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Ag Marketing - Exam1

Questions for Marchant's Exam1 in VT AG MARKETING

QuestionAnswer
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
Created by: formula1fan