Agribusiness and Manufacturing Industries

A company producing dairy products using advanced milking technology and GPS-guided tractors would be classified under which type of industry?

Which manufacturing production strategy is most suitable for a company that wants to offer a high degree of product customization while also managing inventory risks?

A local bakery chain produces a standard set of bread and pastries every morning, based on predicted daily demand. Unsold items are often discounted at the end of the day. Which manufacturing production type does this exemplify?

What is the primary difference between the Service Industry and Manufacturing Industry?

Which industry is directly involved in the cultivation of crops and raising of livestock for human consumption or commercial purposes?

What is an Industry?

Manufacturing Industry

Industry is a classification for groups of companies related by their primary business activities.

Agribusiness Industry

Agribusiness includes farming and farming-related commercial activities
Agribusiness utilizes advanced techniques like GPS for efficiency in harvesting and machinery.
Changing consumer preferences, global competition, and land reduction due to urbanization are challenges for agribusiness.

Manufacturing Industry

Manufacturing is the creation and assembly of components and finished products for sale.
Examples of manufacturers in the Philippines: Alaska Milk Corporation, Universal Robina, Zest-O, and San Miguel Corporation.

Types of Manufacturing Production

Make to Stock (MTS): relies on demand forecasts, effective when demands are predictable.
Companies risk losing money with MTS if they manufacture too much or too little.
Make to Order (MTO): customers can order products built to their specifications.
Make to Assemble (MTA): companies stock basic parts based on demand predictions. Assembly only occurs after orders are placed, allowing for customization.

Retail Industry

Retail involves individual investors buying and selling securities for their personal account, not for another company or organization.

Service Industry

The service industry creates services, rather than tangible objects.

Agribusiness involves farming and related commercial activities, utilizing techniques like GPS. The manufacturing industry focuses on creating and assembling components and finished products. Manufacturing production includes Make to Stock and Make to Order approaches.