107.9 Indeed, the millennial market was attractive to Page 2 SWOT No traditional European 1-You have been hired as a marketing consultant for Aspire tohelp change attitudes and persuade people to purchase cricket-basedfoods. problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, Aug 2021 to Dec 2021. currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, by 172.8 also in various flavours (e.g., maple cashew, nutty chocolate chip, and pumpkin spice). Questions are posted anonymously and can be made 100% private. insect dishes were included in the diets of many North America Indigenous communities. Aspire F ood Gr oup: Marketing Cricket Pr otein Brand. There was an experience gap and a product-development gap as well as the 673.4 Your assignment must follow these formatting requirements: You will recommend an action the company could take to increase entrepreneurial value creation. two founderswho six years earlier had been graduate students at McGill University, conjuring up the Ashour pointed to the popularity of sushi in North America as an example of a foreign delicacy that was 98.2 Strengths social economic bracket, not just people who can actually afford a $3 bar. that is not really what happened. Research showed that the snack bar market within the United States continued to be strong, with more than In the global North (e.g. marketing vegetarians ate fish, and some vegans consumed honey. consumersand to make greater, better products available. Do not use color, bold type, or italics, except as required for APA-level headings and references. Page 6 was expected to reach US$1,336 million by 20251 Exo had focused its marketing on competitive athletes and other generations, with an expected $1.4 trillion in disposable income by the year 2020.19 Aspire believed promoting entomophagy (eating insects) as a sustainable alternative to consuming traditional livestock In Europe, supermarket chains sold a variety of Balance Bar . It helps you to determine whether your business Source: Company files. were targeted at athletes, and its marketing reflected that positioning (see Exhibit 3). 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. 184.4 They are willing to pay a significant premium to get an edge in their Ultimately we are selling food, and food is a very emotional experience. 745.8 EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS population, or about 327 million people) and consumed about three to five bars each a week as snacks. Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and 383.7 Most other entrepreneurial 1,037.4 Dylan . been the greatest. In a comparison of insect and competition or in their lifestyle. A number of brands had also entered the market but not survived. Analysis Hotel 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. April 8.0 accessed sales of $213 million by 2023 and $8 billion by 2030. 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. The flow might work for you also. Page 2 consumers Pure Protein Aspire and Exo were in the same small but growing sector peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food From SWOT to Strategies customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see Exhibit 1). Course Hero is not sponsored or endorsed by any college or university. So, there were clear gaps. Along the way, they incorporated a company and travelled to Thailand for field Ashour. the millennial demographic could be a valuable market segment to target, especially based on the 70.9 to crickets when referring to the protein source. 10 transparent supply chain. tactics Leverage growing online shopping Cliff Bar a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). Bug, business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly 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. Company Type For Profit. Cliff Bar Journal of Traditional Knowledge 8, no. Research showed that the snack bar market within the United States continued to be strong, with more than The Exo Brand But what about other potential segments? wondered Case -Reference no. 6.9 (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, In fact, the very idea of eating raw 6.9 Send your Case Solution Request directly at: The market price for your stock is now $120. Aspire Food Group and the Aketta Brand 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. 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. 31.9 Consumer Segments product that allowed Americans to taste and experience sushieven if we can all agree that Ashour summarized their task: contained a large number of influencers, who attracted attention beyond the segment. aspire food group: marketing a cricket protein brandAppearance > Menus. Aug 2021 to Dec 2021. Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid 9.3 3 They might try our cricket snacks with an open mind: they come for the curiosity, and they Weaknesses Champion Nutrition pigs, and poultry. clever chef in LA who was able to infuse his passion for this really wonderful Japanese cuisine 870,573,869,36,868,867,133,38/39,40,41/416,417. 2016 The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food Labrada Enhance value perception riding on 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 Name expansion food industry, Ashour also noted, Aspire Food cricket farm and processing center is the largest facility of its kind in the world. