INTRO TO AGRIBUSINESS MANAGEMENT REAL
EXAM QUESTIONS WITH EXPERT VERIFIED
ANSWERS FOR GUARANTEED PASS | LATEST
UPDATE 2025
A means to relate the customers' definition of value to the agribusiness firm's product/
service/ information strategy by visualizing the four parts of the firm's product/ service
offering: the generic product, the expected product, the value-added product, and the
potential product - ✔✔Total product concept
The foundation for a firm's product/ service/ information offering. The standard product
with no special services or features attached. Little to no differentiation at this level. At
this level, customers see all agribusiness firms as similar in the market. A firm stopping
here in developing a product strategy will compete solely on price, since the firm is not
providing customers with any value above and beyond what any other firm is doing -
✔✔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, firms not providing this are
discounted heavily in the minds of customers because even the bare minimum is not
being provided; The focus is on the minimum set of product-related services the
customer expects to receive. While the firm has added value to the generic product at
this level, the customer still sees a commodity, since only minimum expectations have
been met. - ✔✔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. The focus at the value-
, added product level is satisfying customer needs in a way that isn't expected and
providing services at a level of service that isn't being provided by competitors. Here,
the firm goes beyond the tangible, physical properties of the product and the minimum
services that are typically provided 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. -
✔✔value-added products
The focus is on the future- what is the next benefit that customers will seek from the
firm? How will the product/ service/ information bundle be managed to add even more
value for customers? Once the value-added product is successful, the firm must actively
look for other possibilities in the marketplace because competition will seek to emulate
any success the firm may enjoy. The focus here is innovation and making sure the firm
stays ahead of competitor attempts to deliver the value-added product and the
expected product. If the firm does the same thing as a competitor, but can do it better
in a way customers truly perceive to be unique and beneficial to their operation, then
there is still an opportunity for differentiation. - ✔✔Potential product
What is the adoption process? - ✔✔1. Awareness: At this stage, people have heard
about the product but lack sufficient information to make a purchasing decision.
2. Interest: A potential customer becomes interested enough to learn more about the
product
3. Evaluation: the customer decides whether or not to try the product
4. Trial: the customer samples the product
5. The customer integrates the product into a regular-use pattern
Well-respected individuals or firms who tend to adopt products and services more
quickly than others; and shape the attitudes of others in a market - ✔✔Opinion
leaders
EXAM QUESTIONS WITH EXPERT VERIFIED
ANSWERS FOR GUARANTEED PASS | LATEST
UPDATE 2025
A means to relate the customers' definition of value to the agribusiness firm's product/
service/ information strategy by visualizing the four parts of the firm's product/ service
offering: the generic product, the expected product, the value-added product, and the
potential product - ✔✔Total product concept
The foundation for a firm's product/ service/ information offering. The standard product
with no special services or features attached. Little to no differentiation at this level. At
this level, customers see all agribusiness firms as similar in the market. A firm stopping
here in developing a product strategy will compete solely on price, since the firm is not
providing customers with any value above and beyond what any other firm is doing -
✔✔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, firms not providing this are
discounted heavily in the minds of customers because even the bare minimum is not
being provided; The focus is on the minimum set of product-related services the
customer expects to receive. While the firm has added value to the generic product at
this level, the customer still sees a commodity, since only minimum expectations have
been met. - ✔✔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. The focus at the value-
, added product level is satisfying customer needs in a way that isn't expected and
providing services at a level of service that isn't being provided by competitors. Here,
the firm goes beyond the tangible, physical properties of the product and the minimum
services that are typically provided 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. -
✔✔value-added products
The focus is on the future- what is the next benefit that customers will seek from the
firm? How will the product/ service/ information bundle be managed to add even more
value for customers? Once the value-added product is successful, the firm must actively
look for other possibilities in the marketplace because competition will seek to emulate
any success the firm may enjoy. The focus here is innovation and making sure the firm
stays ahead of competitor attempts to deliver the value-added product and the
expected product. If the firm does the same thing as a competitor, but can do it better
in a way customers truly perceive to be unique and beneficial to their operation, then
there is still an opportunity for differentiation. - ✔✔Potential product
What is the adoption process? - ✔✔1. Awareness: At this stage, people have heard
about the product but lack sufficient information to make a purchasing decision.
2. Interest: A potential customer becomes interested enough to learn more about the
product
3. Evaluation: the customer decides whether or not to try the product
4. Trial: the customer samples the product
5. The customer integrates the product into a regular-use pattern
Well-respected individuals or firms who tend to adopt products and services more
quickly than others; and shape the attitudes of others in a market - ✔✔Opinion
leaders
