Deck 8: Marketing Decision Tools for Agribusiness

Question 1

An objective examination of a company's entire marketing strategy is called a -------------------------------.

Answer 1

marketing audit

Question 2

------------------------------- means that the demand for a specific type of product or service depends on the demand for another product or service for which it is used.

Answer 2

Derived demand

Question 3

When a panel of experts is used to develop a forecast, it is called the -------------------------------.

Answer 3

Delphi approach

Question 4

For all types of surveys, evaluating the questions so that what is being asked is clear to the respondent is very important. This is called -------------------------------.

Question 5

Pinpointing customers on a map of a market area is known as -------------------------------

Question 6

A tool to assess the difference between desired performance at some point in the future and what performance will be if the firm does not change marketing strategies is called ____________ analysis.

A) Market
B) Value
C) Gap
D) Sales

Question 7

General economic forecasts could cover/include

A) Government farm programs
B) Inflation
C) Interest rates
D) All of the above

Question 8

A sales forecast that is constructed by asking salespeople to develop detailed sales forecasts for each of their major accounts is called a

A) Trend forecast
B) Build-up forecast
C) Delphi approach
D) Test market

Question 9

Although they cannot collect as much detailed information, _______________ interviews are popular because of their relatively low cost and the speed at which they can be completed.

A) Personal
B) Telephone
C) Focus group
D) None of the above

Question 10

Food marketers pay special attention to which area(s) when forecasting sales?

A) Regionality
B) Interest rates
C) Seasonality
D) a and c

Question 11

The marketing audit

A) Analyzes the current performance of each product and service the agribusiness firm markets
B) Reviews market conditions
C) Evaluates the overall marketing strategy
D) All of the above

Question 12

The most widely used method of studying customer opinions and attitudes is

A) Written/online survey
B) Personal interview
C) Telephone interview
D) Market mapping

Question 13

The demand for most farm inputs is

A) Primary
B) Derived
C) Equal to the supply of farm inputs
D) Of little importance to consumers

Question 14

A disadvantage of using test market results to analyze potential sales is

A) Results can be generalized to the target market
B) Actual consumer purchase data are collected
C) It is difficult to control all the outside factors that might influence sales of the product
D) None of the above

Question 15

A sales forecasting model includes a

A) General economic forecast
B) Total market forecast
C) Specific product forecast
D) All of the above

Question 16

Sales forecasting involves estimating sales in only physical units as accurately as possible for a specific period of time.

Question 17

An example of derived demand is demand for fertilizer.

Question 18

One of the best ways to learn about customers' perceptions of a product is through interviews.

Question 19

One disadvantage of focus group interviews is the possibility of creating a "bandwagon" effect.

Question 20

Many methods of analyzing a firm's marketing strategy involve "gut feel" and not a great deal of quantitative analysis.

Question 21

Mail surveys are considered successful when 15-25 percent of the questionnaires are completed and returned.

Question 22

The last step when conducting a marketing audit is to reevaluate the plan

Question 23

When conducting a marketing audit, an agrimarketer focuses only on the areas where performance was poor.

Question 24

One simple, but effective method for analyzing competition is to complete a formal strengths and weakness analysis for each competitor.

Question 25

In-depth personal interviews often average $100 or more per completed interview, before paying compensation to the person being interviewed.