Agribusiness Test 2 || with Errorless Solutions 100%.
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Course
Agribusiness
Institution
Agribusiness
The most efficient and effective firms will have the __________ long-run return on invested capital (ROIC) correct answers highest
Firms with the highest ROIC are accomplishing the unifying theme of correct answers maximizing long-run profits by profitably satisfying customer's needs
Managers...
Agribusiness Test 2 || with Errorless Solutions 100%.
The most efficient and effective firms will have the __________ long-run return on invested capital (ROIC) correct answers highest
Firms with the highest ROIC are accomplishing the unifying theme of correct answers maximizing long-run profits by profitably satisfying customer's needs
Managers using firm's resources ______________ is doing things well correct answers efficiently
Usings firm's resources _____________ is doing the right things correct answers effectively
Sustainable competitive advantage using low-cost provider in the market correct answers higher ROIC and remain profitable by offering lowest prices
Sustainable competitive advantage offering a differentiated product correct answers higher ROIC
and remain profitable by charging higher prices
4 qualities that help sustain competitive advantage correct answers superior efficiency, superior quality, superior innovation, superior customer service
Definition of strategic management correct answers process of selecting strategies that will allow
firm to be the first choice of customers to achieve superior financial performance
3 parts to strategic management correct answers vision statement, strategic plan, implementation of strategic plan
_________ _____________ is what the firm aspires to be correct answers vision statement
________ _____________ tells how you will conduct your business and treat customers correct answers values statement
________ _____________ defines the firm's purpose (what the firm is going to do) by answering
who are your customers and what unmet need is going to be filled correct answers mission statement
________ ___________ defines the firm's objectives; tells how the firm is going to accomplish its purpose by defining its sustainable competitive advantage (what the business will do quicker, cheaper, faster, etc) correct answers mission statement
Strategic plan= _________ analysis correct answers SWOT
2 components of strategic plan and when they are done correct answers external environment done first and internal environment done second The external environments are composed of market ____________ which _______ ROIC and market ___________ which _________ ROIC correct answers opportunities, raise, threats, lower
The internal environment is composed of the firm's __________ which _______ ROIC and the firm's __________ which _________ ROIC correct answers strengths, raise, weaknesses, lower
4 factors of conducting a SWOT analysis correct answers general trends in the market, strength and weaknesses of key competitors, current and anticipated customer needs, firm's strengths and weaknesses
To assess internal strengths and weaknesses, what 4 aspects do you have to question? correct answers marketing, finance, operations/logistics, human resources
What is the measure of success? correct answers ROIC
_________ ___________ is a task without end due to the dynamic nature of the firm and the environment; is is ongoing, takes years to master, and is never finished correct answers strategic planning
4 strong international competitions correct answers automobile industry, manufacturing, service, agriculture commodities
Porter's 5 forces model; what keeps a business competitive correct answers threat of new entrants, threat of substitute products, growing bargaining power of suppliers, growing bargaining power of consumers, intensity of competitive rivalry
Forecasting ____________ the uncertainty surrounding business decisions in an attempt to __________ profits correct answers reduces, increase
True or false: Failure to predict change is a leading cause of business failure correct answers true
5 factors that affect the selection of a forecasting procedure correct answers accuracy desired, time permitted to develop the forecast, complexity of the situation, time period to be forecasted, level of resources available
Federal and state agencies source of forecasts correct answers US census bureau, USDA economic research service, USDA national agricultural statistics service
Business and trade association publications source of forecasts correct answers wall street journal, supermarket news, farm Journal
2 ways to look at data correct answers cross-sectional, time-series
_________ __________ data is collected from different groups or locations at the same time and used to understand a phenomenon at a single point in time; current prices, income, consumption correct answers cross-sectional
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