Instructor Manual Agribusiness Management 7th Edition By Jay Akridge, John Foltz, Elizabeth Yeager, Brady Brewer, Trey Malone

Instructor Manual for
Agribusiness Management
7th Edition By Jay Akridge,
John Foltz, Elizabeth Yeager,
Brady Brewer, Trey Malone
(All Chapters 1-16, 100%
Original Verified, A+ Grade)
This is The Only Original and
Complete Instructor Manual
for 7th Edition, All Other Files
in the Market are
Fake/Old/Wrong Edition.

, Agribusiness Management 7th Edition By Jay Akridge, John Foltz,
Elizabeth Yeager, Brady Brewer, Trey Malone
Table of Contents
Part 1: Agribusiness: context and organization

1. The business of agribusiness

2. International agribusiness

3. The organization of an agribusiness

Part 2: Managing the agribusiness

4. Management roles and tasks

5. Creating a strategy

Part 3: Marketing management for agribusiness

6. Market planning and the marketing mix

7. Marketing decision tools

Part 4: Financial management for agribusiness

8. Understanding financial statements

9. Analyzing financial statements

10. Financing the agribusiness

11. Tools for evaluating operating decisions

12. Tools for evaluating investment decisions

Part 5: Operations management for agribusiness

13. Production planning and management

14. Supply chain management

Part 6: Human resource management for agribusiness

15. Organizing and leading

16. Managing human resources

, Instructor Manual Agribusiness Management 7th Edition By Jay
Akridge, John Foltz, Elizabeth Yeager, Brady Brewer, Trey Malone




CHAPTER 1 - THE BUSINESS OF AGRIBUSINESS

OBJECTIVES

 Describe management’s role in agribusiness
 Provide an overview of the functional responsibilities of management
 Describe the unique characteristics of the food and agribusiness industries
 Describe the size, scope, and importance of the food production and marketing system
 Understand the farm-food marketing bill and what it means to producers and consumers
 Provide an overview of the food sector, the production agriculture sector, and the input
supply sector
 Outline trends in home and away-from-home food consumption, and trends among the
types of firms that serve these markets
 Explore the production agriculture sector, and some of the key changes occurring on U.S.
farms
 Outline the major inputs used by the production agriculture sector and key trends in input
use
 Understand the types of firms involved in producing and distributing inputs to production
agriculture

DISCUSSION QUESTIONS

1. List and define the four functions of agribusiness management.

 Marketing management involves understanding customer needs and effectively
positioning, promoting, and selling products and services in the marketplace.
 Financial management involves managing the financial resources of the firm in order
to achieve a profit. This includes generating data for making good decisions, using
the tools of finance to make effective decisions, and managing assets, liabilities and
owners’ investment in the firm.
 Supply chain management involves the production and distribution of products in the
firm.
o Operations management focuses on the direction and control of the processes
used to produce goods and services.
o Logistics management focuses on the activities involved in storing and
transporting goods and services from manufacturer to buyer.
 Human resource management involves managing the human side of the business,
both the mechanics of personnel administration as well as the finer points of
motivating people to offer and contribute their maximum potential.




1
Instructor Manual Agribusiness Management 7th Edition By Jay
Akridge, John Foltz, Elizabeth Yeager, Brady Brewer, Trey Malone

, Instructor Manual Agribusiness Management 7th Edition By Jay
Akridge, John Foltz, Elizabeth Yeager, Brady Brewer, Trey Malone




2. What are five reasons the agribusiness sector may be considered unique? How or
why could agribusiness and firms outside the agribusiness sectors make different decisions
in similar situations?

Choices could include five of the following:
 Food as a product: Because food is a fundamental need for humans and provides the
foundation for economic development, it becomes a critical component of national
security. This results in a unique marketplace for agribusinesses with government
policies playing a bigger role in short term and long term growth of different
segments of the industry. Agribusinesses have to plan for changes in the U.S. farm
policy as well as international policies impacting the trade of food products with other
countries.
 Biological nature of production agriculture: This characteristic means agriculture is
susceptible to forces beyond human control, such as weather, pests, disease, etc. This
impacts agribusinesses by the amount of risk associated with their businesses, which
non-agribusiness firms do not need to consider.
 Seasonal nature of the business: There is seasonality both in the demand and the
supply of agricultural products. With crops, the seasonality of production is apparent
in the harvest cycle. An example of demand seasonality is increased demand for ice
cream in the summer months. Seasonality impacts agribusinesses in many ways that
other firms may not have to consider – from financing decisions throughout the year
(both revenue and expenses are seasonal, though the cycles may not coincide), to
human resource management (hiring of temporary employees), to marketing
programs (timing of implementation).
 Uncertainty of the weather: This uncertainty affects all of the players in the market –
from farm input suppliers to food retailers and consumers. Weather can have a large
impact on a firm’s sales, their day-to-day decisions, and the risk associated with doing
business in the agricultural industry.
 Types of firms: There is a great variety in size and type of agribusiness firms – from
family farms to giants like ConAgra. The impact of this on agribusinesses is that
their strategic plan must be flexible enough to compete with and serve the variety of
businesses that they deal with in their market.
 Variety of market conditions: The wide range of firm types and risk characteristics
results in a wide variety of market conditions; from perfect competition to duopolies.
Again, this impacts agribusinesses who have to work in several of these types of
markets, so they are flexible enough to be able to deal with the types of markets their
firm works with.
 Rural ties: Agribusiness is the backbone of the rural economy – many rural
communities depend on agribusinesses for jobs and income. Rural ties impact
agribusinesses in their whole approach to the market. The rural market poses
logistical challenges, human resource challenges, and financial challenges that firms
in other industries may not have to contend with.




2
Instructor Manual Agribusiness Management 7th Edition By Jay
Akridge, John Foltz, Elizabeth Yeager, Brady Brewer, Trey Malone