AGEC 340 exam 3 notes- Strategic
Market Planning
Learning objectives
Understand the role of marketing in Agribusiness
Review the evolution of marketing in the food and agribusiness
industries
Explain why the act of satisfying a customer need is what gives a
business its right to earn a profit
Understand the five barriers to consumer satisfaction
Describe the nine functions of the agricultural marketing system
Discuss and apply the four utilities of marketing
Understand the marketing concept
Describe the relationship between marketing and the four functions
of management
Learning objectives (more)
Explain the marketing plan and its role in strategic marketing
Develop a SWOT analysis to identify the market opportunities,
competitive pressures, and issues a firm and its products will
encounter.
Use Porter's Five Forces Model to identify and organize competitive
pressures into a framework that identifies forces that affect a firm's
competitive position.
Effectively segment a market for marketing purposes
Discuss the elements of the marketing mix
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Learning objectives (even more)
Comprehend the fundamental concept of product positioning
Summarize various methods of product promotion and market
communication
Understand channels of distribution available to an agribusiness
Discussion - Contemporary agribusinesses are having to contend with Corporate
Social Responsibility (CSR) issues such as animal welfare,
environmentally sound practices, industrial agriculture, and GMOs.
• What does corporate social responsibility mean for businesses in
, today's globalized market?
• If you were the manager of a firm, how would you address CSR?
• Should businesses do more to address the concerns and values of its
customers?
• Is there any value to social awareness if it does not add to a
business's profits?
Is Corporate Social Responsibility a marketing task?
What is Marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at
large
The Role of Marketing in the Economy
Increases the level of consumer satisfaction in the economy
Marketing Resolves Conflicting Needs of
Producers and Consumers
Marketing completes the production process
Producers—make large amounts of a few things
Consumers—buy small quantities of many things
Marketers resolve these differences
The Mission of Marketing (5 key questions)
The mission of marketing is to bridge the gap between producers and
consumers by answering five key questions:
1. What products should be produced?
2. How much of the product should be produced?
3. When should the product be produced?
4. Who should produce the product?
5. Who makes up the market for the product?
Marketing
All organizations require effective planning and a sound marketing strategy to achieve their
goals and objectives.
Without these efforts, organizations are not able to satisfy the needs and wants of their
customers or other stakeholders.
Marketing's Relationship to the Four Tasks of
Management
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