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Questions and Answers
Which element of the marketing mix focuses on ensuring products are available where customers want them?
Which element of the marketing mix focuses on ensuring products are available where customers want them?
What is the primary distinction between consumer goods and industrial goods?
What is the primary distinction between consumer goods and industrial goods?
A company's symbol that cannot be vocalized is an example of:
A company's symbol that cannot be vocalized is an example of:
What is a brand or part of a brand that has legal protection called?
What is a brand or part of a brand that has legal protection called?
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Which promotional method involves non-personal stimulation of demand through news coverage?
Which promotional method involves non-personal stimulation of demand through news coverage?
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Which concept is best explained as the value consumers place on a product?
Which concept is best explained as the value consumers place on a product?
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What does the term 'oikonomia' refer to in its original sense?
What does the term 'oikonomia' refer to in its original sense?
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Which of the following best describes 'Market Performance'?
Which of the following best describes 'Market Performance'?
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What is the core function of 'Promotion' within the marketing mix?
What is the core function of 'Promotion' within the marketing mix?
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What does 'Marketing Margin' primarily represent?
What does 'Marketing Margin' primarily represent?
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If a product sells for $20 and the buying price was $15, what is the absolute margin?
If a product sells for $20 and the buying price was $15, what is the absolute margin?
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Using the values from the last question, selling price of $20, and buying price of $15, what is the percentage margin?
Using the values from the last question, selling price of $20, and buying price of $15, what is the percentage margin?
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Which of the following is NOT a component of marketing costs?
Which of the following is NOT a component of marketing costs?
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If a farmer sells their produce for $10, and the final retail price is $25, what is the farmer's share?
If a farmer sells their produce for $10, and the final retail price is $25, what is the farmer's share?
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Which of the following is considered a part of the 'Marketing Mix'?
Which of the following is considered a part of the 'Marketing Mix'?
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What is 'Percent Mark-up' calculated as?
What is 'Percent Mark-up' calculated as?
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What is the primary way that markets organize economic activity?
What is the primary way that markets organize economic activity?
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When making a decision, a rational person will:
When making a decision, a rational person will:
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What is the relationship between a country’s production and its standard of living?
What is the relationship between a country’s production and its standard of living?
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Which of the following best describes the concept of opportunity cost?
Which of the following best describes the concept of opportunity cost?
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What is one primary way governments can improve economic outcomes?
What is one primary way governments can improve economic outcomes?
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What is the expected outcome when a government prints too much money?
What is the expected outcome when a government prints too much money?
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What does the principle 'people respond to incentives' mean?
What does the principle 'people respond to incentives' mean?
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According to the content, what best describes the short-run relationship between inflation and unemployment?
According to the content, what best describes the short-run relationship between inflation and unemployment?
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Which of the following best exemplifies the concept of opportunity cost?
Which of the following best exemplifies the concept of opportunity cost?
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When a society achieves the maximum benefit from its scarce resources, it is said to have attained what in economics?
When a society achieves the maximum benefit from its scarce resources, it is said to have attained what in economics?
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Which of the following is the definition of economic equality?
Which of the following is the definition of economic equality?
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What is the primary trade-off that society faces when trying to achieve greater equality?
What is the primary trade-off that society faces when trying to achieve greater equality?
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The concept of the 'economic pie' is often used to describe which of the following?
The concept of the 'economic pie' is often used to describe which of the following?
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Which of the following best describes how a society is held together, according to the provided text?
Which of the following best describes how a society is held together, according to the provided text?
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What does the Production Possibilities Frontier (PPF) represent?
What does the Production Possibilities Frontier (PPF) represent?
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What does the concept of 'opportunity cost' primarily involve?
What does the concept of 'opportunity cost' primarily involve?
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Which of the following is NOT identified as a basic entity in an economic system according to the text?
Which of the following is NOT identified as a basic entity in an economic system according to the text?
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A rational person makes decisions by evaluating:
A rational person makes decisions by evaluating:
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What is the central factor that leads to trade-offs in decision-making?
What is the central factor that leads to trade-offs in decision-making?
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What does 'marginal change' refer to in the context of decision-making?
What does 'marginal change' refer to in the context of decision-making?
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According to the provided content, what generally happens to the production of one good when the production of another good increases, based on the PPF?
According to the provided content, what generally happens to the production of one good when the production of another good increases, based on the PPF?
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Which of the following best describes an 'incentive', according to the context provided?
Which of the following best describes an 'incentive', according to the context provided?
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An economy has 50,000 labor hours available for production. This information is most directly used to:
An economy has 50,000 labor hours available for production. This information is most directly used to:
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Which of the following could cause a shift in the Production Possibilities Frontier (PPF)?
Which of the following could cause a shift in the Production Possibilities Frontier (PPF)?
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What is the primary relationship depicted by a demand curve?
What is the primary relationship depicted by a demand curve?
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In a perfectly competitive market, which of the following is NOT a characteristic?
In a perfectly competitive market, which of the following is NOT a characteristic?
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According to the law of demand, what happens to the quantity demanded of a good when its price increases, assuming ceteris paribus?
According to the law of demand, what happens to the quantity demanded of a good when its price increases, assuming ceteris paribus?
