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AGEC 340 Final Exam Questions and answers
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AGEC 340 Final Exam Questions and answers
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AGEC340
Final
Exam
Discuss
management
by
exception
and
how
an
agribusiness
manager
would
use
this
concept
-
correct
answer-Management
by
exception
involves
a
manager
focusing
on
aspects
of
the
firm
that
are
not
progressing
according
to
the
plan.
An
agribusiness
manager
can
use
this
to
decide
where
to
focus
their
energy
on,
if
one
part
of
the
firm
is
doing
what
it
is
supposed
to
then
the
manager
doesn't
need
to
spend
time
focusing
on
that.
How
does
a
business
earn
the
right
to
make
a
profit?
-
correct
answer-By
satisfying
a
consumers
needs
How
does
an
agribusiness
manager
use
economic
profits?
-
correct
answer-An
agribusiness
manager
uses
economic
profit
to
decide
if
they
should
stay
in
business.
if
consistently
having
large
negative
economic
profits
the
firm
should
evaluate
if
they
should
stay
in
business
or
pursue
a
different
career.
How
does
our
textbook
define
management
in
agribusiness?
-
correct
answer-
How
is
accounting
profit
used
by
an
agribusiness
manager?
-
correct
answer-Accounting
profit
can
be
used
by
an
agribusiness
manager
to
help
make
sound
financial
decisions
and
calculate
economic
profit.
How
or
why
could
agribusinesses
and
firms
outside
the
agribusiness
sectors
make
different
decisions
under
similar
situations?
-
correct
answer-No
firms
outside
of
agribusiness
have
all
8
unique
factors
of
an
agribusiness.
These
8
factors
would
impact
the
decisions
an
agribusiness
would
make.
If
an
agribusiness
pays
$50,000
per
year
to
rent
storage
tanks
to
store
a
chemical
suspended
in
a
liquid
solution
used
in
manufacturing
their
finished
product,
is
this
an
implicit
or
explicit
cost?
-
correct
answer-Explicit
In
marketing
terminology,
what
are
customers
called
that
respond
in
a
similar
fashion
to
a
given
offer?
-
correct
answer-Market
segment
Target
market
Market
Niche
List
five
factors
that
should
be
considered
when
making
price
decision
-
correct
answer-1)
Type
of
product
2)
Value
delivered
3)
Cost
of
product
bundle
4)
Customer
demands
5)
Competitive
environment
6)
Goal
of
pricing
strategy
List
four
characteristics
that
make
financial
ration
analysis
a
good
tool
for
measuring
the
performance
of
a
business
-
correct
answer-1)
Easy
to
calculate 2)
Easy
to
make
comparisons
3)
Easy
to
understand
4)
Ability
to
communicate
the
firms
financial
position
to
the
outside
world
List
the
categories
of
adopters
in
order
of
their
willingness
to
adopt
new
products
or
technologies
-
correct
answer-1)
Innovators/opinion
leaders
2)
Early
adopters
3)
Early
Majority
4)
Late
Majority
5)
Laggards
List
the
eight
factors
that
combine
to
make
the
agribusiness
sector
unique?
-
correct
answer-1)
Food
as
a
product
2)
Uncertainty
of
the
weather
3)
Seasonality
4)
Types
of
firms
5)
Variety
of
market
condition
6)
Rural
ties
7)
Government
Involvement
8)
Biological
Nature
List
the
stages
of
diffusion
of
innovations
and
provide
a
brief
description
for
each
stage
-
correct
answer-Awareness-
aware
of
products
existence
Interest-
Consumers
have
some
interest
in
product
but
have
not
purchased
it
yet
Evaluation-
Initial
evaluation
of
product
Trial-
Trying
out
the
product
but
not
integrated
into
daily
use
Adoption-
regular
use
of
product
List
three
factor
that
influence
supply
-
correct
answer-#
of
buyers
Price
of
inputs
Taxes
Weather
List
three
factors
that
influence
demand
-
correct
answer-Consumer
preferences
Income
Expectations
Name
and
describe
the
three
approaches
that
agribusiness
have
historically
taken
to
marketing
-
correct
answer-Product
driven-
demand
exceeds
supply,
focus
on
increasing
efficiency
Sales
driven-
Hard
selling,
insensitive
to
customer
need
Market-
driven-
Focus
on
meeting
consumer
needs
Name
and
describe
the
two
types
of
advertising
strategies
that
we
discussed
in
class
-
correct
answer-1)
Push-
getting
the
consumer
to
want
to
buy
the
product
2)
Pull-
Getting
the
consumer
to
demand
you
product
and
pulling
it
down
from
the
the
manufacturing
level
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