AGEC 340 EXAM #1 WITH ACCURATE SOLUTIONS
1.What nare nthe n4 nkey nfunctions nof nmanagement?: nMarketing, nFinancial,
nSupply nChain nand nHuman nResource nmanagement.
2.Explain nMarketing nManagement?: nThe nprocess nin nwhich nproducts
nflow nfrom nproducer nto nconsumer.
3.Describe nsome nkey naspects nand nactions nof nMarketing nManagement.:
nKey nAs- npect- nUnderstanding ncustomer nneeds nand neffectively
npositioning nand nselling nproducts nand nservices ninto nthe nmarket nplace.
Actions- nSelling, nadvertising, nweb npage ndesign, npromotions, netc nall
nfocused non nmeeting ncustomer nneeds nof nsatisfaction
4.Describe nFinancial nManagement?: nProfit nis nthe ndriver nto nmaximize
nreturns. nFinancial nagribusiness nchanges nin nsourcing nof nfunds
n(investments, nloans, ngovern- nmental nprograms)
5.What nare nsome nkey naspects nof nFinancial nManagement?: ngenerate ndata
nneed- ned nto nmake ngood ndecisions non nassets, nliabilities, nowners
ninvestments nand nanything nfinancial nwithin nthe nfirm
By nunderstanding nfinancial ninformation nallows nmanagers nto nassess nthe
n"health" nof nfirm.
6.What nis nsupply nchain nmanagement?: nfocuses non nquality, nlower ncosts,
nand nchanges nin nsupply nchain nand ngeneral npressures nto nbe nmore
nefficient nwhile nproviding nthe ntools nmanagers nneed nto nmeet
noperational nand nlogistical nchallenges.
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,7.What n2 nmanagements nare nunder nsupply nchain nand ndescribe nthem?:
nOpera- ntions nManagement- nfocuses non nthe ndirection nand ncontrol nof
nthe nprocess nto nproduce ngoods nor nservice neach nday n(boss nof nmanual
nlabor)
Logistics nManagement- nmanagement nof nstoring nand ntransporting ngood
8.Describe nhuman nresources nmanagement.: nManaging n2 nareas.
1.The nmechanics nof nthe npersonnel nadministration.
2.The nfiner npoints nof nmotivating npeople nto noffer ncontribute ntheir
nmaximum npotential.
9.What nare nsome nissues nin nhuman nresource nmanagement.: nHow nto
norganize nthe nfirm, nwhere nto nfind npeople, nhow nto nhire nthem, nhow
ncompensate nthem, nand nhow nto nevaluate nthem.
10.What nmakes nagriculture nunique?: nBiological nLag- nextended ntime nit
ntakes nto nproduce nproduct
Seasonality nof nProduct naffects nsupply nand
ndemand nWeather nUncertainty
Government nhas na nfundamental nrole nin nfood nand nagribusiness.
11.What nare nthe n3 nsectors nof nthe nfood nsystem?: nInput nSupply nSector,
nProduction nSector, nFood nSector
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, 12.Describe nInput nSupply nSector?: nmade nup nof nfirms nthat nmanufacture
nand ndistrib- nute nproducts nand nservices nto nproduction nagriculture
nbroken nup ninto nmanufacturing, ndistribution, nand nservice nsectors
13.Examples nand nimportance nof nInput nsuppliers.: nEx- nanimal
nnutrition, nJohn nDeere n(machinery), nfertilizer, nfinancing nagencies,
netc.
The nproductivity nor nefficiency nof nproduction nag ncontinues nto nincrease
nbecause nof nbetter nproducts nor nservice nby ninput nsuppliers.
14.Describe nThree ninput nfunctions nand nexamples nof nthem.:
nManufacturing: nre- nsponsible nfor nresearch, ndevelopment, nand
nmanufacturing nproducts
Ex: nZoetis, nBayer, nJohn nDeere
Distribution: nresponsible nfor ngetting nproducts nfrom nmanufacture
nto nthe nfarm nEx: nNutrien, nProducers
Services nand nFinancing: nprovide nservice nor nfinancial naid
EX: nfarm nmanagement nservices, nvets, nconsulting, nfarm nlending
15.Describe nProduction nSector.: nIncludes nfarms nand nranches nthat
nproduce ncrop nand nlivestock nproducts nthat nprovide ncombined
npurchased ninputs, nnatural nresources, nand nmanagerial ntalent nto
nproduce ncrop nand nlivestock nproducts.
Every nindustry nis neffected nby nproduction nag.
16.Define na nFarm?: nany nplace nfrom nwhich n$1,000 nor nmore nof nag
nproduct nwere nproduced nand nsold, nor nwould nhave nbeen nsold nin
nnormal ngiven nyear
17.Net nFarm nIncome?: nIncome nafter nexpenses, nproduction nyields.
nCan nbe nhighly nvolatile nmoving nupward nquickly nin nresponse nto nlow
nyields nor noversupply.
18.Describe nthe nFood nSector.: nraw ncommodities nbeing nprocessed,
npackaged, ndistributed nand nsold nto nthe nfinal nconsumer.
Includes nall nthe nsteps nfrom nraw nproduct nto nfinal nproduct. nincludes nfoo
nretailers nand naway nfrom nhome nfood nfirms,
19.Management nis nboth nan n and na n of nsuccessfully
npursuing ndesire nresults nwith nthe nresources navailable nto nthe norganization.:
nArt nand nScience
20.What nare nsome nmanagement nrequirements?: n1. nTechnical
nknowledge nabout nthe norganization's nproduct nand/or nfunction
2.Good nand neffective ncommunicators
3.The nability nto nmotivate npeople
4.Proficient nin ntechnical nskills, nlike naccounting, nfinance, nand nforecastin
3 n/
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1.What nare nthe n4 nkey nfunctions nof nmanagement?: nMarketing, nFinancial,
nSupply nChain nand nHuman nResource nmanagement.
