List the 8 factors that make the Agribusiness Sector unique
1. Seasonaliy
2. Rural ties
3. Biological nature of business
4. Government Involvement
5.
... [Show More] Uncertainty of weather
6. Food as a product
7. Types of firms
8. Variety of market conditions
How or why could Agribusinesses and firms outside the agribusiness sectors make different decisions under similar situations?
Because firms outside do not face the same restrictions such as seasonality and uncertainty of weather, they may face other factors but dont face these to make decisions.
What are the 4 key functions of management in Agribusiness?
Marketing Management
Financial Management
Supply Chain Management
Human Resource Management
How does our textbook define management in Agribusiness?
...
What are the 4 key tasks of Agribusiness Managers?
Planning
Organizing
Directing
Controlling
What are the 3 types of planning?
Strategic - planning for the long and focusing on the future
Tactical - planning for the short term and focusing on implementation
Circumstantial - Adjusting plans based on unforeseen circumstances
What is the ultimate goal of the agribusiness manager?
To maximize long run profits while satisfying the customer
List the 3 roles of a manager
Leader
Director
Organizer
What is a target market?
A group of customer's that the product is intended for
What is a firm's competitive advantage?
A firm's competitive advantage is something special about their product that makes their product more appealing than the competitors
How is accounting profit used by an agribusiness manager?
To measure the tangible costs and expenses incurred to see if the business is able to make profit
What is the equation for Accounting profit?
Total Revenue - Actual Costs
How does a manager use economic profit?
To see if the business will be profitable in the long run, or if there is a better opportunity for profit elsewhere
What is the equation for economic profit?
Total Rev. - Actual costs - opportunity costs/forgone profit
Implicit vs. Explicit costs
...
Explain to Bob the goal of the agribusiness manager.
TO maximize long term profits while satisfying the customer
What are the three E`s of an agribusiness manager?
Efficiency, Effectiveness, and Economic Well Being
What is the definition of management?
The accomplishment of tasks through your people
What are the five things that describe the food and fiber production and market system?
Quickly changing, relies on weather, uses an array of tech, embraces the world, tied to nature in every way
What is marketing focused on?
Understanding the needs of a customer and effectively positioning and selling products in the marketplace
What is the driver for agribusiness?
Profit
What is financial management?
planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise [Show Less]