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Ag Marketing - Exam1
Questions for Marchant's Exam1 in VT AG MARKETING
| Question | Answer |
|---|---|
| What % of all U.S. Ag is sold abroad? | 30% |
| Changes in quantity supplied represents a movement along this curve: | Supply curve |
| Along the marketing chain the difference between the buying and selling price is what? | Margin |
| Under free trade, countries specialize in producing those commodities they can produce relatively efficiently. This is known as: | Principle of Comparative Advantage |
| What are the highest value of livestock species? | Cattle and calves |
| The port of VA is within a days drive of how many people? | 97 million |
| The reason corn production has increased is because... | ethanol |
| The # of VA agribusinesses that are in VA fortune 500 companies? | 5 |
| This is the average farm size in VA: | 180 acres |
| Buying will increase as price decreases = | Law of demand |
| What do family, storage, and transportation add to a product? | Value |
| What are agribusinesses with product differentiation and low farm component? | Price makers |
| To continue feeding the world, farmers will need to increase food production by ___ by 2025: | 50% |
| What is the global population? | 7 billion |
| What is the #1 commodity produced in VA? | broilers |
| What is a product that reduces the amount of time, effort, etc.... | convenience food |
| Taking the product to the consumer is a type of what marketing? | Push marketing |
| This is the $ amount of sales that Ag in VA totals: | $3 billion |
| What is the approach that studies individuals, agencies, and businesses that perform the marketing process? | Institutional approach; emphasizes the "who" of marketing |
| What are the two flows of of marketing? | the physical (product) and exchange (money) flow |
| As you make more money, the proportion of food expenditures to income becomes smaller: | Engel's Law |
| Economic good that belongs to a single seller and may be patented, copyrighted, or trademarked: | Differentiated product |
| What is the time period between production decision and the delivery due to the biological nature of Ag products? | Biological lag |
| What is the average U.S. farm size? | 434 acres |
| What are the 5 levels of Maslow's Hierarchy? | Survival, security, social, self-esteem, self-actualization |
| List 3 reasons for value added trade growth: | Higher disposable income, change in demographics, lower trade barriers. |
| What are the three marketing functions? | Exchange, facilitating, physical |
| Emphasizes the "What" of marketing functions that are performed in agricultural marketing - exchange functions, physical functions, and facilitating functions: | Functional Approach |
| Emphasizes the interdependence and coordination of all participants and all the functions of the entire system - combines institutional and functional approaches: | Behavioral Approach |
| The performance of business activities that direct the forward flow of goods and services to customers and that accomplish the farmer's or the firm's objective: | Micro view of marketing |
| This may involve buying, assembling, storing, financing, and transporting: | Procurement more than an act of buying |
| The demand for the final product influences the demand for the input being put into: | derived demand |
| What is the average farmer's age in VA? | 59.5 |
| What percentage of VA farmer's are female? | 17% |
| What percentage of farms in VA are owned by families/individuals? | 90% |
| What are the top 5 commodities of VA Ag? | Broilers, cattle/calves, milk, soybeans, and turkey |
| What percentage of farms produce 90% of the Ag products in the US? | 12% |
| Name five Fortune 500 companies: | Kraft, Kroger, Tyson, Dole, and Sysco |
| _______ of the Fortune 500 companies are Agribusiness companies: | 60-70 |
| The portion of food expenditures associated with the activities of firms beyond the farmgate is known as: | the marketing bill for food |
| Set of firms that move a commodity from the farm to the consumer is known as: | marketing channel stages |
| What is the order of the marketing channel stages? | 1. Input Supplier, 2. Production, 3. Assembly, 4.Processing, 5. Wholesaling, 6. Retailing, 7. Consumption |
| Agricultural marketing is about adding value, which has lead to the phrase: | value-added |
| What are the 4 types of value added: | Place, form, time, and possession |
| The sellers; trying to pull consumers in is known as what? | Pull marketing |
| This type of marketing comes from the consumers: | Push marketing |
| VA's port is the ___ largest on the East Coast, as well as the deepest shipping channel. | 3rd |
| Top two crop sales and top two livestock sales are: | Crop: corn and soybeans Livestock: Cattle and calves |
| Horizontal competition: | rivalry between firms at the same market level |
| Vertical competition: | bargaining relationships between buyers and sellers of food and how the consumer's food dollar is divided. |
| This type of competition has many sellers, differentiated products, a downward sloping demand curve (price maker), the entry/exit is fairly easy, and market strategies include pricing, branding, promotion, design, and packaging: | Monopolistic |
| This type of competition has a large number of sellers, a homogeneous product nature, a horizontal demand curve (price taker), entry/exit is easy, it competes on cost, and market strategies include level and timing of sales: | Perfect competition |
| What do farmers compete on and what do they not compete on? | Farmers do NOT compete on ads, price, or promotion, but they DO compete on cost. |
| What are the four P's? | Product, price, promotion, and place |
| What are the three marketing functions? | Exchange, physical, and facilitating |
| What are the three physical functions? | Storage, transportation, and processing/packaging |
| What utility does the transportation function offer? | Place |
| What utility does the storage function offer? | Time |
| What utility does the process/package utility offer? | Form |
| What utility does the advertising function offer? | Possession |
| What is the sorting of unlike lots of same product into uniform categories, according to quality standards? | Grading |
| These are agribusinesses with none or weak product differentiation and high "farm" component (commodity handling). | Margin Makers |
| These are agribusinesses with product differentiation and low "farm" component (product marketing) | Price Makers |
| The Marketing Channel Stages is defined as: | a set of firms that move a commodity from the farm to the consumer |
| A measure of the total output produced in an industry by a given number of firms in the industry is known as: | concentration ratio |
| In order to be considered a farm, the farmer must produce an output of ______ crop/products as well as sell. | 1,000 |
| The US food market has over ______ mil consumers | 300 |
| A company that must accept the prevailing prices in the market of its products, its own transactions being unable to affect the market price is a: | price taker |
| The difference between what producers and consumers spend is: | farm to retail spread |
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