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What does the Latin phrase 'ceteris paribus' generally mean in the context of economics?
What does the Latin phrase 'ceteris paribus' generally mean in the context of economics?
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Which of the following is NOT a condition that impacts consumers' desire for a product?
Which of the following is NOT a condition that impacts consumers' desire for a product?
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What happens to the demand curve when there is a change in the price of a good or service?
What happens to the demand curve when there is a change in the price of a good or service?
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What is a linear demand curve?
What is a linear demand curve?
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A demand schedule is a table showing:
A demand schedule is a table showing:
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Study Notes
Agricultural Marketing Overview
- Agricultural marketing is the process of moving agricultural products from farms to consumers.
- It involves production, processing, distribution, and sales, ensuring fair returns for farmers and consumer satisfaction.
- Essential components of marketing include services, point of production, and point of consumption.
Sub-Sectors in Philippine Agriculture
- Philippine agriculture comprises crops, livestock, fisheries/aquaculture, and forestry.
Importance of Agricultural Marketing
- Encourages entrepreneurial farming practices.
- Shifts focus from production to a market-centric approach.
- Supports small-scale farmers through extension workers and institutions.
Characteristics of Agricultural Products
- Perishable: Requires proper handling and refrigeration to reduce spoilage due to their nature of organic components.
- Seasonal: Availability often restricted to specific seasons, which should be considered in production planning and sales.
- Bulky: Transportation and storage costs can be high, leading to higher logistical planning in agricultural products.
- Variable Quality: Difficulty in grading and standardizing products.
- Irregular Supply: Dependence on environmental factors (e.g., weather) leads varying input and selling.
- Small-Scale Holdings: Scattered production complicates marketing, inventory, and sales projections.
- Price Instability: Farm prices fluctuating frequently impacting returns and farmer profitability.
- Processing Needs: Adds value but incurs further costs.
Utility in Agricultural Marketing
- Form Utility: Raw materials transformed into finished goods, adding value.
- Place Utility: Products available at accessible locations (e.g. retail stores, online platforms).
Market and Marketing Services
- Market: A platform for buyer-seller exchanges.
- Key Elements: Buyers (ultimate/industrial) sellers (suppliers), and trading facilities (physical/virtual).
Marketing Services
- Marketing functions to change product form, time, place, and characteristics.
- Production Services: Occur before production; marketing services occur after.
Marketing Environments
- The external environment impacting agriculture marketing include micro and macro considerations.
Agricultural Marketing Subsystems
- Producer, Channel, Flow, Functional, and Consumer subdivisions/components involved in agricultural marketing.
Marketing Process
- Concentration: Gathering products at a central point.
- Equalization: Balancing supply with demand.
- Dispersion: Distributing products to consumers.
Marketing Channels
- It involves an interconnected system of institutions and agencies moving products from farms to consumers.
- Includes middlemen (e.g., merchant, agent) who perform different roles/tasks
- Middlemen are essential for marketing as they help bridge the disconnect.
Marketing Structure
- Market structure specifies the way sellers interact concerning the commodity they sell.
Classification of Market Structure
- Purely competitive, monopoly, monopolistic competition, oligopoly, and monopsony as categories to understand the market's features.
Market Conduct and Performance
- Market conduct: How firms respond in the market.
- Market performance: How well the market functions relative to a socioeconomic ideal.
Marketing Margins (Price Spread)
- Difference between consumer price and producer price.
- Includes all costs associated with the marketing process including transportation, storage, intermediaries and more.
Marketing Charges
- Costs incurred by various agencies in the process of marketing products (e.g., retailers, wholesalers, etc.).
Marketing Mix (4Ps)
- Product, price, place, and promotion, as aspects of marketing a comprehensive marketing plan.
Labelling and Branding
- Methods of information and identification/recognition.
Promotion
- Methods to attract/persuade consumers to buy, or for other marketing considerations.
What is Economics?
- Economics is the study of choice and management of scarce resources across households, firms and societies.
Economics Branches
- Microeconomics (individual and firm choices/decisions) and macroeconomics (economic structure and broader behavior).
Basic Managerial Functions
- Planning, organizing, staffing, directing, coordinating, reporting, and budgeting.
Scarcity
- Economic scarcity implies limited resources with unlimited wants and needs, forcing choices about resource allocation and use.
Factors of Production
- Land, labor, capital, and entrepreneurship as crucial inputs in creating/producing any good.
Classification of Economic Resources
- Land (natural resources), labor (human effort), capital (man-made tools/resources) and entrepreneurship (organizing and managing).
Capital
- Financial and physical resources (machinery, buildings, infrastructure).
Entrepreneurship
- Ability to take risks, innovate, and organize resources for production (e.g., businesses).
Principles of Economics-
- Concepts explaining individual choices and societal consequences in making decisions among various options.
Demand
- Quantity of a good or service consumers are willing and able to buy (related to price).
Supply
- Quantity of a good or service sellers are willing and ready to sell (related to price).
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Description
Test your knowledge on essential marketing concepts and terminology with this quiz. Explore the elements of the marketing mix, brand protection, and various goods classifications. Perfect for students and professionals looking to enhance their understanding of marketing fundamentals.
