AGEC 340 - EXAM 1 (TAMU) EXAM
GRADED A+
Key lFunctions lof lManagement l- lcorrect lanswers l-marketing, lfinancial, lsupply lchain,
lhuman lresources
Marketing lManagement l- lcorrect lanswers l-The lprocess lof lhow lproducts lflow lthrough
lthe lU.S. lfood lsystem lfrom lproducer lto lfinal lconsumer. lKey laspects linclude
lunderstanding lcustomer lneeds land leffectively lpositioning land lselling lproducts land
lservices lin lthe lmarketplace. lRequires lintegration lof lseveral ldifferent lactivities:
lselling, ladvertising, lweb lpage ldesign, lpromotions, lmarketing lresearch, lnew lproduct
ldevelopment, lcustomer lservice, land lpricing—all lfocused lon lcustomer lneeds, lwants,
land lsatisfaction.
Financial lManagement l- lcorrect lanswers l-Profit lis lthe ldriver lfor lagribusinesses las
lthey lwork lto lgenerate lthe lgreatest lpossible lreturns lfrom ltheir lresources. lKey
laspects linclude lgenerating lthe ldata lneeded lto lmake lgood ldecisions, lusing lthe ltools
lof lfinance lto lmake leffective ldecisions, land lmanaging lthe lassets, lliabilities, land
lowner's linvestment lin lthe lfirm.
, Supply lChain lManagement l- lcorrect lanswers l-Focuses lon lthe lcoordination land
lintegration lof lactivities,processes, land lpartners lacross lthe lentire lsupply lchain, lfrom
lthe linitial lproduction lof lgoods land lservices lto ltheir ldistribution lto lend lconsumers.
lThe lgoal lis lto loptimize lefficiency, lminimize lcosts, land lenhance loverall lperformance.
Operations lManagement l- lcorrect lanswers l-Focuses lon lthe ldirection land lthe lcontrol
lof lthe lprocesses
used lto lproduce lthe lgoods land lservices lthat lwe lbuy land luse leach lday lthrough
lstrategic luse land lmovement lof lresources.
Logistics lManagement l- lcorrect lanswers l-Involves lthe lset lof lactivities laround lstoring
land ltransporting
goods land lservices.
Human lResources lManagement l- lcorrect lanswers l-All labout lthe lpeople.
lEncompasses lmanaging ltwo lareas: lthe lmechanics lof lthe lpersonnel ladministration,
land lthe lfiner lpoints lof lmotivating lpeople lto loffer land lcontribute ltheir lmaximum
lpotential. lIssues linclude: lhow lto lorganize lthe lfirm, lwhere lto lfind lpeople, lhow lto lhire
lthem, lhow lto lcompensate lthem, land lhow lto levaluate lthem.
What lmakes lagribusiness lunique? l- lcorrect lanswers l-Food las la lproduct, lBiological
lnature lof lagriculture lproduction, lSeasonality, lWeather luncertainty, lTypes lof lfirms,
lVariety lof lmarket lconditions, lRural lties, lGovernment linvolvement,
Sectors lof lthe lfood lsystem l- lcorrect lanswers l-Input lsupply, lproduction, land lfood
lsectors. lAlso lknown las lthe lagricultural lsupply lchain.
Agricultural lSupply lChain: l- lcorrect lanswers l-Input lSupplier l> lProduction l>
lProcessing l> lWholesale l& lDistribution l> lRetail l> lConsumers
The lfarm linput lsupply lsector lcan lbe ldivided linto: l- lcorrect lanswers l-manufacturing,
ldistribution, land lservices.
Input ldistributors l- lcorrect lanswers l-Responsible lfor lgetting lthe lproducts lfrom lthe
lmanufacturer lto lthe lfarm, land lproviding la lset lof lservices lthat lensure lproductive luse
lof lthe linputs. lExamples: lindividuals, lcompanies, lcooperatives, letc.
Farm lMarketing lBill l- lcorrect lanswers l-breaks ldown lthe lproportions lof lthe
lconsumer's lfood ldollar lthat lgo lto lthe lfarmer lfor lraw lproducts land lto lthe lfood
lindustry lfor l"marketing" lthose lraw lfarm lproducts lto lend lconsumers.
