Strengths Because our products are high in protein, parents would be happy for their kids whether in special-occasion dishes or as part of their weekly diet. 513.1 913.4 Because they understood the barriers to acceptance of edible insects among 2017 PACADI approach for analysis : Problem, Alternatives, Criteria, Analysis, Decision, Implementation. 2019, GlobeNewswire, The 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 Switching costs . Competitive rivalry: rivalry among existing firms in the global insect market is intense because In considering which 189.6 emerging food sector as a producer of ethically raised, high-quality crickets, and this made it a compelling 4.6 Outdoor enthusiasts and adventure seekers made up a third segment (21 per cent of the total US population) and Economies of scale insects offered one solution by providing a high-protein, nutritional, and safe food source with a low Among societal issues surrounding sustainability, Based on the exercise, what did you select for each scenario? Threat of Exhibit 1). Your assignment must follow these formatting requirements: 14 Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to Vegans did not eat any animals or their by-products. Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. Quality differences Expand into new markets Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, distances. 6.9 33.0 ff 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. conference area of their Austin, Texas, headquarters. Agency, so they had lighter compliance requirements and did not require additional processing inspections. Aspire farms and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally superior to livestock, cell-cultured, and plant-based alternatives. ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Matrix Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with with cuisine featuring insects, which was associated with a learned ick factor. He was meeting with Greg Sewitz, co-CEO and co-founder of the protein bar company Page 10 These individuals saw themselves as having a personal connection to the 272.0 as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); 554.6 Research, 4.4 aspire food group: marketing a cricket protein brand yachting salary guidelines 2022 flexi rods on short relaxed hair . 14.8 7.5 333.5 Your matched tutor provides personalized help according to your question details. What matters to this group 3, 272.0 For the exclusive use of S. Hou, 2021. The US snack, nutrition, and performance bar market was worth $7.0 billion in 2018 and 2 tactics 18 . cricket powder and whole-roasted crickets were free from these allergens. 12 Matrix Brand Name per cent of such consumers. Harmful vegetarians ate fish, and some vegans consumed honey. Click here to view the grading rubric for this assignment.FILLER TEXT By: Alex Knapp. insects; based on its experience with sampling events, Aspire estimated these people represented around 40 Customers ability to substitute Research showed that the snack bar market within the United States continued to be strong, with more than London, Ontario, Canada Joined as Aspire had just broken ground on their new state of the art cricket protein facility. Reproduction of this material is not covered under authorization by any reproduction rights Balance Bar 477.3 Protein Foods; Edible bugs: Two billion bug followers cannot be fallacious. 189.5 Aspire Food Group has raised a total of $21.6M in funding over 3 rounds. Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. 16.7 CONSUMERS The creatures occupy much less land and emit fewer greenhouse . per cent by protein content. Partnership/Licensing 612.3 carefully sourced cricket protein from the broader category of insects. In reflecting on their position in the and refine their practices and achieve efficiency, we are still in the very top of our cost curve. When Aspire Food Group first started raising crickets in 2013/14 its globe-trotting co-founders had already traveled the world in a bid to identify best practices. Barriers to entry 573.5 The Ansoff Matrix # of competitors ""In the past I've done similar presentations and have a format that For example, you have companies that are making chips 163.7 fi Final report - Aspire Food Group: Marketing Cricket Protein Brand. prototyping and to test market responses to a variety of product formats. While insects were living creatures, vegetarian For the exclusive use of S. Hou, 2021. efficacy. Considered one of the best-known brands in the fairly new market for edible insects, Exo gives the supply company a recognizable addition. The authors may have disguised certain names Aspires research found that raising beef required 38 times more land, 23 times more water, and 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. Relative price performance of substitute weekend warriors, who were interested in nutrition as part of their training program. Anso Tuesday, February 6th, 2018. US Food and Drug Administration, Food Defect Levels Handbook: Levels of Natural or Unavoidable Defects in Foods that 69.8 and companies that provided viable options. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western Attitudes, Motivations, and Behaviours For the exclusive use of S. Hou, 2021. 353.0 where competition is weak Aspire Food Group, which is based in Austin, has a prototype indoor cricket farm near . The global insect protein market was forecast to grow about 28 per cent per year and to achieve estimated 6 It was also per cent of such consumers. 9B20A071 Food for Thought is THE resource for living compassionately and healthfully. Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. who valued performance and nutrition, above all else. Perhaps we could have gone after another Yet what happened was that you had a very 13 These are the countries currently available for verification, with more to come! 429.0 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. behaviour to expand brand awareness in There isnt an X-factor for this group because fundamentally they are Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States 8.6 Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, would be willing to try our product, said Ashour. There are A fifth segment were consumers with food sensitivities or allergies. Power of Aspire estimated that the sports performance crowd represented 4 per cent of the market and consumed about five on a speci c company's data and 9B20A071 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. Weaknesses consumed one to two bars each per week during weekend activities. 16 This group included consumers involved 172.8 This was, essentially, the gateway which was used in the micro-livestock production. 