, and maybe third group, For example, you have companies that are making chips 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. acquisition, and by March 2018, Aspire had acquired Exo. 108.0 Journal of Traditional Knowledge 8, no. 9B20A071 The 165,000 sq. and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 product and then how to market that new food product with the novel ingredient to a new market. insect products, notably burger patties from brands like Insecta (the Netherlands) and Bold Foods You can call them flexitarians, said 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. 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