Ag Marketing Quiz 5
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| One extreme of the marketing channel (simple and short channel) | show 🗑
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| show | Marketing to foreign consumers
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| Farmers, processors, and retailers are _____. | show 🗑
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| Assemblers and wholesalers tend to be ___ ___. | show 🗑
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| show | Growing size of farms; concentration in processing and retailing
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| show | Assemblers
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| show | Processors
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| show | Wholesalers
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| Supermarkets, restaurants, fast food, bakeries and cafes | show 🗑
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| show | Assemblers
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| Other options for processors to sell to larger-volume retailers: | show 🗑
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| show | farmer's markets; vertically integrated farms; farmer's cooperatives
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| Firms that perform that function (assembling, wholesaling) are increasingly OWNED or CONTROLLED by farmers, processors, or retailers but they can also be INDEPENDENT | show 🗑
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| If an intermediary is independent they can be: | show 🗑
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| show | Monopolistic Competition
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| Arrange transactions for a commission but do not take ownership or finance customers | show 🗑
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| Do take ownership and consequently bear the risk of price and product deterioration but also benefit for any price increases | show 🗑
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| show | Leadership
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| The firm in a marketing channel that initiates changes in products, procedures, practices, promotion, and prices. Motivates others in the channel to go along. | show 🗑
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| show | Processors and Retailers
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| Wholesaler is trying to sell at ___ price. | show 🗑
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| show | Lowest
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| Behavior can be both ___ and ___. | show 🗑
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| show | External Event
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| show | Internal Event
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| How do packers benefit from the economies of scale? | show 🗑
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| show | 80%
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| Three means of obtaining channel leadership: | show 🗑
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| Conditions for brand success: | show 🗑
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| show | National brands
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| show | Private labels
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| A highly regulated institution where contracts for future purchases and/or sale of commodities are exchanged | show 🗑
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| A ____ is undifferentiated, standardized, and unbranded. | show 🗑
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| show | Pricing, risk-shifting, provision of financing, market information
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| Futures market provides a mechanism by which users (farmers, processors, retailers, elevators) can establish prices for commodities at some point in the future | show 🗑
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| show | Risk-shifting
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| Futures markets are used to reduce price risk- lenders often require some hedging program before they will lend you money | show 🗑
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| show | Market Information
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| show | Commodity
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| A commitment to make or take ownership of a specific quantity and quality of a given commodity at a predetermined place and time in the future | show 🗑
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| Uncertainty due to volatile price swings | show 🗑
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| A futures contract specifies: | show 🗑
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| show | Protect
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| What does a hedge protect? | show 🗑
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| Who is a futures hedger? | show 🗑
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| show | By establishing a futures position that is "equal and opposite" to the current cash market position
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| Why hedge? | show 🗑
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