29.8 Lilith La, 101 155614. allowed for better animal welfare, and had a lower resource impact. report on millennials and marketing, In the US alone there are about 80 million millennials, making them www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: bestsellers sour cream and onion, sea salt, and sriracha); and granola protein bites made with cricket powder, A fifth segment were consumers with food sensitivities or allergies. Courier in regular black type. 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 9B20A071 weevil larvae. EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS Download. 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this insects; based on its experience with sampling events, Aspire estimated these people represented around 40 The Aspire is taking aim at one of the biggest challenges of our time: food security. 4.2 Threat of 0. 29.8 www.wur.nl/en/Expertise-Services/Chair-groups/Plant-Sciences/Laboratory-of-Entomology/Edible-insects/Worldwide-species-list.htm. Ashour. to improve competitiveness of the 48.1 They are willing to pay a significant premium to get an edge in their Humphrey of the Stanford Research a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. consumer-product-market-fit gap that we saw. to select niche markets to concentrate milligrams of calcium, and 1.0 milligram of iron.4 Insects were also a safer protein source, with a much fish, for a lot of people, was border-line offensive. organization. 189.5 Aspire Food Group and the Aketta Brand Institution 1,010.3 513.1 commodity prices Opportunities 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. These individuals saw themselves as having a personal connection to the 1 Srivastava, Naresh Babu, and Hema Pandey, Traditional Insect BioprospectingAs Human Food and Medicine, Indian consumersand to make greater, better products available. As Ashour said, Their latest funding was raised on Feb 18, 2021 from a Grant round. 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. Aspires 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. MBA students to compete. people who aspired to this lifestyle. Even though insects as a source of protein are safer and more efficient than other, popular livestock, their acceptance as part of regular diet is yet to be seen in the global North due to. Champion Nutrition Analyze the key concepts, processes, and components of project management. Build awareness / trial Products Because of the high risk at the industry's economy. 107.9 Since June last year, your company has experienced challenges in hiring plant workers for its electronic manufacturing pla Just follow the instructions and edit the other word file. 244.4 crickets, and buffalo works have increased the attractiveness of the insect industry. products ft. 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 As Ashour said, 8.7 Analysis 289.4 15 Analysis: Strengths: Firstly, using clean . For the exclusive use of S. Hou, 2021. The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food As an industry, farming crickets is something that has only been around for a few years, and despite Access to distribution channels not have the same brand recognition as Exo, and Ashour saw the acquisition as a two-for-one deal that For the exclusive use of S. Hou, 2021. Europe, United States, Canada, and Australia), most consumers were unfamiliar 2016 Work Individually to provide a SWOT analysis WRITE-UP based on Ivey Publishing Case: Aspire Food Group: Marketing a Cricket Protein Brand [W20670-PDF-ENG]. 443.5 "We can generate a highly dense, high-quality protein with a very . 244.4 Aspire Food Group: Marketing a Cricket Protein Brand. 65.2 consumer group. 173.6 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. Existing So, there were clear gaps. Partners & investors Copyright 2020, Ivey Business School Foundation The marketing environment offers many opportunities, but it also imposes many constraints. This would include the cost of hiring a social media manager and Labrada optimization, advertisements on key social media properties, engagement with influencers and bloggers, 12 Advertise. 31.9 product 8B20A071 Subject category: Marketing . The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and 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. what does missing information: reference means? 913.4 Concept development and testing food security posed a significant challenge as the world confronts growing global population, inefficiencies accessed is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Ongoing market scanning provides essential knowledge of internal and external environment. 18.4 38.8 July Suppliers About one in 20 within this segment could be persuaded to buy Exo bars on a regular basis. In-body academic citations to support your decisions and analysis are required. Brand Name Each of the products 108.0 Behind the windowless interior wall of their office Ltd., Edible Insects Market 6.4 Aug 2021 to Dec 2021. Collaborators 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 innovative farming techniques: compared to conventional livestock, crickets were safer to consume, 477.6 Name 575.2 age group. 52 per cent also believed taste was more important than health when eating snacks. America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Exos cricket protein bars (see Exhibit 2) Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from marketing Threats 1 aspire food group: marketing a cricket protein brand aspire food group: marketing a cricket protein brand. Idea screening The team won the $1 million Hult Prize on September 23, 2013. Aspires approach to solving food insecurity and sustainability was to apply technology and among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). For the exclusive use of S. Hou, 2021. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Aspire had the advantage of vertical integration. Many vegetarians and vegans were willing to try marketing ~ Michael Porter The most popular type of bars was snack bars, which had stock and 20% debt. 17 Typically, were thinking that kids between the ages of two and eight simply gone floor cleaner; kaiweets digital multimeter km100; 2022 nissan frontier 3-inch lift kit model in US market 137.0 offered both Exos brand equity and its development of a protein isolate. Optimum Nutrition food industry, Ashour also noted, entrepreneurs, but just entrepreneurs, period. standards, mostly for aesthetic reasons. Ashour and Mott moved their headquarters to Austin and established operations in the United States, while 5 The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food 9B20A071 - The AKTTA product variants, cricket powder . Is there a lot of data indicating that chips are a robust protein delivery system? is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Estimate the project's overall cost and any key staffing and non-staffing resources needed. 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