WTAMU- AGBE 3302 Ag Marketing Final
Review with complete solution
Definition of Marketing - correct answer ✔✔the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Micro Marketing - correct answer ✔✔individual business activities
Macro Marketing - correct answer ✔✔farm gate to final consumer
The marketing channel - correct answer ✔✔individuals and firms involved in the process of
making a product or service available for use or consumption by consumers or industrial users
What are the marketing functions? - correct answer ✔✔Physical, Exchange, and Facilitative
What are the marketing approaches? - correct answer ✔✔Behavioral, Functional and
Institutional
What is the behavioral approach? - correct answer ✔✔"who does what" the flow of products
facilitated by marketing intelligence driven by LARGE innovative firms
What is the functional approach? - correct answer ✔✔"what" There are three types: exchange,
physical and facilitating
What is the institutional? - correct answer ✔✔"who" specialized people doing marketing tasks;
helps people understand motivation
, Concentration of Industries (CR4) - correct answer ✔✔anything greater than 50%
Percentage of Ag in US GDP - correct answer ✔✔5.5% in 2015
Examples of Conglomerates - correct answer ✔✔Kellogs, Mars, Nestle, Coca Cola, Pepsico,
Unilever
Marketing Strategies for commodities - correct answer ✔✔Market entry is easy, cant be
promoted by individual producer, good prices dont last long, marketed by anyone
Marketing strategy for differentiated products - correct answer ✔✔belongs to a single seller,
manufacturer sets the price, may be copyrighted/patented/trademarked, advertising is effective
Reasons for advertising - correct answer ✔✔create awareness of new products, emphasize
features,remind of brand. Overall: Build consumer demand
Location of food processors - correct answer ✔✔locate near production IF inputs are bulky or
perishable; locate near consumption IF outputs are bulky or perishable
Cobweb Model - correct answer ✔✔Shows how prices are in continual disequalibrium;
Cobweb Model: Convergence - correct answer ✔✔Pattern towards equalibrium
Cobweb Model: Divergence - correct answer ✔✔Pattern away from equalibrium
Cobweb Model: Continuous - correct answer ✔✔Supply and demand mirror each other; most
common
Review with complete solution
Definition of Marketing - correct answer ✔✔the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Micro Marketing - correct answer ✔✔individual business activities
Macro Marketing - correct answer ✔✔farm gate to final consumer
The marketing channel - correct answer ✔✔individuals and firms involved in the process of
making a product or service available for use or consumption by consumers or industrial users
What are the marketing functions? - correct answer ✔✔Physical, Exchange, and Facilitative
What are the marketing approaches? - correct answer ✔✔Behavioral, Functional and
Institutional
What is the behavioral approach? - correct answer ✔✔"who does what" the flow of products
facilitated by marketing intelligence driven by LARGE innovative firms
What is the functional approach? - correct answer ✔✔"what" There are three types: exchange,
physical and facilitating
What is the institutional? - correct answer ✔✔"who" specialized people doing marketing tasks;
helps people understand motivation
, Concentration of Industries (CR4) - correct answer ✔✔anything greater than 50%
Percentage of Ag in US GDP - correct answer ✔✔5.5% in 2015
Examples of Conglomerates - correct answer ✔✔Kellogs, Mars, Nestle, Coca Cola, Pepsico,
Unilever
Marketing Strategies for commodities - correct answer ✔✔Market entry is easy, cant be
promoted by individual producer, good prices dont last long, marketed by anyone
Marketing strategy for differentiated products - correct answer ✔✔belongs to a single seller,
manufacturer sets the price, may be copyrighted/patented/trademarked, advertising is effective
Reasons for advertising - correct answer ✔✔create awareness of new products, emphasize
features,remind of brand. Overall: Build consumer demand
Location of food processors - correct answer ✔✔locate near production IF inputs are bulky or
perishable; locate near consumption IF outputs are bulky or perishable
Cobweb Model - correct answer ✔✔Shows how prices are in continual disequalibrium;
Cobweb Model: Convergence - correct answer ✔✔Pattern towards equalibrium
Cobweb Model: Divergence - correct answer ✔✔Pattern away from equalibrium
Cobweb Model: Continuous - correct answer ✔✔Supply and demand mirror each other; most
common
