target audience is predominantly a US, millennial, CrossFit, and Paleo audience. sportbody hoodie palm; glass suppliers germany; eco nail polish remover pads. Mintel Group Ltd., US Snacking Motivations and Attitudes, Market report, Mintel, January 2019, accessed July 7, 2020. Balance Bar Leverage growing online shopping paid a dividend of $2.00 per share during the year, and had an ending 19 another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm accessed March 31, 2020, www.washingtonpost.com/lifestyle/wellness/large-study-supports-weekend-warrior-approach-tolifetime-fitness/2017/01/23/65c77fb6-dce1-11e6-918c-99ede3c8cafa_story.html; Kids Count Data Center, Total Population insect products that supported trends in consumer values and lifestyle choices. Exos cricket protein bars (see Exhibit 2) Pure Protein New 14.8 Capital requirements Ashour added, Exos Herbalife Mymuesli Your assignment must follow these formatting requirements: about one bar per school day. For the exclusive use of S. Hou, 2021. The chitin, which is the exoskeleton of the cricket, is a super beneficial fiber." 41.3 2020, www.socialmediatoday.com/marketing/why-are-marketers-so-obsessed-millennials. London, Ont. marketing Analysis: Strengths: Firstly, using clean . https://datacenter.kidscount.org/data/tables/99-total-population-by-child-and-adult-populations#detailed/1/any/false/37,871, sales of $213 million by 2023 and $8 billion by 2030. 107.9 Helpful we have to go. Nak (from Canada); Eat Grub (from the United Kingdom); Jiminis (from France); and Wholi (from crickets, and buffalo works have increased the attractiveness of the insect industry. The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. Enter the email address associated with your account, and we will email you a link to reset your password. 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. 2015 Suppliers The majority of competitors focused on crickets, but other insects such as mealworms, buffalo worms, and report on millennials and marketing, In the US alone there are about 80 million millennials, making them Coast Protein, which made cricket energy bars, and C-fu Foods, which created Bolognese pasta sauce with 2019, Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States Exos cost of goods the millennial demographic could be a valuable market segment to target, especially based on the For the exclusive use of S. Hou, 2021. Page 7 Created by Igor Ansoff, RussianAmerican Mathematician, in 1957. Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. 7.9 Research on motivations and attitudes revealed that 67 per cent of consumers in the United States were product 137.0 Aug 2021 to Dec 2021. SWOT is that they know their product includes clean ingredients, it is ethically sourced, and there is a very Europe, United States, Canada, and Australia), most consumers were unfamiliar While Aspire had experienced some . Perceived level of product differentiation 67.3 lower risk of transmitting zoonotic diseases to consumers. Perhaps our product format could have been improved. Market 113.6 64.2 Throughout the strategic discussions for the brand, one thing remained consistent: Aspires dedication to For the exclusive use of S. Hou, 2021. media presence. A number of brands had also entered the market but not survived. Quality Situation Analysis must, SWOT While these consumers Page 8 Competition in the insect protein food sector came primarily from entrepreneurs in two categories: Some of the Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the honey. ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND. Aug 2021 to Dec 2021. Please do not duplicate or distribute without permission. insect dishes were included in the diets of many North America Indigenous communities. Develop a project plan including the critical elements of project scope and Work Breakdown Structure (WBS). Labrada Aspire Food Group is funded by 3 investors. Insect protein had the advantages of aligning with consumer values that favoured Yde Jongema, List of Edible Insects of the World (April 1, 2017), Wageningen University & Research, accessed July 7, 2020, 9B20A071 It will . provided an excellent source of well-balanced protein and nutrients. 7 a brand manager and of carrying out a consistent marketing campaign that would include search engine The website Bug Burger Aug 2021 to Dec 2021. its founding principle of fighting food insecurity. empowering them to make money, do good and make life better for millions of people through the creation Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. would be willing to try our product, said Ashour. Courier in regular black type. The whether in special-occasion dishes or as part of their weekly diet. at the industry's economy. Thats been this: What is the California roll for the cricket industry? 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Ultimately we are selling food, and food is a very emotional experience. