AGEC 340: Exam 1
1. Identify problem
2. Determine alternative courses
3. Analyze alternatives
4. Select best alternative
5. Implement decision
6. Follow up - correct answer-6 Steps of Decision Making
1. Ownership separation
2. Time separation
3. Space separation
4. Value separation
5. Info separation - correct answer-5 Barriers to Consumer Satisfaction
Agribusiness Manager's Goal - correct answer-maximize the long-run profits of the firm by
profitably satisfying customers' needs
Assesses how the accomplishment of the marketing plan's purpose and objective will allow
the firm to achieve its financial objectives - correct answer-Budgetting
Budget - correct answer-financial plan of management's realistic expectations for the
business's future
Buying & Selling Function
Storage Function
Transportation Function
Processing Function
Facilitating Function
Grades & Standards Function - correct answer-9 Marketing Functions
Buying & Selling Function - correct answer-overcome the separation of ownership by
transferring legal title of the product from the seller to buyer
Capital Expenditure Budget - correct answer-summarizes plant, property and equipment
expenses for next period
Cash Flow Budget - correct answer-summarizes amount and timing of cash in and out of
business for next period
Contingency Planning - correct answer-preparation for the unexpected
Converts the plans into reality - correct answer-Organizing
Efficiency - correct answer-how efficiently goods and services flow from producers to
consumers
1. Identify problem
2. Determine alternative courses
3. Analyze alternatives
4. Select best alternative
5. Implement decision
6. Follow up - correct answer-6 Steps of Decision Making
1. Ownership separation
2. Time separation
3. Space separation
4. Value separation
5. Info separation - correct answer-5 Barriers to Consumer Satisfaction
Agribusiness Manager's Goal - correct answer-maximize the long-run profits of the firm by
profitably satisfying customers' needs
Assesses how the accomplishment of the marketing plan's purpose and objective will allow
the firm to achieve its financial objectives - correct answer-Budgetting
Budget - correct answer-financial plan of management's realistic expectations for the
business's future
Buying & Selling Function
Storage Function
Transportation Function
Processing Function
Facilitating Function
Grades & Standards Function - correct answer-9 Marketing Functions
Buying & Selling Function - correct answer-overcome the separation of ownership by
transferring legal title of the product from the seller to buyer
Capital Expenditure Budget - correct answer-summarizes plant, property and equipment
expenses for next period
Cash Flow Budget - correct answer-summarizes amount and timing of cash in and out of
business for next period
Contingency Planning - correct answer-preparation for the unexpected
Converts the plans into reality - correct answer-Organizing
Efficiency - correct answer-how efficiently goods and services flow from producers to
consumers
