Intro to Agribusiness Final Study Guide
Agribusiness managers need only to be great communicators, motivators, and leaders to be successful.
False
The four functions of management are planning, organizing, controlling, and deciding.
False
Demand is a schedule of how much consumers are willing and able to buy at various prices.
true
The long-run success of an agribusiness requires that they be the first choice of their customers, employees and investors.
true
The role of marketing is to bridge the gap between the conflicting needs of producers and consumers by completing the production process.
true
The organizing function of management does all of the following, except:
uses forecasting to evaluate both past and current conditions to make prediction of future customer demands and business conditions
When given a choice, consumers will always select the item that gives them the highest satisfaction because of the economic principle of:
utility maximization
The agri-food (and fiber) system includes the agribusiness firms that are input suppliers, producers, commodity processors, food manufacturers, food distributors, and food retailers.
True
The long-run success of agribusiness requires that they be the first choice of their customers, employees, and investors.
True
Elasticity is: A) %DeltaQ/%DeltaP B) %DeltaQ/1%Delta in P or I C) All of the answer choices are correct D) The change in quantity demanded relative to changes in prices and income E) Either elastic, inelastic, or unitary
all of the answer choices are correct
If the calculated price elasticity of granola is -1/5 then: A) Granola is a normal good B) The demand for granola is elastic C) For each 1% increase in price, the quantity demanded of granola decreases by 1.5% D) All of the other answer choices are correct E) Total revenue would go up if the firm decreased the price of granola
all of the other answer choices are correct
Which of the following would be part of the business plan: A) Evidence of a thorough knowledge of customers B) A 3-5 year financial plan C) A good pricing strategy D) Clear statement of the firm's purpose and objective E) All of the other answer choices are correct
all of the other answer choices are correct
The business plan is designed to:
communicated the purpose and objectives of the firm
An agribusiness's purpose and objectives should include the following:
description of how the firm will gain its competitive edge in the marketplace
Consumers consume a variety of goods because of the economic principle of:
diminishing marginal utility
A sustainable competitive advantage can come from being either the highest cost provider of a product or by offering a differentiated product.
false
Consumer tastes and preferences have become more homogeneous and predictable as a result of globalization.
false
When thinking about the five barriers to consumer satisfaction, the processing function of marketing helps consumers overcome the barrier of ownership separation.
false
If the calculated income elasticity of granola is +0.9, then:
granola is a necessity
The controls in the controlling function of management should:
measure progress toward goals and alert management to serious deviations
The main objective of the directing function of management is to:
motivate and lead employees to accomplish the firm's purpose and objectives via the other three functions of management
There are six steps in the decision making process, which of the following is not one: A) none of the other answer choices are correct B) analyze the alternatives C) identify the problem D) implement the decision E) follow-up
none of the other answer choices are correct
The four Ps of marketing in the marketing mix are:
promotion, price, product, place
The main objective of the planning function of management is to:
put the firm in the best possible position relative to future business conditions and customer demands
Which of the following statements is not true?
the transportation function overcomes the barrier of time separation
