AGBE 3302 WTAMU Ag Marketing Final Review Exam Questions & Answers 2024
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AGBE 3302 WTAMU
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AGBE 3302 WTAMU
AGBE 3302 WTAMU Ag Marketing Final Review Exam Questions & Answers 2024
Definition of Marketing - ANSWERSthe activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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AGBE 3302 WTAMU Ag Marketing Final
Review Exam Questions & Answers 2024
Definition of Marketing - ANSWERSthe activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
Micro Marketing - ANSWERSindividual business activities
Macro Marketing - ANSWERSfarm gate to final consumer
The marketing channel - ANSWERSindividuals and firms involved in the process of making a product or
service available for use or consumption by consumers or industrial users
What are the marketing functions? - ANSWERSPhysical, Exchange, and Facilitative
What are the marketing approaches? - ANSWERSBehavioral, Functional and Institutional
What is the behavioral approach? - ANSWERS"who does what" the flow of products facilitated by
marketing intelligence driven by LARGE innovative firms
What is the functional approach? - ANSWERS"what" There are three types: exchange, physical and
facilitating
What is the institutional? - ANSWERS"who" specialized people doing marketing tasks; helps people
understand motivation
Concentration of Industries (CR4) - ANSWERSanything greater than 50%
, Percentage of Ag in US GDP - ANSWERS5.5% in 2015
Marketing Strategies for commodities - ANSWERSMarket entry is easy, cant be promoted by individual
producer, good prices dont last long, marketed by anyone
Marketing strategy for differentiated products - ANSWERSbelongs to a single seller, manufacturer sets
the price, may be copyrighted/patented/trademarked, advertising is effective
Reasons for advertising - ANSWERScreate awareness of new products, emphasize features,remind of
brand. Overall: Build consumer demand
Location of food processors - ANSWERSlocate near production IF inputs are bulky or perishable; locate
near consumption IF outputs are bulky or perishable
Cobweb Model - ANSWERSShows how prices are in continual disequalibrium;
Cobweb Model: Convergence - ANSWERSPattern towards equalibrium
Cobweb Model: Divergence - ANSWERSPattern away from equalibrium
Cobweb Model: Continuous - ANSWERSSupply and demand mirror each other; most common
Farmer's Share - ANSWERS14.8 cents
Farmer's Share is - ANSWERShigher in raw commodities than in processed foods
Farmer's Share is also - ANSWERShigher in food at home than in food away from home
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