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