Podcast
Questions and Answers
The term ______ refers to the sector encompassing farming and farming-related commercial activities, often using advanced techniques.
The term ______ refers to the sector encompassing farming and farming-related commercial activities, often using advanced techniques.
agribusiness
______ industry involves creating and assembling components into finished products for consumer sale.
______ industry involves creating and assembling components into finished products for consumer sale.
manufacturing
In a Make to ______ production strategy, companies rely on demand forecasts to determine production volumes
In a Make to ______ production strategy, companies rely on demand forecasts to determine production volumes
stock
A Make to ______ strategy allows customers to order products built to their specifications.
A Make to ______ strategy allows customers to order products built to their specifications.
The ______ industry focuses on providing services rather than tangible goods, contributing significantly to the economy.
The ______ industry focuses on providing services rather than tangible goods, contributing significantly to the economy.
Flashcards
Industry Definition
Industry Definition
Groups of companies related by their primary business activities.
Agribusiness
Agribusiness
Business sector involving farming and related commercial activities.
Manufacturing Industry
Manufacturing Industry
Creating and assembling components into finished products for sale.
Make to Stock (MTS)
Make to Stock (MTS)
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Make to Order (MTO)
Make to Order (MTO)
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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
- Agribusiness includes farming and farming-related commercial activities.
- Advanced techniques like GPS and machinery are used for efficiency.
- Agribusiness encounters challenges such as evolving consumer preferences, global competition, and land reduction due to urbanization.
Manufacturing industry
- This consist of creating and assembling components and finished products for sale.
- Alaska Milk Corporation, Universal Robina, Zest-O, and San Miguel Corporation are manufacturers in the Philippines.
Types of Manufacturing Production
- Make to Stock (MTS): Uses demand forecasts and best when demands can be accurately predicted.
- Make to Order (MTO): Allows customers to order products built to their specifications.
- Make to Assemble (MTA): A hybrid, with companies stocking basic parts based on demand predictions, but not assembling them until customer orders are placed, allowing for customization.
Retail Industry
- Retail includes individual investors who buy and sell securities for their own personal account, rather than for another company or organization.
Service Industry
- The service industry creates service rather than tangible objects.
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Description
Overview of Agribusiness and Manufacturing industries. Agribusiness uses advanced techniques, faces evolving consumer preferences, global competition, and land reduction challenges. The manufacturing industry focuses on creating and assembling components and finished products for sale.
