Introduction to Agribusiness & Agricultural Economics

These flashcards cover essential concepts related to agribusiness and agricultural economics, focusing on marketing strategies and decisions.

Marketing Mix

A combination of four key elements - Product, Price, Promotion, and Place - that businesses use to market their products.

Product Life Cycle

Stages that a product goes through from development to decline, impacting marketing strategies.

Elasticity of Demand

A measure of how responsive consumers are to price changes in terms of quantity demanded.

Price Skimming

A pricing strategy that sets high initial prices for a product to maximize profits from consumers willing to pay more.

Penetration Pricing

A strategy where prices are set low to quickly attract a large customer base and establish market presence.

Public Relations

A strategic communication process that builds relationships between organizations and the public.

Personal Selling

Direct interaction between a sales representative and potential customers to promote products.

Sales Promotion

Marketing activities that aim to boost short-term sales by offering incentives.

Direct Marketing

Marketing that encourages consumers to respond directly, bypassing retail intermediaries.

Place Decision

Decisions regarding the distribution of products to make them available to consumers.