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Study Guide to Test 1 - Agricultural Business Management | AGEC 4073, Exams of Agricultural economics

Material Type: Exam; Professor: Armah; Class: AGRICULTURAL BUSINESS MANAGEMENT; Subject: Agricultural Economics; University: Arkansas State University; Term: Unknown 1989;

Typology: Exams

Pre 2010

Uploaded on 07/28/2009

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AGEC 4073 STUDY GUIDE TO TEST 1
Chapter 3-5
1. What role does elasticity play in the way price influences total revenue?
Hint if Ep > 1 , what will be the impact on Total Revenue if price rises or fall
Ep < 1 , what will be the impact on Total Revenue if price rises or fall
Ep = 1 , what will be the impact on Total Revenue if price rises or fall
2. Understand the role of prices in free market economy. Allocates resources in the
economy, indicates scarcity in economy, guides production & mktg decisions
3. Study the various utilities of marketing Form, Place, Time, Possession
4. Students should be able to define elasticity in their own words: responsiveness to qty
demanded to changes in prics or incomes
5. Students should be able to explain how they can use their understanding of
demand to explain consumer behavior in the market place.
6. Be able to explain demand & law of demand
7. Understand the purpose of a marketing plan: Purpose provides firms identity
8. Study the main marketing functions Exchange, Physical & Facilitating
9. What is the marketing approach or marketing concept & consumer sovereignty:
Firms activities to satisfy the consumer at a profit
10. Why is the marketing concept important to business Firms survival (profitability)
11. What are the two main steps of a Marketing Plan Purpose & Objectives
12. Understand the main areas of business environment that a Marketing Plan covers:
Mkt situation analysis, Opportunities analysis; Mktg mix analysis
13. Be able to calculate simple price, cross and income elasticity of a product.
%change in Qty/% change in price
14. What are inferior, complementary & substitute goods
15. Understand the key factors that cause change in demand and change in quantity
demand. Pdt price; income, popn, taste & pref; price of related pdts, seasonality
16. Understand Marketing Strategy or Marketing Mix. 4P’s
17. Understand the purpose of marketing and the conflicting needs that marketing
seeks to resolve: Resolve conflicting needs of producers & consumers
Producers seek to: Consumers seek to:
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AGEC 4073 STUDY GUIDE TO TEST 1

Chapter 3-

  1. What role does elasticity play in the way price influences total revenue? Hint if Ep > 1 , what will be the impact on Total Revenue if price rises or fall Ep < 1 , what will be the impact on Total Revenue if price rises or fall Ep = 1 , what will be the impact on Total Revenue if price rises or fall
  2. Understand the role of prices in free market economy. Allocates resources in the economy, indicates scarcity in economy, guides production & mktg decisions
  3. Study the various utilities of marketing Form, Place, Time, Possession
  4. Students should be able to define elasticity in their own words: responsiveness to qty demanded to changes in prics or incomes
  5. Students should be able to explain how they can use their understanding of demand to explain consumer behavior in the market place.
  6. Be able to explain demand & law of demand
  7. Understand the purpose of a marketing plan: Purpose provides firms identity
  8. Study the main marketing functions Exchange, Physical & Facilitating
  9. What is the marketing approach or marketing concept & consumer sovereignty: Firms activities to satisfy the consumer at a profit
  10. Why is the marketing concept important to business Firms survival (profitability)
  11. What are the two main steps of a Marketing Plan Purpose & Objectives
  12. Understand the main areas of business environment that a Marketing Plan covers: Mkt situation analysis, Opportunities analysis; Mktg mix analysis
  13. Be able to calculate simple price, cross and income elasticity of a product. %change in Qty/% change in price
  14. What are inferior, complementary & substitute goods
  15. Understand the key factors that cause change in demand and change in quantity demand. Pdt price; income, popn, taste & pref; price of related pdts, seasonality
  16. Understand Marketing Strategy or Marketing Mix. 4P’s
  17. Understand the purpose of marketing and the conflicting needs that marketing seeks to resolve: Resolve conflicting needs of producers & consumers Producers seek to: Consumers seek to:

a. Maximize long-run profits a. Maximize the satisfaction received from pdts they consume with their limited incomes b. Sell large quantities of a small b. Buy small quantities of number of number of pdts a large number of pdts c. Charge highest prices c. Pay the lowest prices Chapter 2

  1. Give two examples of exchange functions buying, selling, price setting
  2. Give two examples of facilitating functions financing, risk taking, info, grades & stds.
  3. Give two examples of physical functions processing, storage, transportation
  4. Be familiar with the order or steps in decision making process
  • problem identification
  • determine alternative courses of action
  • analysis of course of action
  • selection of best alternatives
  • implementation
  • follow-up
  1. Understand the four main management functions Planning; Organizing, Controlling & Directing.
  2. Understand the relationship between a purpose and objective of a plan. Purpose = identity or consumer needs to fulfill. Objective = How consumer needs will be accomplished.
  3. Which of the management functions brings together the 3 other functions. Directing
  4. What is the purpose of controlling or what does controlling measure Measuring orgzn's progress toward goals set in planning stage.
  5. Understand the key role or objective of a manager of a firm meshes plan, orgzn, & controls with human, physical resources, to accomplish the objectives or satisfy consumers at a profit ..
  6. Analyzing the alternatives is an important step in the Decision Making Process that manager face. What are the 3 main steps analyzing alternatives. 1st step = select an appropriate, measurable criterion (e.g. sales, costs, profits) for evaluation. 2nd step = select a method of analysis. 3rd step = carry out the analysis
  7. As a manager of seed producing firms charged with making a decision of the type of seed to be produced, indicate the process of selecting the best alternative (seed) if the manager has already analyzed the various alternatives open to him.
  8. Understand at least two key reasons for having a follow-up step in a decision making process. 1st it provides mgers with a way to assess their decision-making skills. 2nd if its recurring problem, the follow-up may help mgers better rely on the decision to handle the problem better & quickly in future. 3rd it helps decision makers identify good mgers working for them