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AGEC 340 EXAM 1 Questions and answers
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AGEC 340 EXAM 1 Questions and answers
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AGEC340
Exam
1-Springfield
What
does
the
following
statement
mean
to
you?
*"Agribusiness
management
is
about
the
integration
of
science
and
business
management."
Combining
Science,
Technology,
and
Business
Management.
Today's
agri
‐
food
system
is
the
result
of:
1.
The
transformation
of
science
into
technology,
and
2.
The
application
of
effective
business
management
Evolution
of
the
Marketing
System
1.
Specialization
and
trade
2.
Central
markets
3.
Money
4.
Middlemen
The
Role
of
Marketing
in
the
Economy
Increases
the
level
of
consumer
satisfaction
in
the
economy.
Five
Barriers
to
Consumer
Satisfaction
1.
Inability
to
transfer
ownership
(ownership
separation)
2.
Product
is
not
available
when
it
is
desired
(time
separation)
3.
Product
is
not
where
consumers
need
it
(space
separation)
4.
Product
is
not
in
the
form
consumers
desire
(value
separation)
5.
Lack
of
information
about
the
product
(information
separation)
Marketing
finds
ways
to
overcome
these
separations.
The
Nine
Marketing
Functions
The
Buying
Function
and
The
Selling
Function
•
overcome
the
separation
of
ownership
by
transferring
legal
title
of
the
product
from
the
seller
to
the
buyer
The
Storage
Function
•
overcomes
the
separation
of
time
by
maintaining
the
product
in
good
condition
between
production
and
final
sale.
The
Transportation
Function •
overcomes
the
separation
of
space
by
moving
the
product
from
where
it
is
produced
to
where
consumers
desire
it.
The
Processing
Function
•
overcomes
value
separation
by
transforming
a
commodity
into
a
form
that
has
greater
value
to
the
consumer.
The
Facilitating
Functions
•
make
the
system
work
more
efficiently
The
Grades
and
Standards
Function
•overcomes
information
separation
by
providing
a
classification
system
that
requires
adherence
to
specific
descriptions
of
commodities
and
products.
The
Four
Utilities
of
Marketing
1.
Form
Utility-comes
from
processing
the
product
into
a
form
more
desirable
to
consumers.
Place
Utility-involves
transporting
the
product
to
a
location
desired
by
consumers.
Time
Utility-results
from
storing
the
product
until
the
consumer
needs
it
Possession
Utility-facilitates
the
process
of
gaining
ownership
of
the
product
so
buyers
can
use
it
fully.
2.
The
function
of
marketing
in
our
economic
system
makes
sure
that
consumers
get
the
products
they
desire.
This
means:
•
insuring
that
the
right
product
(form
utility)
•
is
available
at
the
right
place
(place
utility)
•
at
the
right
price
(possession
utility)
•
at
the
right
time
(time
utility)
to
fully
satisfy
the
consumer.
Long-Run
Business
Success
Equation
Long
‐
Run
Business
=
Efficiency
+
Effectiveness
+
Economic
Well
‐
Being
Success
Important
Quote
*Only
by
satisfying
a
customer
need
does
a
business
earn
its
right
to
make
a
profit
The
Business
Plan
The
success
of
a
business
is
directly
attributed
to
•
Good
planning
•
Communication
•
Execution
1.
The
first
step
to
success
is
a
good
business
plan
2.
The
business
plan
explains
how
the
business
plans
to
achieve
success
3.
Firm's
Purpose:
What
the
firm
is
going
to
do 4.
Firm's
Objective:
How
it
is
going
to
achieve
its
purpose
Structure
of
the
Business
Plan
Composed
of
separate
sub
‐
plans
that
deal
with
•
Organizational
structure
•
Personnel
•
Production
•
Finances
•
Marketing
The
Marketing
Plan
-
Purpose
Statement
Can
be
stated
without
a
great
deal
of
consumer
input
•
Can
be
based
on
an
analyst's
assessment
of
perceived
consumers
wants
•
If
the
assessment
stops
here,
it
will
fail.
•
Success
depends
on
the
right
mix
of
product,
price,
place,
and
promotion.
Consumer
preferences
and
needs
must
be
thoroughly
researched
to
clearly
identify
•
The
firm's
purpose
and
objectives
based
on
precise
needs
the
company
will
service
•
How
these
needs
will
be
filled.
Marketing
-
Highest
Priority
in
the
Planning
Process
1.
The
marketing
plan
is
a
complete
assessment
of
consumer
•
Identifies,
analyzes,
and
understands
the
consumer
need
•
Dictates
how
the
rest
of
the
firm
will
be
organized
Finance
tells
the
firm
whether
"it"
can
be
done
profitably
Production
tells
the
firm
whether
"it"
can
be
done
technically
Personnel
tells
the
firm
whether
the
right
people
can
be
found
to
accomplish
"it"
•
Decisions
about
what
"it"
is
and
how
"it"
should
be
done
are
made
in
the
marketing
plan
2.
After
establishing
the
firm's
purpose
and
objective,
the
marketing
plan
becomes
the
starting
point
for
the
rest
of
the
business
plan
The
major
parts
of
the
marketing
plan
include:
1.
Analysis
of
the
current
market
situation
2.
Analysis
of
opportunities
and
issues
3.
Marketing
strategy
4.
Implementation
program
5.
Financial
analysis
6.
Controls
The
Current
Market
Situation
-
Macroeconomic
Environment
A
discussion
of
the
macroeconomic
environment
includes
factors
such
as
•
Demographics
•
The
economic
climate
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