AGEC 340 / AGEC 340 EXAM 1 LATEST 2025 UPDATE EXAM REVIEW| QUESTIONS
AND DETAILED ANSWERS| 100% CORRECT| GRADE A+ |100% PASS| ALL UNITS
COVERED
Four key functions of managment - ANSWER Marketing, Financial, Supply Chain, and Human Resource
mgmt
Marketing management definition - ANSWER the process by which products flow through the US food
system from producer to final consumer
Key aspects of Marketing managment - ANSWER -understanding customer needs and effectively
positioning and selling products and services in the marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for customer satisfaction.
Financial management key aspects - ANSWER -Profit is the driver for agribusiness as they work to
generate the greatest possible returns from their resources.
-generating the data needed to make good decisions, using the tools of finance to make effective
decisions, and managing the assets, liabilities, and owners' investments in the firm.
what allows managers to understand the current "health" of the firm, and to determine what actions to
take to improve? - ANSWER Financial information
planning can be defined as.. - ANSWER forward-thinking about courses of action based on a full
understanding of all factors involved and directed at specific goals and performance objectives
what are the types of planning - ANSWER strategic
tactical &
contingency planning
Strategic planning - ANSWER -develop courses of action for the longer term (2 to twenty yrs)
,-the first Step begins with a mission statement
tactical planning - ANSWER -focuses on short-term
-tomorrow, next month, next year
contingency planning - ANSWER development of alternative, prepare for the unexpected
strategic level - ANSWER -executive mgmt
-very flexible, long-term. written analysis, complex, detailed, broad
tactical level - ANSWER -middle mgmt
-somewhat flexible, intermediate-term, written reports, less details, outlines, general
contingency level - ANSWER -line employees
-inflexible, immediate, unwritten, simple, very specific
planning process - ANSWER -gather facts and info that have a bearing on the situation.
-analyze the situation and what problems are involved
-forecast future development (able to figure out a need)
-set performance objectives, the benchmarks to achieve goals
-develop alternative course of action and select the most suitable
-develop a means of evaluating process, and readjust plan as process unfolds
What is another way in which the financial agribusiness scene changes? - ANSWER in the sourcing of
funds
three types of supply chain managment - ANSWER supply chain mgmt
operations mgmt
logistics mgmt
, which management focuses on quality, lower costs, changes in the supply chain, and general pressures
to be more efficient while providing the tools managers need to meet these operation and logistical
challenges? - ANSWER supply chain mgmt
which management focuses on the direction and the control of the processes used to produce the
goods and services that we buy and use each day through strategic use and movement of resources? and
what are some of its issues? - ANSWER operations management, some issues include scheduling,
controlling, storing, and shipping.
which management involves the set of activities around storing and transporting goods and services?
What are they trying on ways to lower costs? - ANSWER Logistics management, shipping and inventory
costs are huge, logistics mgmt is focusing on lowering them
management is about - ANSWER people
human resource mgmt encompasses managing what two areas: - ANSWER -the mechanics of the
personnel administration, and
-the finer points of motivating people to offer and contribute their maximum potential.
How to organize a firm, where to find people, how to hire them, and how to compensate them and how
to evaluate them are issues to what mgmt? - ANSWER human resource mgmt
what 8 things make agriculture unique? - ANSWER following 8 cards
food is vital to the --------and----- of every------- . - ANSWER health, survival, individual
------nature of agriuclture product brings----- to ------- challenges - ANSWER Biological, rise, unique
-------affects both supply and ---- - ANSWER Seasonality, demand
-----uncertainty is a constant ----- for most ------- - ANSWER wheater, threat, agribusiness
AND DETAILED ANSWERS| 100% CORRECT| GRADE A+ |100% PASS| ALL UNITS
COVERED
Four key functions of managment - ANSWER Marketing, Financial, Supply Chain, and Human Resource
mgmt
Marketing management definition - ANSWER the process by which products flow through the US food
system from producer to final consumer
Key aspects of Marketing managment - ANSWER -understanding customer needs and effectively
positioning and selling products and services in the marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for customer satisfaction.
Financial management key aspects - ANSWER -Profit is the driver for agribusiness as they work to
generate the greatest possible returns from their resources.
-generating the data needed to make good decisions, using the tools of finance to make effective
decisions, and managing the assets, liabilities, and owners' investments in the firm.
what allows managers to understand the current "health" of the firm, and to determine what actions to
take to improve? - ANSWER Financial information
planning can be defined as.. - ANSWER forward-thinking about courses of action based on a full
understanding of all factors involved and directed at specific goals and performance objectives
what are the types of planning - ANSWER strategic
tactical &
contingency planning
Strategic planning - ANSWER -develop courses of action for the longer term (2 to twenty yrs)
,-the first Step begins with a mission statement
tactical planning - ANSWER -focuses on short-term
-tomorrow, next month, next year
contingency planning - ANSWER development of alternative, prepare for the unexpected
strategic level - ANSWER -executive mgmt
-very flexible, long-term. written analysis, complex, detailed, broad
tactical level - ANSWER -middle mgmt
-somewhat flexible, intermediate-term, written reports, less details, outlines, general
contingency level - ANSWER -line employees
-inflexible, immediate, unwritten, simple, very specific
planning process - ANSWER -gather facts and info that have a bearing on the situation.
-analyze the situation and what problems are involved
-forecast future development (able to figure out a need)
-set performance objectives, the benchmarks to achieve goals
-develop alternative course of action and select the most suitable
-develop a means of evaluating process, and readjust plan as process unfolds
What is another way in which the financial agribusiness scene changes? - ANSWER in the sourcing of
funds
three types of supply chain managment - ANSWER supply chain mgmt
operations mgmt
logistics mgmt
, which management focuses on quality, lower costs, changes in the supply chain, and general pressures
to be more efficient while providing the tools managers need to meet these operation and logistical
challenges? - ANSWER supply chain mgmt
which management focuses on the direction and the control of the processes used to produce the
goods and services that we buy and use each day through strategic use and movement of resources? and
what are some of its issues? - ANSWER operations management, some issues include scheduling,
controlling, storing, and shipping.
which management involves the set of activities around storing and transporting goods and services?
What are they trying on ways to lower costs? - ANSWER Logistics management, shipping and inventory
costs are huge, logistics mgmt is focusing on lowering them
management is about - ANSWER people
human resource mgmt encompasses managing what two areas: - ANSWER -the mechanics of the
personnel administration, and
-the finer points of motivating people to offer and contribute their maximum potential.
How to organize a firm, where to find people, how to hire them, and how to compensate them and how
to evaluate them are issues to what mgmt? - ANSWER human resource mgmt
what 8 things make agriculture unique? - ANSWER following 8 cards
food is vital to the --------and----- of every------- . - ANSWER health, survival, individual
------nature of agriuclture product brings----- to ------- challenges - ANSWER Biological, rise, unique
-------affects both supply and ---- - ANSWER Seasonality, demand
-----uncertainty is a constant ----- for most ------- - ANSWER wheater, threat, agribusiness
