Economics

Answer the following questions and submit to Chapters 3 Questions.

1. Describe marketing in your own words. Why is marketing poorly understood? Why is it important to understand what marketing does?

2. Explain how completing the production process resolves the conflicting needs of producers and consumers and leads to greater consumer satisfaction.

3. Define the five barriers to consumer satisfaction, the nine marketing functions and the four utilities of marketing. Explain how they combine to raise the level of economic efficiency in an economy.

4. Define the marketing approach. Discuss its relevance to the agri-food system. Explain why free markets with voluntary exchange are important to an efficient economic system.

5. Just before harvest, producers often ask, “Where is the best place to sell my crop?” Is this the best time to ask this? If not, when should this question be asked?

6. Why is the government interested in keeping markets fair and efficient?

7. What does it mean when we say marketing adds utility to products?

8. Explain why it is important for prices to reflect the full cost of an item in the market.

9. Explain how specialization and trade, central markets, money, and middlemen benefit producers and consumers.

10. What is the difference between an agribusiness firm supplying great physical products versus supplying high levels of consumer satisfaction? Which approach is best? Explain.

Answer the following questions and submit to Chapters 4 Questions.

1. Explain the relationship between marketing and the four functions of management.

2. Explain how the role of marketing has changed the way agribusiness operate.

3. Explain why the adoption of the marketing approach is important to the success of an agribusiness firm.

4. What are the four Ps in the marketing mix and why are they called controllable? Why does a firm wish to control them?

5. Explain how social media has changed marketing management.

6. Does great marketing make selling unnecessary? Explain your answer using examples that illustrate your point of view.

7. Explain how the successful execution of each of the four management functions leads to maximizing the long-run profits of the firm.

8. What is the role of strategic planning in the success of agribusiness firms?

9. Estimate the market potential of a pumpkin patch if the population in the target market is 45,700, the owner expects a .6% market share, the average selling price is $8.00 and the average consumption is 1.

10. Estimate the annual market potential if the expected consumption is 5 bushels/per person, and the population of the target market is 415,000.

Answer the following questions and submit to Chapter 8 Questions.

1. Explain how a firm’s financial objectives influence the development of its marketing plan.

2. Identify and define the three main types of budgets. Explain how they are related to each other.

3. Explain why the cash flow and capital budgets will give you different perspectives on the business.

4. If the success of a business rests heavily on meeting customer’s needs, why is so much concern focused on financial objectives and budgeting?

5. Explain the business adage that budgets are useless, but budgeting is priceless. Give an example that supports your answer.

6. Evaluate the statement that good budgets do not take the place of good management.

7. Explain what is happening at each step in the cash cycle given in Figure 8-1. Start and end your discussion with cash.

8. Explain how budgeting assists the firm in achieving its goal of maximizing long-run profits.

9. In addition to measuring a firm’s achievement of its financial performance goals, how else can you measure the success of a business?

10. Use the following information to complete the cash flow budget given here:

a. Inventory turnover ratio = 12

b. Cost of goods = 50% of sales

c. Accounts payable turnover ratio = 12

d. Accounts receivable ratio = 12

e. Sales = half cash, half credit

f. Minimum cash balance = $100,000

g. September projected sales = $700,000

h. October projected sales = $800,000

i. May projected sales = $200,000