Ag Marketing Exam 1
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| ____ new food products are launched every day. | 34
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| Great variation on __ ___ __ trends | individual product consumption
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| Branding Advantages: | Use of advertising and promotion
Brand loyalty
Market segmentation
Profit through price control
Corporate image
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| Attributes/objectives of effective advertising: | Create product awareness for a new product
Emphasize special features of existing products
Brand name reminder advertising
Build consumer demand to pull product through channel
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| Provides purchase incentives like coupons; can be directed to distributors | Promotion
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| Marketing Functions: | Storage
Transportation
Processing and Packaging
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| Set of firms that move a commodity from the farm to the consumer | Input Supplier, production, assembly, processing, wholesaling, retailing, consumption
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| Consumer concerns: | Environmental - energy use, water, land, air, animal
Animal production and processing
Biotechnology and GMOs
Social - farm labor, poverty
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| Describe food demand today: | Less meal prep at home
Meal planning done just before meal time
Avg. shopping trip = 20 minutes
Meal prep time = 20 minutes
Food service activities will capture consumer food expenditure growth
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| Factors affecting consumption patterns: | Increased income
More dual income families
More single parent families
Changing lifestyles
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| Reduces buyer and seller search and transaction costs and fosters a more efficient price discovery process | Uniform food quality grades
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| Demand Curve Shifters | Income
Price of substitutes and complements
Tastes and Preferences
Number of consumers
Expectations
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| A tendency for the share of a family's (or the nation's) income spent for food to fall as income rises | Engel's Law
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| As you make money, the proportion of food expenditures to income tends to be smaller. Why? | Increased disposable income
Decreased percentage of income spent for food
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| Product that reduces the amount of time, effort, or additional ingredients required of the consumer in preparing food. | Convenience food
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| Identified group or submarket within the total market with different perceived needs | Market Segments
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| Process of identification and focusing on such target markets with differentiated strategies | Market Segmentation
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| Us Food Market: Buys around ___ % of the US agricultural production. | 70
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| Us Food Market: __ Market for food; overall growth related to population increased. | Mature
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| Each level has to be achieved before the next comes into play; 5 levels | Maslow's Need Hierarchy:
Survival
Security
Social
Self-Actualization
Self-Esteem
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| What country has the cheapest food costs in the industrialized world, and the smallest percentage of their total income of food? | United States
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| Consumer concerns about food products: | Nutrition
Food Safety - microbiological, chemical, contaminants
Quality and Shelf life
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| The more highly __ the product, the ___ the percentage of the price that goes back to the farmer. | processed; lower
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| __ are receiving a higher percentage of the increase spending compared to the producers | Agribusinesses
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| Increasing demand for food service? | Increased demand for more processed, consumer friendly products
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| What is the difference between a firm that sets price versus a firm that works with other firms to fix the price? | Monopoly vs. cartel
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| What is the market structure of a firm that sets price? | Monopoly or Monopolistic Competition
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| Agribusiness with product differentiation with "low farm component" (product marketing) | Price Markers
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| Analysis of entire market | Macro-marketing
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| The performance of business activities that direct the forward flow of goods and services to customers and that accomplish the farmers' or firms objectives | Micro-marketing
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| The functional approach is made of what? | Exchange
Physical
Facilitating
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| Top 2 Crop Commodities | Corn
Soybeans
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| __ sales are larger than __ sales for the first time. | crop; livestock
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| List 3 reasons for value-added trade growth | Increase in disposable incomes in importing countries
Lower trade barriers
Changing consumer tastes and preferences
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| What is the average US farm size? | 434 acres
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| What are the two flows of marketing? | Physical
Exchange
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| What is the approach that studies individuals, agencies, and businesses that promote the marketing process? | Institutional
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| What is the dollar amount of sales for Virginia Agriculture? | 3 billion
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| What is the #1 commodity produced in Virginia? | Broilers
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| What is the global population? | 7 billion
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| What do farming, storage, and transportation do to a product? | Add value
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| Buying increases as price decreases | Law of demand
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| Average farm size in Virginia | 180 acres
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| How many of Virginia agribusinesses are fortune 500 industries? | 5
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| Why has corn production increased? | Ethanol
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| The port of Virginia is within a day's drive for __ people. | 97 million
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| What are the highest valued livestock? | Cattle/calves
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| Changes in the quantity supplied represent - | Supply
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| What percent of US ag is sold abroad? | 30%
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| Agribusinesses with none or weak product differentiation and "high farm component" (commodity handling) | Margin Makers
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| Few buyers | Oligopsony
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| The 4 P'S: | Price
Place
Production
Promotion
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| Differentiated products associated with downward sloping demand curve; producer can control price over a limited range depending upon the degree; the seller does not face an unlimited demand at a set price | Monopolistic Competition
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| Selling | Merchandising
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| Economic goods that can be legally produced and sold by almost any one | Commodities
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| Limited resources can be shifted in the short run. Supply is ___. | inelastic
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| Due to biological lags, farmers' outputs are based on __ __, well before harvest. | Expected prices
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| Cannot be differentiated from production of others; cannot be promoted by individual producers because market entry is easy | Agricultural Commodities
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| The time period between the production decision and the delivery due due to the biological nature of agricultural products | Biological Lags
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| Adds form utility to the product | Processing and Packaging
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| Adds place utility to the product | Transportation
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| Adds time utility to the product | Storage
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| Buying | Procurement
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| Intended to educate/persuade the consumer (information) | Advertising
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| Refers to the firm's adding of value to the raw commodities through processing and packaging of products such as bread, frozen pizza, and cereal. | product marketing
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| Facilitating Functions: | standardization
market intelligence
financing
risk bearing
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| Differentiated from production of all others; manufacturer sets price; advertising and promotion are effective; may be copyrighted, patented, or trademarked; greater number of marketing alternatives | Food production
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| Expanded to address food safety and quality throughout the channel; a preventative system primarily adopted by processing plants | HACCP (Hazard Analysis Critical Control Points)
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| For poultry and eggs, the farmer receives about __% of the consumer dollar. | 41
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| US Food Market: Over ___ million consumers | 300
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| Demand for a good occurs as a result of the demand for another intermediate of final good | Derived Demand
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| One buyer | Monopsony
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| Take the product to the consumers | Push
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| Get the consumer to come to you | Pull
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| Price difference between what farmers receive and consumers pay | Farm-to-Retail Price Spread
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| Along the marketing chain, the difference between the buying and selling price | Margin
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| The sorting of unlike lots of same products into uniform categories; according to quality standards | Grading
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| Refers to firms handling commodities through the marketing channel with little processing involved | Commodity Handling
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| Handlers experience __ __ __ with small profit margins | heavy price competition
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| The main technique non-perfectly competitive firms use to develop and maintain market share | Effective Advertising
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Created by:
ellenc6
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