agribusiness quizzes 1-4

what is an example of a middleman

trucker

who needs to understand marketing

processors, producers, consumers

what are the 5 barriers to satisfaction

ownership, time, space, value, information

what does marketing improve

efficiency of the economy, increase producers profits, increase consumer satisfaction

who is responsible for adding value to products

marketers

the mission of marketing is to bridge the gap between

producers nad consumers

what two functions work together to overcome ownership separation

buying and selling

satisfaction is also known as

utility

central markets are

a solution that allows everyone to meet at one place and time and exchange a surplus production

what is the marketing approach

shifting away from a production and selling orientation to one that profitably satisfies the consumers needs

what are the four utilities of marketing

form, place, time, possession

who purchases satisfaction

consumers

a business can never be better than

the people who work there

which function of planning converts plans into reality

organizing

during what year was the business manager profession created

1930s

directing is less about management and more about

leadership

3 E’s of business

efficiency, effectiveness, economic well-being

firms need to be the first choice of

their customers, their employees, their investors

what are the 4 functions of management

planning, organizing, controlling, directing

what are 2 key reasons for developing a marketing plan

to discuss the purpose and objective of the firm

what is the first step in decision making

identifying the problem

what function consumes 90% of a managers time

directing

what is the agrifood system

a global, fast-paced, high tech industry that is one of the most effective adopters of science and innovation

what % of the average Americans income is spent on food

11.3

which firm sells and prepares products or services to farmers/producers

the input supplier

for every dollar spent on food within the US, how many cents go back to farm production

9.1

commodity exports account for how much of gross farm receipts

20%

the US is in a trade deficit. this means

imports have exceeded exports

what are the 6 hierarchal reasons consumers purchase their food

nutritious, safe, affordable/good taste and variety/convenience/promote health/ live well/status or social causes

what was the first global sector of the US economy

agri-food system

what does GDP mean

gross domestic product

which firm purchases processed products to make food products

food manufacturers

the price of a good is ultimately paid by the

consumer

the right product must carry the right price in light of

current market conditions

two of the most important elements in the business plan are

purpose and objective

the firm must provide their targeted consumers with products that will give them

maximum satisfaction

how do we identify a target market

by gathering information that describes consumer needs, demographics, desired benefits, and preferences

what are the four functions of management

planning organizing, controlling, directing

what is market share

the percentage of total sales from the target market achieved by a single firm

what are the 4 P’s of marketing

product, price, place, promotion

what is market potential

total level of sales possible in a target market by all firms

firms achieve _____ when they have a clear business purpose and objectives

higher rates of return

T/F: the goal of a marketer is to make selling unnecessary

True

who gets the largest amount back from a dollar and how much do they get back

food services get 31 cents back

americans spend a ______ amount of their income on food than people in other countries

smaller

what are some burdens the ag industry can face

weather, government policies, changing tech, perishables, pests

T/F: good leaders just focus on leading, these individuals will never be in the position of being a follower

false, somebody else may have a better idea than them, they also have to climb their way up

what can the controlling management function determine

it is an indication of whether or not you are deviating in your plans

why do producers and consumers need to understand the role of marketing in agriculture

because food labels can be misleading, informs about product value, and assists in making informed purchasing and production decisions.

Are marketers considered middlemen

yes because they are not producers or consumers so they are in the middle