Podcast
Questions and Answers
Agribusiness utilizes techniques such as RFID for precise harvesting and management, addressing challenges like shifting consumer buying patterns.
Agribusiness utilizes techniques such as RFID for precise harvesting and management, addressing challenges like shifting consumer buying patterns.
False (B)
A company utilizing a Make to Stock (MTS) strategy is impervious to financial losses, even if it misjudges market demand.
A company utilizing a Make to Stock (MTS) strategy is impervious to financial losses, even if it misjudges market demand.
False (B)
In a Make to Order (MTO) production system, products are manufactured and placed in inventory, awaiting customer orders.
In a Make to Order (MTO) production system, products are manufactured and placed in inventory, awaiting customer orders.
False (B)
The Make to Assemble (MTA) strategy mitigates risks through a hybrid model; customization opportunities arise from assembling stocked components only after receiving customer orders.
The Make to Assemble (MTA) strategy mitigates risks through a hybrid model; customization opportunities arise from assembling stocked components only after receiving customer orders.
The retail industry primarily involves corporations trading commodities on a large scale rather than individual investors.
The retail industry primarily involves corporations trading commodities on a large scale rather than individual investors.
Flashcards
Agribusiness Industry
Agribusiness Industry
A sector encompassing farming and farming-related commercial activities.
Manufacturing Industry
Manufacturing Industry
The creation and assembly of components and finished products for sale.
Make to Stock (MTS)
Make to Stock (MTS)
A production strategy relying on demand forecasts to manufacture goods.
Make to Order (MTO)
Make to Order (MTO)
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Make to Assemble (MTA)
Make to Assemble (MTA)
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Study Notes
- Industry is a way to classify groups of companies that are related based on their primary business activities.
Agribusiness Industry
- It is the business sector encompassing farming and farming-related commercial activities.
- Advanced techniques GPS are used for efficient harvesting along with machinery.
- Challenges include changing consumer preferences, global competition, and land reduction due to urbanization.
Manufacturing Industry
- It involves the creation and assembly of components and finished products for sale.
- Examples of manufacturers are Alaska Milk Corporation, Universal Robina, Zest-O, and San Miguel Corporation.
Types of Manufacturing Production
- Make to Stock (MTS) strategy is based on demand forecasts and makes sense when demands can be predicted with reasonable accuracy.
- Companies can lose money with MTS if they manufacture too much or too little.
- Make to Order (MTO) allows customers to order products built to their specifications.
- Make to Assemble (MTA) It is a hybrid, and companies stock basic parts based on demand predictions, but do not assemble them until customers place their orders which offers customization.
Retail Industry
- It includes individual investors who buy and sell securities for their personal account, and not for another company or organization.
Service Industry
- This part of the economy creates services rather than tangible objects.
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Description
Explanation of the agribusiness and manufacturing industries. Includes manufacturing production types such as Make to Stock (MTS) based on demand forecasts and Make to Order (MTO) allowing customers to order products built to their specifications.