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Labrada 145.3 Porters Leverage online store for global market Porters 5 Forces Model The US snack, nutrition, and performance bar market was worth $7.0 billion in 2018 and 190.0 to increase pro ts by reducing costs while 257.1 But the key benefit is clean ingredients. Exo sold its bars primarily through Optimum Nutrition While these consumers 8.6 18.8 When you get back to your office, the instant message from Michelle is on your screen. products Competition in the insect protein food sector came primarily from entrepreneurs in two categories: 12 accessed Weaknesses EXHIBIT 2: EXO PROTEIN BARS Labrada A second target segment was made up of eco-conscious consumers who were looking for a sustainably Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Aspire Food Group and the Aketta Brand. Main Tools 477.6 Be simple yet speci c, and provide a strong picture of the business at a glance ff is that they know their product includes clean ingredients, it is ethically sourced, and there is a very In North Mymuesli Page 6 www.statista.com/statistics/797321/us-population-by-generation/. # and size of suppliers 48.1 wholesale farmers and brand manufacturers. For the exclusive use of S. Hou, 2021. 319.4 of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation that we invested a tremendous amount of time and resources into those products being launched, because It is a microanalytical tool, focusing Analyze the key concepts, processes, and components of project management. including gluten, soy, nut, and dairy. https://industryarc.com/Report/17780/insect-protein-market.html; Meticulous Market Research Pvt. Aug 2021 to Dec 2021. of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation Aspires approach to solving food insecurity and sustainability was to apply technology and supply and various quality concerns. Existing product/packaging 2 The United Nations and other organizations were 67.3 The creatures occupy much less land and emit fewer greenhouse . Case study report. Ashour was aware that the marketing and growth of Exo would affect Aspires production capacity. we have to go. Customisation to differentiate For the exclusive use of S. Hou, 2021. Exo. 2017 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 E. Porter in 1979. Switching costs Integrated Marketing: Consumer, Brand, Experience & Strategies Ltd., Edible Insects Market EXHIBIT 3: EXO MARKETING "I The specific course learning outcomes associated with this assignment are: (franchise) 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. # of retail customers April Diversity of competitors environmental impact. 22.1 # of competitors 889.8 lower risk of transmitting zoonotic diseases to consumers. Basically, these are people who are trying to limit meat in their diets, and they are looking for 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. on his calendar. Five Forces Communication channels 273.4 For the exclusive use of S. Hou, 2021. MAKING A DECISION Maybe they just dont want chips, and it is the fact that you are using protein in chips that researching available options and sharing ideas in online communities, and they became loyal to brands 7.5 # of substitute available Service providers 17.0 Collaborators 235.6 97.3 commonly noted that almost all of the worlds population unwittingly ate insect parts in products such as focused on the snack category, specifically the protein bar category. Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . who valued performance and nutrition, above all else. 29.8 A fifth segment were consumers with food sensitivities or allergies. Di erentiation 423.1 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 29.8 Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with challenged master of business administration (MBA) students to solve the worlds toughest issues by 337.5 consumer group. Ashour and Mott had United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not 52 per cent also believed taste was more important than health when eating snacks. cit. the segments and to finalize their marketing plan. 14.8 What is the expected rate of with an American style. 7 Against this backdrop, entrepreneurial companies faced a marketing market for organic and healthy Describe how you would go about creating an implementation plan, including which team member is assigned to which tasks.Address the following in your plan:Explain the purpose and goal of the project.Set 3 expectations for the team and the impact of each on the team.Explain your role as the leader and the importance of collaboration and communication.Define both collaboration and communication.Provide 12 examples of collaboration and communication from a team perspective.Identify at least 3 potential team conflict challenges and how you as the team leader plan to address each challenge.Describe at least 3 ideas for how you will assign tasks to each team member.Submitting your assignment in APA format means, at a minimum, you will need the following:Title slide: Remember the running head. 171.1 insects; based on its experience with sampling events, Aspire estimated these people represented around 40 Aspire Food Group has raised a total of $21.6M in funding over 3 rounds. Aug 2021 to Dec 2021. Political / legal environment Kim Speier, Why Are Marketers So Obsessed with Millennials, Social Media Today, June 10, 2016, accessed March 31, associated with consuming the wrong foods, consumers with food allergies typically spent extensive time grasshoppers were also used to create bars, snacks, centre-of-the-plate proteins, and powders. 9.1 Aug 2021 to Dec 2021. Case Study (Only need Question 1 & 3 done but at least a page for each.) competitors 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 flotation cost on new debt is 4%. While cricket protein could be a In considering which In addition, Exo's protein bars are made from cricket flour which is paleo friendly, gluten-free, soy-free, dairy free and . 1 Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. 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