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AGEC 340 Final Study Guide 2024/2025 with 100% Guaranteed Success; Texas A&M University
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AGEC 340 Final Study Guide 2024/2025 with 100% Guaranteed Success; Texas A&M University
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AGEC 340 Final Study Guide 2024/2025 with 100% Guaranteed Success; Texas A&M University AGEC 340 Final Study Guide Module 1Chapter 1:
●Key functions of management 🡪 4 types – what are they are and what is each type primarily concerned with?
oMarketing Management: focuses on end-user
▪How products will flow through the U.S. food system from producer to final consumer
▪Understanding customer needs and effectively positioning and selling products and services in the marketplace
▪Requires: selling, advertising, web page design, — all focus on customers'
needs, wants, and satisfaction
oFinancial Management; inputs and investments
▪Profit is the driver for agribusiness as they work to generate the greatest revenue from their resources (maximizing profit)
▪Generating data needed to make good decisions, using tools of finance to
make effective decisions, and managing the assets, liabilities, and owner’s investment in the firm
oSupply chain management
▪Focuses on coordination and integration of activities, processes, and
patterns across the entire supply chain, from initial production of goods and services to their distribution to end consumers. GOAL is to optimize efficiency, minimize costs, and enhance overall performance.
▪Operations management focuses on the direction and control of the
processes used to produce goods and services that we buy and use daily through strategic use and movement of resources
▪Logistic management involves storing and transporting goods and services.
oHuman resource management; Internal
▪Management is about people. Management is an art and a science. ▪Manages two areas: the personnel administration's mechanics and the finer
points of motivating people to offer and contribute their maximum potential.
●Issues: how to organize the firm, where to find people, how to hire them, how to compensate, and how to evaluate them
●What makes agriculture unique?
oFood as a product
oBiological nature of agricultural production → Biological Lag
oSeasonality
▪Can be supply-driven; ex: Corn
▪Can be demand-driven; Ex: Turkeys
oWeather uncertainty; plays into supply and demand
oVariety of market conditions
oRural ties
oGovernment involvement→ political ties; government protecting people and
their consumers
▪To avoid food scarcity
▪Success → produce faster, better & overall cheaper
Chapter 2:
●Management requires:
oTechnical knowledge about the organization’s products and/or function
oGood and effective communicators → increasing efficiency by effectively communicating
oAbility to motivate people
oProficient in technical skills
oStrong understanding of the industry
●Four key tasks of agribusiness managers and the definition of each:
oPlanning: forward thinking about courses of action based on understanding all factors involved and directed at specific goals and objectives
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