Input lManufacturers l- lcorrect lanswers l-are lresponsible lfor lresearch, ldevelopment,
lproduction, land lmanufacturing lthat lmake lthese lproducts lpossible
Services land lfinancing l- lcorrect lanswers l-farm lmanagement lservices, lveterinary
lcare, lconsulting lbusinesses, land lfarm llending
GRADED A+
Key lFunctions lof lManagement l- lcorrect lanswers l-marketing, lfinancial, lsupply lchain,
lhuman lresources
Marketing lManagement l- lcorrect lanswers l-The lprocess lof lhow lproducts lflow lthrough
lthe lU.S. lfood lsystem lfrom lproducer lto lfinal lconsumer. lKey laspects linclude
lunderstanding lcustomer lneeds land leffectively lpositioning land lselling lproducts land
lservices lin lthe lmarketplace. lRequires lintegration lof lseveral ldifferent lactivities:
lselling, ladvertising, lweb lpage ldesign, lpromotions, lmarketing lresearch, lnew lproduct
ldevelopment, lcustomer lservice, land lpricing—all lfocused lon lcustomer lneeds, lwants,
land lsatisfaction.
Financial lManagement l- lcorrect lanswers l-Profit lis lthe ldriver lfor lagribusinesses las
lthey lwork lto lgenerate lthe lgreatest lpossible lreturns lfrom ltheir lresources. lKey
laspects linclude lgenerating lthe ldata lneeded lto lmake lgood ldecisions, lusing lthe ltools
lof lfinance lto lmake leffective ldecisions, land lmanaging lthe lassets, lliabilities, land
lowner's linvestment lin lthe lfirm.
, Supply lChain lManagement l- lcorrect lanswers l-Focuses lon lthe lcoordination land
lintegration lof lactivities,processes, land lpartners lacross lthe lentire lsupply lchain, lfrom
lthe linitial lproduction lof lgoods land lservices lto ltheir ldistribution lto lend lconsumers.
lThe lgoal lis lto loptimize lefficiency, lminimize lcosts, land lenhance loverall lperformance.
Operations lManagement l- lcorrect lanswers l-Focuses lon lthe ldirection land lthe lcontrol
lof lthe lprocesses
used lto lproduce lthe lgoods land lservices lthat lwe lbuy land luse leach lday lthrough
lstrategic luse land lmovement lof lresources.
Logistics lManagement l- lcorrect lanswers l-Involves lthe lset lof lactivities laround lstoring
land ltransporting
goods land lservices.
Human lResources lManagement l- lcorrect lanswers l-All labout lthe lpeople.
lEncompasses lmanaging ltwo lareas: lthe lmechanics lof lthe lpersonnel ladministration,
land lthe lfiner lpoints lof lmotivating lpeople lto loffer land lcontribute ltheir lmaximum
lpotential. lIssues linclude: lhow lto lorganize lthe lfirm, lwhere lto lfind lpeople, lhow lto lhire
lthem, lhow lto lcompensate lthem, land lhow lto levaluate lthem.
What lmakes lagribusiness lunique? l- lcorrect lanswers l-Food las la lproduct, lBiological
lnature lof lagriculture lproduction, lSeasonality, lWeather luncertainty, lTypes lof lfirms,
lVariety lof lmarket lconditions, lRural lties, lGovernment linvolvement,
Sectors lof lthe lfood lsystem l- lcorrect lanswers l-Input lsupply, lproduction, land lfood
lsectors. lAlso lknown las lthe lagricultural lsupply lchain.
Agricultural lSupply lChain: l- lcorrect lanswers l-Input lSupplier l> lProduction l>
lProcessing l> lWholesale l& lDistribution l> lRetail l> lConsumers
The lfarm linput lsupply lsector lcan lbe ldivided linto: l- lcorrect lanswers l-manufacturing,
ldistribution, land lservices.
Input ldistributors l- lcorrect lanswers l-Responsible lfor lgetting lthe lproducts lfrom lthe
lmanufacturer lto lthe lfarm, land lproviding la lset lof lservices lthat lensure lproductive luse
lof lthe linputs. lExamples: lindividuals, lcompanies, lcooperatives, letc.
Farm lMarketing lBill l- lcorrect lanswers l-breaks ldown lthe lproportions lof lthe
lconsumer's lfood ldollar lthat lgo lto lthe lfarmer lfor lraw lproducts land lto lthe lfood
lindustry lfor l"marketing" lthose lraw lfarm lproducts lto lend lconsumers.
Input lManufacturers l- lcorrect lanswers l-are lresponsible lfor lresearch, ldevelopment,
lproduction, land lmanufacturing lthat lmake lthese lproducts lpossible
Services land lfinancing l- lcorrect lanswers l-farm lmanagement lservices, lveterinary
lcare, lconsulting lbusinesses, land lfarm llending
