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AGEC 340 Final UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
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AGEC 340 Final UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS Key functions of management - CORRECT ANSWER- marketing management financial management supply chain management human resource management Marketing Managment Description and Key aspects - CORRECT ANSWER- -Marketing is the process ...

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  • October 29, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AGEC 340 Final UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Key functions of management - CORRECT ANSWER- marketing management
financial management
supply chain management
human resource management


Marketing Managment Description and Key aspects - CORRECT ANSWER- -Marketing is the
process by which products flow through the U.S. food system from producer to final consumer
-Key aspects of marketing management: understanding customer needs and effectively
positioning and selling products and services in the marketplace
-requires: selling, advertising, web page design, promotions, marketing research- all focused on
customer needs, wants and the quest for customer satisfaction


Financial Managment Descripton and Key aspects - CORRECT ANSWER- -Profit is the driver
for agribusinesses as they work to generate the greatest possible returns from their resources.
-Key aspects of financial management: generating the data needed to make good decisions, using
the tools of finance to make effective decisions, and managing the assets, liabilities, and owner's
investment in the firm.
-Financial information allows managers to understand the current "health" of the firm as well as
to determine what actions the business might take to improve or grow.
-Another way in which the financial agribusiness scene continues to change is in the sourcing of
funds.


Supply chain managemnt types - CORRECT ANSWER- Supply Chain managment
Operations managment
Logistic managment


What does supply chain mgmt focuses on? - CORRECT ANSWER- focuses on quality, lower
costs, changes in the supply chain and general pressures to be more efficient while providing the
tools managers need to meet these operation and logistical challenges.

,What does operations magmt focuses on? - CORRECT ANSWER- focuses on the direction and
the control of the processes used to produce the goods and services that we buy and use each day
through strategic use and movement of resources.


What does logistics mgmt involve? - CORRECT ANSWER- involves the set of activities around
storing and transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management focuses on new ways to lower
these costs.


What is human resource management? and what is it about? - CORRECT ANSWER- -
managment is about PEOPLE
-Human resources management encompasses managing two areas: the mechanics of the
personnel administration, and the finer points of motivating people to offer and contribute their
maximum potential.
• Issues: how to organize the firm, where to find people, how to hire them, how to compensate
them, and how to evaluate them


What makes agriculture unique? - CORRECT ANSWER- Food is vital to the health and survival
of every individual.
Biological nature of agriculture product brings rise to unique challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food and agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small towns and rural areasThe
government has a fundamental role in food and agribusiness.


Managment is both an _____ and a ____ of succesfully pursuing desire results with the resources
available to the organization - CORRECT ANSWER- Art and Science


what does Managment requires? - CORRECT ANSWER- • Technical knowledge about the
organization's product

,and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors surrounding the production of food
and fiber


What are the four key tasks of Agribusiness managers? - CORRECT ANSWER- Planning
organizing
directing
controlling


Definition of Planning - CORRECT ANSWER- Planning can be defined as forward-thinking
about courses of action based on a full understanding of all factors involved and directed at
specific goals and performance objectives.


Definition of organizing? - CORRECT ANSWER- Organizing represents the systematic
classification and grouping of human and other resources in a manner consistent with the firm's
goals.


Definition of directing - CORRECT ANSWER- Directing is guiding the efforts of others toward
achieving a common goal.


Definition of Controlling - CORRECT ANSWER- Controlling represents the monitoring and
evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of the business and allows
for earlier interventions if standards are not being met and warrant investigation.


The study of economics involves - CORRECT ANSWER- Macroeconomics & Microeconomics

, Macroeconommics focuses on - CORRECT ANSWER- focuses on the "big pictures" view of
our economic system.• Topics: national income, GDP, inflation, unemployment, and interest
rates (affects everybody)


Microeconomics is.. - CORRECT ANSWER- is the application of basic economic principles to
decisions within the firm.
• Combining physical, human, and financial resources in production and marketing of foods and
services to meet customers' needs and generate a profit (affects more of a business)


Economics studies.... - CORRECT ANSWER- studies how individuals, firms, and society
choose to combine scarce resources (land, labor, capital, and management) to satisfy unlimited
wants and best meet the needs of consumers.


Why do we use economic concepts? - CORRECT ANSWER- A professional manager
understands and uses economic concepts to interpret information, both to assess the broader
marketplace and to improve the effectiveness of their decision-making


What are the three economic concepts? - CORRECT ANSWER- • Profit
• Economics of Markets
• Elasticities of Demand


Two types of Profit - CORRECT ANSWER- accounting profit - economic profit


Accounting profit definition and formula - CORRECT ANSWER- a performance measure of
firm success
accounting profit= total revenue- total measurable costs


Economic profit definition and formula - CORRECT ANSWER- Goes a step further to include
the opportunity cost of alternative uses for resources within the firm
economic profit= accounting profit-opportunity cost


Types of Costs - CORRECT ANSWER- explicit and implicit

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