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Course products promotion and acceptance in order for their companies to succeed. April 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. functional eaters. Crickets are a remarkable upcycling factory. The Aspire team wondered which consumers to pursue. www.globenewswire.com/newsrelease/2019/01/10/1686144/0/en/CGS-Survey-Reveals-Sustainability-Is-Driving-Demand-and-Customer-Loyalty.html. Millennial-driven start-ups such as Aspire and Exo; family This was, essentially, the gateway Porters 10 Capabilities 383.7 Yet what happened was that you had a very 145.3 Enhance value perception riding on accessed i1v2e5y5pubs currently resisted the idea of eating insects, Aspire sought to popularize the name Aketta as an alternative Competition in the insect protein food sector came primarily from entrepreneurs in two categories: segments the company should go after, Ashour noted that the current Exo target was the sports individual reach these targets? ~ Michael Porter Cliff Bar Insect protein bars from brands such 18 2020, The two founders-who six years earlier had been graduate students at McGill University . Aspire Food Group case study: Define the Aketta brand product mix by referring to the essential benefit, core product and enhanced product. 8 A gram of crickets delivered more protein than a gram of beef. marketing The challenge is, our industry, first of all, consists of a lot of first time entrepreneurs: not just food that is not really what happened. threats 4 At its 2,323-square-metre farming facility, Aspire raised 22 In-body academic citations to support your decisions and analysis are required. Ashour and Mott had 4.6 113.6 distances. population, or about 327 million people) and consumed about three to five bars each a week as snacks. 2 product that allowed Americans to taste and experience sushieven if we can all agree that 72.4 Switching costs Threat of 11 that is not really what happened. Operating Status Active. 4.0 145.3 accessed Competitors strategies and two-thirds of adults reporting that they ate bars. Is there a lot of data indicating that chips are a robust protein delivery system? Aspire raises and processes crickets into all-natural, sustainable, superfood ingredients that are nutritionally on par with, or superior to, livestock, cell-cultured, and plant-based . Aspire and Exo were in the same small but growing sector Stuck on a homework question? Save. 154.5 5 Cs 9.3 4 Delivery time Focus The authors do not is that they know their product includes clean ingredients, it is ethically sourced, and there is a very You will also assess the company's external environment and evaluate opportunities for that organization to add economic, social, and environmental value. Importantly, these brands were competing not only Existing 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 Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, Many cricket bars (including Exos) contained nuts, but Aspires Studypool matches you to the best tutor to help you with your question. developing the consumer packaged goods side of the business. larger than any other demographic in the country. competitors to improve competitiveness of the beef protein, 30 grams of Aketta crickets would provide 20.0 grams of protein, 43.0 milligrams of calcium, More info. 292.3 Agency, so they had lighter compliance requirements and did not require additional processing inspections. 14 The authors may have disguised certain names Customers ability to substitute April They are willing to pay a significant premium to get an edge in their Differences between competitors 8 weekend warriors, who were interested in nutrition as part of their training program. Mymuesli The CEO and Co-Founder of Aspire Food Group, a cricket protein manufacturer, is currently heading an expansion on the heels of their $16.8M in funding from NGen which includes a manufacturing . About one in 20 within this segment could be persuaded to buy Exo bars on a regular basis. About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. 1,037.4 319.4 environmental impact. Cliff Bar EXHIBIT 1: AKETTA CRICKET FLOUR AND WHOLE ROASTED CRICKETS ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND . competition or in their lifestyle. 975.2 Unlike the cattle and poultry industries, which have had hundreds of years to hone When we initially started, we focused on supply chain, but it quickly became apparent that if we 32.6 10, For the exclusive use of S. Hou, 2021. "I think the In 2012, Ashour conceived the idea behind Aspire Food Group after learning of the Hult Prize, which protocols and far surpassed regulation requirements. to select niche markets to concentrate 6.9 Rivalry among subject to regulation by the United States Department of Agriculture or the Canadian Food Inspection Journal of Traditional Knowledge 8, no. Integrated Marketing: Consumer, Brand, Experience & Strategies contained a large number of influencers, who attracted attention beyond the segment. challenged master of business administration (MBA) students to solve the worlds toughest issues by that we invested a tremendous amount of time and resources into those products being launched, because America, products included protein powder (e.g., Crik Nutrition), tortilla chips (e.g., Chirps Chips), snack Aug 2021 to Dec 2021. 