2.Explain nMarketing nManagement?: nThe nprocess nin nwhich nproducts
nflow nfrom nproducer nto nconsumer.
3.Describe nsome nkey naspects nand nactions nof nMarketing nManagement.:
nKey nAs- npect- nUnderstanding ncustomer nneeds nand neffectively
npositioning nand nselling nproducts nand nservices ninto nthe nmarket nplace.
Actions- nSelling, nadvertising, nweb npage ndesign, npromotions, netc nall
nfocused non nmeeting ncustomer nneeds nof nsatisfaction
4.Describe nFinancial nManagement?: nProfit nis nthe ndriver nto nmaximize
nreturns. nFinancial nagribusiness nchanges nin nsourcing nof nfunds
n(investments, nloans, ngovern- nmental nprograms)
5.What nare nsome nkey naspects nof nFinancial nManagement?: ngenerate ndata
nneed- ned nto nmake ngood ndecisions non nassets, nliabilities, nowners
ninvestments nand nanything nfinancial nwithin nthe nfirm
By nunderstanding nfinancial ninformation nallows nmanagers nto nassess nthe
n"health" nof nfirm.
6.What nis nsupply nchain nmanagement?: nfocuses non nquality, nlower ncosts,
nand nchanges nin nsupply nchain nand ngeneral npressures nto nbe nmore
nefficient nwhile nproviding nthe ntools nmanagers nneed nto nmeet
noperational nand nlogistical nchallenges.
1 n/
n25
,7.What n2 nmanagements nare nunder nsupply nchain nand ndescribe nthem?:
nOpera- ntions nManagement- nfocuses non nthe ndirection nand ncontrol nof
nthe nprocess nto nproduce ngoods nor nservice neach nday n(boss nof nmanual
nlabor)
Logistics nManagement- nmanagement nof nstoring nand ntransporting ngood
8.Describe nhuman nresources nmanagement.: nManaging n2 nareas.
1.The nmechanics nof nthe npersonnel nadministration.
2.The nfiner npoints nof nmotivating npeople nto noffer ncontribute ntheir
nmaximum npotential.
9.What nare nsome nissues nin nhuman nresource nmanagement.: nHow nto
norganize nthe nfirm, nwhere nto nfind npeople, nhow nto nhire nthem, nhow
ncompensate nthem, nand nhow nto nevaluate nthem.
10.What nmakes nagriculture nunique?: nBiological nLag- nextended ntime nit
ntakes nto nproduce nproduct
Seasonality nof nProduct naffects nsupply nand
ndemand nWeather nUncertainty
Government nhas na nfundamental nrole nin nfood nand nagribusiness.
11.What nare nthe n3 nsectors nof nthe nfood nsystem?: nInput nSupply nSector,
nProduction nSector, nFood nSector
2 n/
n25
, 12.Describe nInput nSupply nSector?: nmade nup nof nfirms nthat nmanufacture
nand ndistrib- nute nproducts nand nservices nto nproduction nagriculture
nbroken nup ninto nmanufacturing, ndistribution, nand nservice nsectors
13.Examples nand nimportance nof nInput nsuppliers.: nEx- nanimal
nnutrition, nJohn nDeere n(machinery), nfertilizer, nfinancing nagencies,
netc.
The nproductivity nor nefficiency nof nproduction nag ncontinues nto nincrease
nbecause nof nbetter nproducts nor nservice nby ninput nsuppliers.
14.Describe nThree ninput nfunctions nand nexamples nof nthem.:
nManufacturing: nre- nsponsible nfor nresearch, ndevelopment, nand
nmanufacturing nproducts
Ex: nZoetis, nBayer, nJohn nDeere
Distribution: nresponsible nfor ngetting nproducts nfrom nmanufacture
nto nthe nfarm nEx: nNutrien, nProducers
Services nand nFinancing: nprovide nservice nor nfinancial naid
EX: nfarm nmanagement nservices, nvets, nconsulting, nfarm nlending
15.Describe nProduction nSector.: nIncludes nfarms nand nranches nthat
nproduce ncrop nand nlivestock nproducts nthat nprovide ncombined
npurchased ninputs, nnatural nresources, nand nmanagerial ntalent nto
nproduce ncrop nand nlivestock nproducts.
Every nindustry nis neffected nby nproduction nag.
16.Define na nFarm?: nany nplace nfrom nwhich n$1,000 nor nmore nof nag
nproduct nwere nproduced nand nsold, nor nwould nhave nbeen nsold nin
nnormal ngiven nyear
17.Net nFarm nIncome?: nIncome nafter nexpenses, nproduction nyields.
nCan nbe nhighly nvolatile nmoving nupward nquickly nin nresponse nto nlow
nyields nor noversupply.
18.Describe nthe nFood nSector.: nraw ncommodities nbeing nprocessed,
npackaged, ndistributed nand nsold nto nthe nfinal nconsumer.
Includes nall nthe nsteps nfrom nraw nproduct nto nfinal nproduct. nincludes nfoo
nretailers nand naway nfrom nhome nfood nfirms,
19.Management nis nboth nan n and na n of nsuccessfully
npursuing ndesire nresults nwith nthe nresources navailable nto nthe norganization.:
nArt nand nScience
20.What nare nsome nmanagement nrequirements?: n1. nTechnical
nknowledge nabout nthe norganization's nproduct nand/or nfunction
2.Good nand neffective ncommunicators
3.The nability nto nmotivate npeople
4.Proficient nin ntechnical nskills, nlike naccounting, nfinance, nand nforecastin
3 n/
n25
