Chapter Three: The Marketing of Agricultural Commodities - 3.1 Concept of Commodity Marketing
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Questions and Answers

What is the main focus of commodity marketing?

  • Trading of raw or primarily manufactured goods (correct)
  • Distribution of consumer electronics
  • Manufacturing of finished products
  • Investing in technology startups

    • Which of the following is NOT an example of a soft commodity?

  • Sugar
  • Wheat
  • Coffee
  • Gold (correct)

    • What are the characteristics of commodity markets?

  • High price fluctuation and limited geographic regions
  • Limited natural resources and high price fluctuation
  • Low price fluctuation and uniformity of products
  • Uniformity of products and natural resources needed by most nations (correct)

    • What are examples of hard commodities?

    <p>Gold, rubber, and oil</p> Signup and view all the answers

    Who are the participants in grain marketing systems?

    <p>Producers/farmers, grain elevators, and livestock farmers</p> Signup and view all the answers

    What is a feature of grain marketing systems?

    <p>Co-existence of public marketing agencies and private marketing channels with private traders</p> Signup and view all the answers

    What is the purpose of grading grains in the marketing system?

    <p>To communicate differences in products to the market</p> Signup and view all the answers

    What are typical variables used in grading grain?

    <p>The percentage of broken kernels and the degree of discoloration in the grain</p> Signup and view all the answers

    Why do excess stock problems tend to develop high production costs in grain marketing systems?

    <p>Due to increased producer high prices</p> Signup and view all the answers

    What are the types of livestock assemblers and assembling institutions mentioned in the text?

    <p>Commissioning agents and rural traders</p> Signup and view all the answers

    What are individuals operating as petty assemblers, traders, millers, brokers, and retailers of grain products referred to as?

    <p>Private agents</p> Signup and view all the answers

    Where does grain storage take place according to the text?

    <p>On the farm or in silos off the farm</p> Signup and view all the answers

    What is livestock market concerned with trading?

    <p>Cattle, pigs, sheep, and goats</p> Signup and view all the answers

    What does grading of livestock involve?

    <p>Describing products in a uniform and meaningful manner</p> Signup and view all the answers

    Why is livestock market assembled according to the text?

    <p>For slaughter</p> Signup and view all the answers

    What are the challenges for grain marketing systems according to the text?

    <p>High production cost and incompatible international supply and demand</p> Signup and view all the answers

    What is the main objective of the Exit Exam Preparation 1 course related to service marketing?

    <p>To introduce the basic concepts of service marketing</p> Signup and view all the answers

    Which sector is included in the service sector of the economy?

    <p>Government sector</p> Signup and view all the answers

    What are examples of industries in the government sector as mentioned in the text?

    <p>Courts, post office, and schools</p> Signup and view all the answers

    According to the course objectives, what is one of the things that the course enables you to do in service marketing?

    <p>Understand the strategic concepts in service marketing</p> Signup and view all the answers

    What does the course aim to help you differentiate between in terms of marketing?

    <p>Service and product marketing</p> Signup and view all the answers

    According to the course objectives, what should you be able to identify in service marketing?

    <p>The difference possible conflicts in service giving environment and how to overcome them</p> Signup and view all the answers

    What is the original association of the word 'service' mentioned in the text?

    <p>The work that servants did for their masters</p> Signup and view all the answers

    According to the American Marketing Association, what does a service include?

    <p>Activities, benefits, and satisfactions offered for sale or provided in connection with the sale of goods</p> Signup and view all the answers

    In which sector does the service sector largely contribute to the economy?

    <p>Private sector</p> Signup and view all the answers

    What is the main focus of service marketing according to the text?

    <p>Understanding customer needs without physical ownership of products</p> Signup and view all the answers

    What is the significance of the service sector in terms of job creation?

    <p>New job creation comes mainly from services due to rapid growth worldwide</p> Signup and view all the answers

    What does the scope of service marketing cover in terms of businesses?

    <p>Whole business declared as a service business, part of a business, and an augmentation of manufactured goods</p> Signup and view all the answers

    What are examples of service industries?

    <p>Healthcare, professional services, financial services, and hospitality</p> Signup and view all the answers

    What is the importance of understanding services according to the text?

    <p>It leads to personal competitive advantages and contributes to GDP growth</p> Signup and view all the answers

    Which sector largely contributes to the GDP in developed countries like the USA?

    <p>Service sector</p> Signup and view all the answers

    What does a service include according to Kotler and Armstrong (1981)?

    <p>An activity or benefit that is essentially intangible and does not result in ownership of anything</p> Signup and view all the answers

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