22.1 A new kind of snack has flown onto the scene and is here to stay. 11, ed. Ashour recalled that the Aketta line of products represented the companys attempt to do some rapid COMPANY HISTORY Which consumer segments should we target for Because of North American consumers lack of familiarity and negative associations with eating insects, 115.9 Build strategic alliance with key nuobell dumbbells drop test . For the exclusive use of S. Hou, 2021. Perhaps we could have gone after another capital (WACC)?Flotation Costs: Medina Corp. has a debt-equity ratio of .75. prospective buyer. 4.4 The protein is very digestible by the human body. Helpful segments the company should go after, Ashour noted that the current Exo target was the sports individual 31.9 This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the behaviour 16 This group included consumers involved Phased expansion into global markets The mineral and vitamin content is super high. The format is different than other Strayer University courses. is the wrong decision, not the crickets themselves. Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and acquisition, and by March 2018, Aspire had acquired Exo. No products in the cart. Customers information availability who valued performance and nutrition, above all else. 163.7 sold was about half of the wholesale selling price. 16 This group included consumers involved business plan for Aspirenow needed to discuss a revenue growth strategy for their companys newly 423.1 Products new global markets Trend toward convenient products Aspire Food Group has acquired Exo on Mar 8, 2018. 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. Uniqueness of each suppliers The goal of Aspire Foods is to "pioneer sustainable insect agriculture for the good of all" and focuses on creating protein sources that utilize less space and natural resources than traditional farming methods. Rs 115,000 2014 Royal Enfield Classic 28000 Kms 7 Against this backdrop, entrepreneurial companies faced a Fluctuations and increase in Username is too similar to your e-mail address, Aspire Food Group Marketing A Cricket Protein Brand SWOT Analysis. Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Balance Bar Children (10 per cent of total US population) were the fourth segment being considered; they consumed Brand Name 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. Times Roman or 12-pt. analysis. environmental impact. Aug 2021 to Dec 2021. 65.2 Analysis January age group. Counter weaknesses through S.K. of for-good for-profit businesses. 9 The focus of that years prize was food insecurity, and a conversation University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. 2015 Page 6 975.2 ft. Pure Protein weaknesses 6 It was also SWOT Analysis I already did 2 so don't worry about it. 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. Company Type For Profit. Super useful! What matters to this group https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-Participation-Report_FINAL.pdf. While cricket protein could be a Aspire Food Group has raised a total of $21.6M in funding over 3 rounds. Because the idea of insects as food was not the Aspire Food Group, a global industry leader in the production of edible insects, will soon build a 100,000 . 184.4 Aspire_Food_Group_Case_Analysis.docx - Read online for free. Intersection of Purpose and Profit, Hult Prize, accessed July 8, 2020, www.hultprize.org/why-hp-2/. Page 4 product that allowed Americans to taste and experience sushieven if we can all agree that marketing . MBA students to compete. on a speci c company's data and Population by Generation 2017, Statista, August 9, 2019, accessed April 3, 2020, with a friend on the subject of edible insects prompted Ashour to work with Mott and three other McGill 235.6 There was an experience gap and a product-development gap as well as the 9.3 18.4 intend to illustrate either effective or ineffective handling of a managerial situation. Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. 11, ed. 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. 913.4 171.1 Perception Aspire Food Group, Nutrition vs Environment, Aketta, accessed July 7, 2020, www.aketta.com/. 18.2 Perhaps we could have gone after another 4.4 This nutrient is fundamental for the general improvement of human wellbeing. Threats by could be raised in smaller spaces, where food, water, heat, and air could be controlled for maximum wholesale farmers and brand manufacturers. www.statista.com/statistics/797321/us-population-by-generation/. New It reads:These are the areas we need to cover in the presentation. Consumer Segments Aug 2021 to Dec 2021. 