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AGBU 3361 EXAM 2 WITH COMPLETE SOLUTIONS 100% VERIFIED

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AGBU 3361 EXAM 2 WITH COMPLETE SOLUTIONS 100% VERIFIED...

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  • January 8, 2025
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • agbu 3361
  • AGBU 3361
  • AGBU 3361
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AGBU 3361 EXAM 2 WITH COMPLETE SOLUTIONS 100% VERIFIED



Characteristic(s) of a market-driven organization would include - ANSWER "Focus on
what the customer needs/wants"



A strategic marketing plan involves which of these marketing activity(ies)? - ANSWER
Choose a target market

Develop the appropriate marketing mix

Choose a position

*All the above*



What is not included in the SWOT analysis? - ANSWER Objectives



Grouping customers according to age, income, and education is called __________
segmentation. - ANSWER Demographic



________ segmentation calls for dividing the market into regions, states, counties, cities,
or even neighborhoods. - ANSWER Geographic



The process of creating the desired image in the customer's mind is called_______. -
ANSWER Positioning



Pursuing a competitive advantage means that a firm pursues a set of competencies
where the firm has a clear and distinct advantage over the competition. - ANSWER
True



If clearly definable differences between market segments do not exist the best market
strategy is the _________. - ANSWER Mass market strategy

,A market-coverage strategy in which a firm decides to target several market segments
and designs separate offers for each is known as ________ marketing. - ANSWER
Segmented



The last set of marketing activities and decisions in a strategic marketing plan is to
choose a position. - ANSWER False



The marketing mix includes all of the following, except - ANSWER Profit



The ratio of what customers receive (benefits) relative to what they give up (costs) is
called ______. - ANSWER Value



Which stage in the product life cycle is characterized by rapid market acceptance and
increasing profits? - ANSWER Growth



Adding a constant margin to the basic cost of an individual product or service is known
as what type of pricing? - ANSWER Cost-Plus Pricing



Smucker's plans to launch a 6-Pack case with a unit cost of $12 per case and wants to
earn a 20% markup on its retail sales. How much is the selling price of Smucker's 6-Pack
case? 12/0.8=15 - ANSWER 15.0



A price that ends with ".99" is an example of _______ pricing. - ANSWER Psychological



When a product is offered at a low price in order to gain broad market acceptance
quickly, it is called ________ pricing. - ANSWER Penetration



Advertising that is intended not to promote a particular product but rather to build
goodwill for a total company or industry is called ______________ advertising. -
ANSWER Institutional

,When manufacturers sell their products to dealers, who, in turn, sell products in their
own local market, it is known as a ________. - ANSWER dealer channel



A nutritional education program for school children is an example of the public relations
aspect of promotion. - ANSWER True



The marketing audit ________. - ANSWER Analyzes the current performance of each
product and service the agribusiness firm markets

Reviews market conditions

Evaluates the overall marketing strategy

*All of the above*



A tool to assess the difference between desired performance at some point in the future
and what performance will be if the firm does not change marketing strategies is called
____________ - ANSWER Gap



General economic forecasts could cover/include __________. - ANSWER Government
farm programs

Inflation

Interest rates

*All of the above*



A sales forecast that is constructed by asking salespeople to develop detailed sales
forecasts for each of their major accounts is called a ________. - ANSWER Build-up
forecast



A sales forecasting model includes a ________. - ANSWER General economic forecast

Total market forecast

Specific product forecast

*All of the above*

, When a panel of experts is used to develop a forecast, it is called the ___________. -
ANSWER Delphi approach



One simple, but effective method for analyzing competition is to complete a formal
strengths and weakness analysis for each competitor. - ANSWER True



Which of the following(s) is/are tools for analyzing customer needs? - ANSWER
Customer surveys

Focus group interview

Internal data analysis

*All of the above*



If corn sells for $3.50 a bushel in January and the monthly price index for January is
93.4, what is the expected average price for that year (assuming that the price index for
the expected average price is 100)? $3.5/0.934=$3.75 - ANSWER $3.75



ontinues with question 9. Suppose the price index for December is 102.5, what is the
predicted price in December - ANSWER $3.84



The accounting equation is _________. - ANSWER Assets = liabilities + owner's equity



Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting
business. At the end of its accounting period, December 31, 2018, Go-For-It has assets
of $675,000 and liabilities of $215,000. Using the accounting equation, how much is
owner's equity as of December 31, 2018? - ANSWER $460,000



Which of the financial statement is constructed for a specific date instead of a period of
time? - ANSWER Balance sheet



An example of a current asset would be ______. - ANSWER Accounts receivable

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