AB 25

In what ways are governments beneficial to markets?

All listed

Which of the following is required for a market structure to be fair and efficient?

All listed

In the most broad perspective, marketing is best defined as:

Bridging the gap between the needs of consumers and producers

The second stage of the product lifestyle is

Introductory stage

When determining market penetration(law of diffusion of innovation), the last group of people to buy products are known as

Laggards

The most important step in the decision making process is

Identify the problem

The second most important step in the decision making process is

Implement the decision?

When determining market penetration(law of diffusion of innovation), the first group of people to buy products are known as

Innovators

As Jim eats more pizza, the satisfaction he gains from eating an additional slice decreases. What is Jim experiencing?

Law of diminishing marginal utility

One additional unit of consumption is known as

Marginal utility

Agribusiness Firm A is trying to identify when is the best time to enter the market based on the current competition. What is agribusiness Firm A evaluating?

Market production

The fourth stage of the product lifestyle is

Maturity Stage

Determining the firm's legal structure is part of which management function?

Organizing

Which of the following is NOT one of the four P's of marketing?

People

In the poultry industry, the producers, processors, and marketers are commonly under the same company In the beef industry companies commonly specialize as either a producer, processor, or marketer Which industry is more vertically integrated?

Poultry

In general, demand exceed supply

Pre-1950's

Which of the following is NOT one of the five barriers to customer satisfaction?

Price separation

Value separation is mainly mitigated by

Processing

Agribusiness Firm A is developing a new product. When developing their product which should be their most important goal?

Providing the most utility to that customer

Uber Eats mainly overcomes which barrier to consumer satisfaction?

Space seperation

In a fair and efficient market, firms should expect reasonable profits given the amount of risk, management skill, and new product development involved.

True

Pre-1950's marketing was focused on the best way to produce

True

The agribusiness manager is an interdisciplinary position

True

To discover customers' wants, firms can conduct market segmentation

True

Rachel wants to eat french fries, not a raw potato. This is an example of which barrier to consumer satisfaction

Value separation

The combining of several steps in the food system into a single management system is known as

Vertical integration

The first step in the marketing approach is to

What consumer needs?

Which of the following is NOT an objective of the marketing approach?

What stakeholders will our business serve

The most important component in the golden circle is

Why

A fair and efficient market structure requires many barriers to market entry and exit

False

As an agribusiness manager, being efficient and being cheap are the same thing

False

The evolution of marketing is: Central Markets > Specialization and trade>Money>Middlemen

False

When in the controlling function, managers plan all activities that determine the future of the business

False

Which of the following is NOT one of the barriers to consumer satisfaction

False

Agribusiness are either farm service providers, producers, marketers, or processors. A single company cannot be more than one.

False?

John Deere tractors is an example of what sector in the food industry

Farm services

The third stage of the product lifestyle is

Growth

Which of following should be included in firm's business plan(select all that apply)

A,B,C,D

Which of the following would result in unfair and inefficient market conduct(select all that apply)

A,B,C,D

The "Big Four" companies in the beef industry are: Tyson Foods, JBS, Cargill, and National Beef. When looking at these four companies relative to the whole market, the beef industry is highly:

Concentrated

The fifth stage of the product lifestyle is

Decline stage

The first(out of five) stage of the product lifestyle(before the product enters the market) is

Development stage

Agribusiness managers spend the majority of their time in which function of management

Directing

An efficient market is measure by

Efficiency and fairness

Firms that are investing in research and development are demonstrating a fair and efficient market performance.

True