AGEC 340 Exam Questions with Correct Answers Latest Update 2025-2026
USDA's Foreign Agricultural Service (FAS) cited "------", "------", and "------" as the top three markets
for U.S. agricultural exports. - Answers Canada, China, Mexico
The Food and Agriculture Organization (FAO) of the United Nations defines "------" as the state of
affairs where all people at all times have access to safe and nutritious food to maintain a
healthy and active life - Answers Food Security
Two key factors responsible for the growth in the U.S. food industry are: "------" and "------". -
Answers Trade, Investment
The U.S. exports are composed of two categories: "------" and bulk commodities. - Answers Value
Added- Products
The General Agreement on Tariffs and Trade (GATT) was developed in what year? - Answers
1947
Global recognition of corporate logos and brands increases both the efficiency and
effectiveness of a company's advertising efforts. This is known as: "------" - Answers Brand
Recognition
International trade, both imports and exports of food and food products, is increasing faster
than "-----" - Answers Domestic sales
"------" is the set of socially transmitted behaviors, acts, beliefs, and speech, and all products of
human work and thought, that characterize a particular population. - Answers Culture
This determines the worth of one country's currency relative to that of another country. -
Answers Exchange Rates
According to the text, this state is a clear leader in ethnic "mixing" in North America. - Answers
California
This type of management includes a broad spectrum of decisions and activities that center on
effectively reaching your customers, prospects, public, and providing them with products or
services that meet their needs and wants. - Answers Marketing Management
Marketing is the process of anticipating the needs of targeted customers and finding ways to
meet those needs. - Answers Profitability
When sales growth slows, many firms will adopt a new approach to marketing which centers
around intensifying the sales effort and communicating the benefits of their products known as
"------" - Answers sales-driven marketing
When the focus of customer needs drive all decisions in the organization-- from product
development efforts, to production location decisions, to asset allocation-- this type of
, organization is "------" - Answers Investment-drive marketing
This type of plan integrates business activities and resources in an intentional way to meet
customers' need and to generate a profit. - Answers Strategic marketing plan
The first step in the Marketing Planning Process is to conduct: "------" - Answers SWOT analysis
The 4 Ps of marketing as listed in the text are: Product, "-----", promotion, place, and people. -
Answers Price
This technique, inder strengths and weaknesses, involves identifying a non-competitive firm that
is known for excellence in a particular area, then carefully studying that firm to see how they
deliver this excellence. - Answers Benchmarking
This process groups customers into categories according to some set of characteristics. -
Answers Market Segmentation
A well-defined market segment will pass the following characteristics: measurable, substantive
and, "------". - Answers Actionable
What is the 5th P of marketing that ties the traditional 4 Ps together? - Answers Position
The ultimate job of the agribusiness marketer is to craft a marketing mix consistent with the
firm's desired position that creates "-----" for the customer. - Answers Value
In the end, it is this bundle of products, services, and information that "----- ------" for the buyer -
Answers creates value
This is known as the set of tangible and intangible benefits customers receive from the
products and services provide. - Answers Value bundle
As we discussed "total product concept" we were able to break down the following: Potential
product, Value- added product, and expected product. These centered around the initial "------" -
Answers Generic Product
This type of product focuses on the future: "-----" - Answers Potential Product
Under stages of production, this stage is where the customers decides whether or not to try the
product. - Answers Evaluation
This stage of production examines where a potential customer becomes interested enough to
learn more about the product. - Answers Interest
This stage of production is where the customer samples the product. - Answers Trial
The last era in the product life style is known as: "-----" - Answers Decline
This is where examination of a company's entire marketing program takes place. - Answers
USDA's Foreign Agricultural Service (FAS) cited "------", "------", and "------" as the top three markets
for U.S. agricultural exports. - Answers Canada, China, Mexico
The Food and Agriculture Organization (FAO) of the United Nations defines "------" as the state of
affairs where all people at all times have access to safe and nutritious food to maintain a
healthy and active life - Answers Food Security
Two key factors responsible for the growth in the U.S. food industry are: "------" and "------". -
Answers Trade, Investment
The U.S. exports are composed of two categories: "------" and bulk commodities. - Answers Value
Added- Products
The General Agreement on Tariffs and Trade (GATT) was developed in what year? - Answers
1947
Global recognition of corporate logos and brands increases both the efficiency and
effectiveness of a company's advertising efforts. This is known as: "------" - Answers Brand
Recognition
International trade, both imports and exports of food and food products, is increasing faster
than "-----" - Answers Domestic sales
"------" is the set of socially transmitted behaviors, acts, beliefs, and speech, and all products of
human work and thought, that characterize a particular population. - Answers Culture
This determines the worth of one country's currency relative to that of another country. -
Answers Exchange Rates
According to the text, this state is a clear leader in ethnic "mixing" in North America. - Answers
California
This type of management includes a broad spectrum of decisions and activities that center on
effectively reaching your customers, prospects, public, and providing them with products or
services that meet their needs and wants. - Answers Marketing Management
Marketing is the process of anticipating the needs of targeted customers and finding ways to
meet those needs. - Answers Profitability
When sales growth slows, many firms will adopt a new approach to marketing which centers
around intensifying the sales effort and communicating the benefits of their products known as
"------" - Answers sales-driven marketing
When the focus of customer needs drive all decisions in the organization-- from product
development efforts, to production location decisions, to asset allocation-- this type of
, organization is "------" - Answers Investment-drive marketing
This type of plan integrates business activities and resources in an intentional way to meet
customers' need and to generate a profit. - Answers Strategic marketing plan
The first step in the Marketing Planning Process is to conduct: "------" - Answers SWOT analysis
The 4 Ps of marketing as listed in the text are: Product, "-----", promotion, place, and people. -
Answers Price
This technique, inder strengths and weaknesses, involves identifying a non-competitive firm that
is known for excellence in a particular area, then carefully studying that firm to see how they
deliver this excellence. - Answers Benchmarking
This process groups customers into categories according to some set of characteristics. -
Answers Market Segmentation
A well-defined market segment will pass the following characteristics: measurable, substantive
and, "------". - Answers Actionable
What is the 5th P of marketing that ties the traditional 4 Ps together? - Answers Position
The ultimate job of the agribusiness marketer is to craft a marketing mix consistent with the
firm's desired position that creates "-----" for the customer. - Answers Value
In the end, it is this bundle of products, services, and information that "----- ------" for the buyer -
Answers creates value
This is known as the set of tangible and intangible benefits customers receive from the
products and services provide. - Answers Value bundle
As we discussed "total product concept" we were able to break down the following: Potential
product, Value- added product, and expected product. These centered around the initial "------" -
Answers Generic Product
This type of product focuses on the future: "-----" - Answers Potential Product
Under stages of production, this stage is where the customers decides whether or not to try the
product. - Answers Evaluation
This stage of production examines where a potential customer becomes interested enough to
learn more about the product. - Answers Interest
This stage of production is where the customer samples the product. - Answers Trial
The last era in the product life style is known as: "-----" - Answers Decline
This is where examination of a company's entire marketing program takes place. - Answers
