AGEC 2303 Quizzes

The unifying theme that ties everything a manager does together is the desire to maximize the _________ ________ of the firm by profitably ______________ customer's needs.

long-term profits, satisfying

Match the correct answer that completes each fact about the US agribusiness sector. 1.A single farm worker produces, on average, enough food for ___________ people 2.Farmers receive approximately _________ percent of each dollar spent on food 3.The average American consumer spends about ________ percent of their disposable income on food 4.United States farmers produce ______ percent of world agricultural output 5.Agribusinesses create around _______ new food products each month

1. 150 2. 16 3. 11 4. 12 5. 1000

Match the barrier(s) to consumer satisfaction with the marketing function that overcomes the barrier(s). Select the best option for each question. Question 1.Overcomes the separation of time 2.Overcomes the separation of space 3.Overcomes value separation 4.Overcomes value, time and space separation 5.Overcomes the separation of ownership

1. Storage Function 2. Transportation Function 3. Processing Functions 4. 5. Buying and Selling Function

Since 1950, the distribution of farm numbers and annual sales has shifted to where ____ percent of US farms produce approximately _____ percent of the total US output.

2 and 50

The marketing system performs nine functions (selling, buying, storage, transportation, processing, grades and standards, financing, risk-taking, and market information) to complete the production process and add four types of utility to products. What are the four types of utility (satisfaction) consumers receive?

Form, Place, Time, Possession

The Four Functions of Management are:

None of the Above

In order to increase consumer satisfaction the marketing system must find ways to overcome five barriers to consumer satisfaction. The five barriers to consumer satisfaction are:

Ownership, Time, Space, Value, and Information

All members of the food system must be concerned with satisfying consumer needs in order to earn a profit.

True

Business management is a profession that applies knowledge from a diverse set of academic disciplines such as economics, statistics, psychology, and mathematics

True

Economics gives people the ability to make good decisions when faced with choices about where to spend their time, money, and energy

True

Good decision making requires clear and logical thinking. Managers must understand the problem, objectively weigh alternatives, effectively implement the best solution

True

The marketing approach is based on the idea that a successful firm first finds out what consumers want and then develops a product that meets those needs

True

When done efficiently and fairly, marketing improves the overall efficiency of the economy, increases producer profits, and increases consumer satisfaction.

True

As the agri-food system has evolved and become more efficient since 1950, who are the biggest benefactors of the increase in scope and size of the system?

Consumers

This management function is often the most time consuming function using up some 90 percent of a manager's time

Directing

The Three Es of Long-Run Business Success are:

Efficiency, Effectiveness, and Economic Well-Being

Being an effective manager is all about doing things well and at the lowest cost

False

Corporate farms dominate the US farming landscape with 99 percent of all farms and acreage in the US being owned by corporations.

False

Marketing encompasses only the business activities that address the time and space barriers by coordinating the flow of goods and services from producers to consumers.

False

Planning starts with a business plan. The business plan begins with the purpose (what the firm intends to do) and the objective (how to accomplish the purpose).

False

Raw commodities flow from farms and ranches directly to food manufacturers in the Agri-Food System.

False

Often the most difficult step in the decision making process

Problem Identification

Agribusiness management is all about the ____________ and integration of technology in ways that __________ people's well-being.

adoption, improves