Intro to Agribusiness Management Chapter 7 100% Verified
What do the 4 Ps of marketing refer to? - ANSWER Product, price, promotion, and
place
Mix of price, product, promotion, and place strategies that a firm employs in a given
market to support a particular position - ANSWER Marketing mix
Product/ service/ information decisions are the heart of marketing strategy and
represent some of the most. - ANSWER fundamental decisions an agribusiness makes.
Decisions to be made in product are: - ANSWER -The product mix, different products
and services offered
-Product line, the extent of each product line
-Product type, the specific characteristics of each product sold
-Information form, the level and type of information in the bundle
The bundle of tangible and intangible benefits customers receive from the products and
services an agribusiness provides. The critical problem to be solved in developing a
product/ service/ information strategy is what to include and what not to include in the
bundle for the target market - ANSWER Value bundle
What is received (perceived benefits) relative to what is given up (perceived costs) -
ANSWER Value
Value Equation If the value equation is tipped in favor of the benefits, i.e., the benefits
exceed the costs, the customer has found good value and will make the purchase,
provided. - ANSWER another supplier isn't providing more value/ lower cost on the
same bundle.
, Many firms invest considerable dollar resources in better measuring and classifying
what value customers place on intangibles. Such market research efforts may include. -
ANSWER focus groups, where groups of targeted customers are brought together to
explain their feelings associated with using a product or service.
A means of connecting the consumers' perception of value to the agribusiness firm's
product/ service/ information strategy by conceptualizing the four components of the
firm's product/ service offering: the generic product, the expected product, the
value-added product, and the potential product - ANSWER Total product concept
The point of origin for a firm's product/ service/ information offering. The base product
with no added services or features. Little to no differentiation at this level. At this level,
customers believe that all agribusiness firms are alike in the marketplace. A firm
stopping here in developing a product strategy will compete totally on price because the
firm is not providing customers with any value beyond what any other firm is doing -
ANSWER Generic product
Builds on the generic product by surrounding it with the bare minimum set of features/
services that customers expect when they make a purchase. As with the generic
product, the firm doesn't get much credit by providing this- at this level, the firm has
simply met customer expectations. On the other hand, those firms not doing so are
considerably discounted in customer minds since even the bare essentials are not
provided; The company is focused on the minimum set of product-related service the
customer can expect to have. Although there is value added to the generic product at
this level, there is still a commodity as only minimum expectations are met. - ANSWER
Expected product
For the value-added and potential products, value is driven almost totally by customers'
perceptions about the more intangible attributes surrounding the products and
services. The __________-___________ ______________ is the first opportunity for the
agribusiness firm to truly exceed the customer's expectations. Value Added At the
value-added product level, the focus is to meet customer needs in a manner that is not
anticipated and offer services at a level not currently being offered by the competition.
In this regard, the firm is looking beyond tangible, physical properties of the product
and minimum services normally associated with the product. Higher levels of customer
service, unique information, and the intangible benefits that go along with features such
as reputation, trust, integrity, and safety may all be part of the value-added products. -
ANSWER value-added products
What do the 4 Ps of marketing refer to? - ANSWER Product, price, promotion, and
place
Mix of price, product, promotion, and place strategies that a firm employs in a given
market to support a particular position - ANSWER Marketing mix
Product/ service/ information decisions are the heart of marketing strategy and
represent some of the most. - ANSWER fundamental decisions an agribusiness makes.
Decisions to be made in product are: - ANSWER -The product mix, different products
and services offered
-Product line, the extent of each product line
-Product type, the specific characteristics of each product sold
-Information form, the level and type of information in the bundle
The bundle of tangible and intangible benefits customers receive from the products and
services an agribusiness provides. The critical problem to be solved in developing a
product/ service/ information strategy is what to include and what not to include in the
bundle for the target market - ANSWER Value bundle
What is received (perceived benefits) relative to what is given up (perceived costs) -
ANSWER Value
Value Equation If the value equation is tipped in favor of the benefits, i.e., the benefits
exceed the costs, the customer has found good value and will make the purchase,
provided. - ANSWER another supplier isn't providing more value/ lower cost on the
same bundle.
, Many firms invest considerable dollar resources in better measuring and classifying
what value customers place on intangibles. Such market research efforts may include. -
ANSWER focus groups, where groups of targeted customers are brought together to
explain their feelings associated with using a product or service.
A means of connecting the consumers' perception of value to the agribusiness firm's
product/ service/ information strategy by conceptualizing the four components of the
firm's product/ service offering: the generic product, the expected product, the
value-added product, and the potential product - ANSWER Total product concept
The point of origin for a firm's product/ service/ information offering. The base product
with no added services or features. Little to no differentiation at this level. At this level,
customers believe that all agribusiness firms are alike in the marketplace. A firm
stopping here in developing a product strategy will compete totally on price because the
firm is not providing customers with any value beyond what any other firm is doing -
ANSWER Generic product
Builds on the generic product by surrounding it with the bare minimum set of features/
services that customers expect when they make a purchase. As with the generic
product, the firm doesn't get much credit by providing this- at this level, the firm has
simply met customer expectations. On the other hand, those firms not doing so are
considerably discounted in customer minds since even the bare essentials are not
provided; The company is focused on the minimum set of product-related service the
customer can expect to have. Although there is value added to the generic product at
this level, there is still a commodity as only minimum expectations are met. - ANSWER
Expected product
For the value-added and potential products, value is driven almost totally by customers'
perceptions about the more intangible attributes surrounding the products and
services. The __________-___________ ______________ is the first opportunity for the
agribusiness firm to truly exceed the customer's expectations. Value Added At the
value-added product level, the focus is to meet customer needs in a manner that is not
anticipated and offer services at a level not currently being offered by the competition.
In this regard, the firm is looking beyond tangible, physical properties of the product
and minimum services normally associated with the product. Higher levels of customer
service, unique information, and the intangible benefits that go along with features such
as reputation, trust, integrity, and safety may all be part of the value-added products. -
ANSWER value-added products
