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 (B)</p> Signup and view all the answers

Who are the participants in grain marketing systems?

<p>Producers/farmers, grain elevators, and livestock farmers (B)</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 (A)</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 (B)</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 (C)</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 (B)</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 (B)</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 (C)</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 (A)</p> Signup and view all the answers

What is livestock market concerned with trading?

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

What does grading of livestock involve?

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

Why is livestock market assembled according to the text?

<p>For slaughter (A)</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 (A)</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 (C)</p> Signup and view all the answers

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

<p>Government sector (D)</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 (A)</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 (A)</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 (B)</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 (A)</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 (C)</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 (D)</p> Signup and view all the answers

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

<p>Private sector (C)</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 (B)</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 (A)</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 (A)</p> Signup and view all the answers

What are examples of service industries?

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

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

<p>Service sector (B)</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 (C)</p> Signup and view all the answers

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