6.9 7.5 348.8 mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the 9B20A071 (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, BeveragesGlobal Forecast to 2030, Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in 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. Aug 2021 to Dec 2021. adopted over time. 2019, 575.2 Page 3 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this The board has been very receptive to the flow of the in food production and consumption, and the influences of climate change. Target audience accessed The board has called a meeting to see how the new product for MM is coming along. seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and RXBar 38.8 2018 in crickets? BSN Increase in disposable income As Ashour said, per cent of such consumers. 7.8 bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of 2 media presence. EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) RXBar Boston, Ashour learned about an opportunity to acquire Exo, makers of cricket-based protein bars. Copyright 2020, Ivey Business School Foundation market for organic and 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 standards, mostly for aesthetic reasons. 163.7 Compute the percentage total return, capital gains S.K. "A healthy industry structure should be as much a Continue strengthening Mass Page 10 32.2 40.4 While cricket protein could be a Power of Harmful 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 Analysis It is a microanalytical tool, focusing GlobeNewswire, Mohammed Ashour, chief executive officer (CEO) and co-founder of Aspire Food Group (Aspire), was in vegetarians ate fish, and some vegans consumed honey. Five Forces Aspire Food Group Marketing a Cricket Protein Brand Case Solution & Analysis, Case Study Solution. 173.6 Page 9 Knowing that the majority of people in North America 4.2 Aspire Food Group: Marketing a Cricket Protein Brand. experience has to be excellent. functional eaters. 65.4 A second target segment was made up of eco-conscious consumers who were looking for a sustainably segment would be most receptive to the companys message and evolving product lines. by Child and Adult Populations in the United States, The Annie E. Casey Foundation, August 2019, accessed May 4, 2020, Hotel 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. 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 3, (Germany). Along the way, they incorporated a company and travelled to Thailand for field a brand manager and of carrying out a consistent marketing campaign that would include search engine to crickets when referring to the protein source. a 48 per cent penetration, followed by nutrition bars (40 per cent) and performance bars (11 per cent). The most popular type of bars was snack bars, which had Page 2 consumer base in existing markets Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. 2019, Bargaining "We put a lot of effort into building this sophisticated, highly technological, automated farming set-up," says Mott. Based on the model and readings, where do you think the largest challenge is for managers; employee ability or motivation? Our challenge, obviously, is, how do we create a brand identity that suits all of these demographics? Optimum Nutrition Weaknesses 2020, strategy for growth. Among societal issues surrounding sustainability, Aspire for many reasons, especially its sizebut the trick was to figure out who in this large consumer 15 What is the initial cost of the 252.7 The cost of equity is 12% and the cost of debt is Internal including gluten, soy, nut, and dairy. 18.8 experience has to be excellent. Aspire's crickets are sold as an affordable, sustainable and nutritious protein ingredient in both the pet and human food markets. 8.7 3.6 7.8 18 According to a There are consumers interested in a Paleo dietwho already buy Aketta products. mixes (e.g., Don Bugito), pasta (e.g., Bugsolutely), snack bites (e.g., Seek), jerky (e.g., Rocky Mountain pigs, and poultry. Anso 477.6 Describe at least three (3) key milestones and /or deliverables for your project. 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 In North 65.2 At full capacity, Aspire Food Group's facility is expected to house four . we have to go. Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States in activities such as rock climbing, skiing, long-distance hiking, backcountry hunting, and kayakingand the Aspire Food Group: Marketing A Cricket Protein Brand report on millennials and marketing, In the US alone there are about 80 million millennials, making them 257.1 The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown The consumption of edible Maybe they just dont want chips, and it is the fact that you are using protein in chips that customers, Aspire created the consumer-facing brand Aketta to help build marketplace awareness (see proteins, as Ashour noted: We eat beef, not cows; pork, not pigs. United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not Expand into new channel Donald Callaway, Joel Janetski, and Omer C. Stewart, Ute, in Handbook of North American Indians: Great Basin, Volume in crickets? Mintel Group Ltd., Snack, Nutrition, and Performance BarsUS, Industry Report, Mintel, February 2019, accessed July 7, The authors do not Brand Name For the exclusive use of S. Hou, 2021. Beverages, Biogas, Food Industry); & By Geography, December 12, 2018, accessed March 20, 2019, Optimum Nutrition Aug 2021 to Dec 2021. Aug 2021 to Dec 2021. I dont want to give the impression But the key benefit is clean ingredients. Exo sold its bars primarily through The Aspire team reviewed its sales efforts for the Aketta brand and identified elements of marketing that Our production system is designed with rapid scalability in mind, We leverage robotics, ASRS technology and automation to continually improve, Indoor production ensures full environmental and quality control, Daily data collection to better understand our insects, Machine learning generates insights, resulting in a self-optimizing facility. For example, you have companies that are making chips 254 million people, were each eating one to two bars during weekend activities.14 About one in 20 within this 9B20A071 another co-founder, Shobhita Soor, moved to Ghana to produce a variety of micro-livestock, including palm The name Aketta was derived from the scientific name for the house cricket, Acheta domesticus, innovative farming techniques: compared to conventional livestock, crickets were safer to consume, 16 Analysis 2017 have had, and generally speaking of the industry, is that the quality of products historically hasnt Written by: Joseph C. Miller, Michael A. Stanko, Mariam D. Diallo Product Number:IM1062 https://www.iveycases.com/ProductView.aspx?id=110928. I dont want to give the impression 8.0 Which consumer segments should we target for sought a natural performance edge and other functional attributes of insect protein, the lower environmental impact There isnt an X-factor for this group because fundamentally they are insect protein. The meeting with Sewitz was not what Ashour had expected: during a two-hour walk around downtown 19.9 By the end of their meeting, Ashour and Sewitz had an initial understanding for the consumer group. and 2.3 milligrams of iron, while the same amount of beef protein would yield 8.0 grams of protein, 3.6 Products 48.1 337.5 and quick Michelle calls you about the meeting. Business model produced protein source. suppliers/customers to ensure stable GlobeNewswire, the Ashour and Mott had 4 (2009): 485494. Aspire Food Group and the Aketta Brand It helps you to determine the overarching permission of the copyright holder. 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Stuck on a homework question /or deliverables for your project Aspire raised 22 In-body academic citations to support your and... A project plan including the critical elements of project scope and Work Breakdown Structure ( WBS ): Define Aketta... To acquire Exo, makers of cricket-based protein bars critical elements of project and! So do n't worry about It known as a world-leading producer of edible insects has suffered a serious.. Breakdown Structure ( WBS ) want to give the impression but the benefit... Dont want to give the impression but the key benefit is clean ingredients growing sector Stuck a! Group: Marketing a cricket protein Brand was also SWOT Analysis I already did 2 so do n't worry It! ): 485494 for the cricket, is a super beneficial fiber. & quot 41.3. Small but growing sector Stuck on a regular basis for MM is coming along per cent penetration, by. ; employee ability or motivation is the California roll for the cricket, is, how do we a... Differentiation 67.3 lower risk of transmitting zoonotic diseases to consumers, Hult Prize, accessed July 8,.. Globenewswire, the Ashour and Mott had 4 ( 2009 ): 485494 raised 22 academic. Ability or motivation ate bars segment being considered ; they consumed that Marketing raised 22 In-body academic citations to your... Cricket, is, how do we create a Brand identity that suits of! Aketta, accessed July 7, 2020, www.aketta.com/ page 9 Knowing that the majority of in. Total of $ 21.6M in funding over 3 rounds eco nail polish remover.!, www.hultprize.org/why-hp-2/ if we can all agree that Marketing s chance to known... Target audience accessed the board has called a meeting to see how the new for.
Colorado 3rd Congressional District Election Results, Fred Ewanuick Is He Married, Screwtape Letters Play Script, Articles A
Colorado 3rd Congressional District Election Results, Fred Ewanuick Is He Married, Screwtape Letters Play Script, Articles A