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academic weapon starter pack > Econ Module 7 > Flashcards

Econ Module 7 Flashcards

1
Q

Types of market

A
  • Public market
  • Supermarket/hypemarket
  • Market center
  • Trading center
  • Online marketing
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2
Q

Market Classfication

A
  1. Place or location
  2. Area of coverage
  3. Time period
  4. Transactions
  5. Nature of transactions
  6. Number of commodities in which transactions takes place
  7. Degree of competition
  8. Nature of commodities
  9. Stage of marketing
  10. Extent of public intervention
  11. Population served
  12. Mrket functionaries to whom marketing margins are credited
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3
Q

Place or location

A market that is situated in a small village, or “taboan,” in our place.

A

Village markets

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4
Q

Place or location

They are located in important trade centers with great
access to transportation, like the Carbon market in Cebu City. The sizeable transactions are usually between the wholesalers and village traders. The transactions are in considerable quantities. Specialized marketing intermediaries are performing different marketing functions. Examples of these market intermediaries are the commission agents, the brokers, and the weigh men.

A

Secondary wholesale Markets

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4
Q

Place or location

Located near the centers of agricultural production. Farmers usually bring their product themselves, hence transactions is generally between them and the traders. The trading center in Dalaguete, Cebu, could be one of the examples.

A

Primary wholesale markets

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5
Q

Place or location

is one where the product is either finally disposed of to the consumers, processors, or assembled for export. These markets are found in metropolitan cities, like Metro Manila or in seaports. Merchants are well organized and use modern methods of marketing. Facilities for forward trading in specific commodities exist in these markets.

A

Terminal markets

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6
Q

Place or location

Situated near the seashore and are meant mainly for import and, or export goods

A

Seaboard Markets

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7
Q

Area of coverage

The buyers and sellers of farm products come from the same village or nearby villages. Most of these markets exist for perishable commodities in small quantities, e.g., vegetable market.

A

Local or Village markets

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8
Q

Area of coverage

The buyers and sellers of farm products come from a larger area, e.g.,
food grains.

A

Regional Markets

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9
Q

Area of Coverage

When buyers and sellers are at the national level

A

National markets

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10
Q

Area of coverage

For the worldwide buyers and sellers. The products have worldwide demand and, or supply like the Philippine pineapple, mango, and banana.

A

World Market

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11
Q

Time periods

A market for perishable products, for instance, fish, fresh milk, and
fresh vegetables. Product prices in these markets are governed by its demand than by its existing supply.

A

Short-period Markets

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12
Q

Time periods

The products are less perishable, hence it can be stored for some
time e.g., oilseeds and food grains - both the demand and the supply of farm products governed in these markets.

A

Long-period markets

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13
Q

Time periods

The markets are permanent in nature. The products traded are durable so it can be stored for many years. Manufactured goods and machinery are good examples.

A

Secular markets

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14
Q

Transactions

The transactions are between traders, and the commodities are traded
in large amounts.

A

Wholesale markets

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15
Q

Transactions

The transactions are between the retailers and the consumers, and the
commodities are traded according to how much the consumers require.

A

Retail markets

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16
Q

Nature of transactions

In this type of market, trading is based on samples, and the
commodities are exchanged for money.

A

Spot or Cash Markets

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17
Q

Nture of transactions

Buying and selling take place at time t, (e.g., time t + 1). Meaning, the
purchase and sale of farm products happened on some specified date in the future.

A

Forward markets

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18
Q

Number of commodities in which transaction takes place

All types of commodities are bought and sold like food grains, fiber crops, oilseeds, etc.,

A

General Markets

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19
Q

Number of commodities in which transaction takes place

Transactions happen for a special one or two commodities, wherein each group of commodity has a separate market. An example of this type of markets are the food grain markets, the vegetable markets, and the cotton market.

A

Specialized markets

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20
Q

Degree of competition

  • Buyers and sellers are large enough that no one buyer or seller can impact the market;
  • Buyers and sellers have complete knowledge particularly of supply, demand, and prices in the market;
  • Prices at any one time are the same in a geographical area, plus or minus, the cost of bringing the commodities from a surplus to a deficit area;
  • Prices of the various forms of same commodity are identical, plus or minus, the cost of changing the product from one form to another.
  • Prices are the same in any one place over a period of time, plus or minus, the cost of storage from one period to the next.
A

Perfect Markets

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21
Q

Degree of competition

The markets in which the conditions of perfect competition are lacking

A

Imperfect markets

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22
Q

Degree of competition-Imperfect markets

when there is only one seller of farm products. Hence, the
monopolist is the only one who controls the quantity or price of the product.

A

Monopoly Market

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23
Q

Degree of competition-Imperfect markets

The sellers in these markets may mutually agree to give a common price, and usually higher than the price in a regular or common market.

A

Duopoly Market

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24
Q

Degree of competition-Imperfect markets

A case where there are more than two but, large sellers.

A

Oligopoly Market

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25
Q

Degree of competition-Imperfect markets

This is the term given to many sellers dealing with heterogeneous and differentiated farm products. The sellers can be identified through the trademarks of their produce.

A

Monopolistic competition

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26
Q

Nature of commodidties

A market that deals with farm products, such as rice, corn, cotton,
fertilizer, seed, etc.

A

Commodity markets

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27
Q

Nature of commodidties

The money markets and share markets belong in this type of market. This is the term used for the market for bonds, shares, and securities.

A

Capital Markets

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28
Q

Stage of Marketing

These are markets in producing areas which primarily assemble the
commodity for distribution to other markets.

A

Producing markets

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29
Q

Stage of marketing

These markets bring together the farm produce for final disposal to
the consumers.

A

Consuming markets

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30
Q

Extent of public intervention

When businesses are done through set of rules and regulations made
by a statutory market organization, the marketing costs are commonly standardized, and marketing practices are regulated.

A

Regulated Markets

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31
Q

Extent of public intervention

The market and marketing practices flow without any set of rules and
regulations.

A

Unregulated markets

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32
Q

Population served

A market that serves the population in an urban area, e.g., the markets for farm products sold in urban areas is characterized as an urban market for farm products.

A

Urban market

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33
Q

Population served

This usually refers to the demand originating from the rural population.

A

Rural market

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34
Q

Market functionaries to whom marketing margins are credited

The bulk of the trade is usually handled by private firms, but there are also marketing cooperatives who share in trading agricultural commodities

A

Market functionaries to whom marketing margins are credited

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35
Q

a public gathering of buyers and sellers of commodities meeting at an appointed or customary location at regular intervals ranging from daily to monthly

A

Market

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36
Q

is an applied field of industrial organization & price theory

A

Agricultural Marketing

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37
Q

Agricultural Marketing includes:

A
  • transforming,
  • storing,
  • sorting/grading,
  • Packaging, and
  • transporting agricultural products to the domestic and foreign consumers
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38
Q

is that area of economic activity, which is concern with the flow of goods and services from producers to consumers or from the point of production to the point of consumption.

A

Marketing

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39
Q

Marketing

is taken as the point of first sale by the farmers.

A

Point of production

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40
Q

Marketing

is the point where marketing ends or the point of last purchase. (Retail price)

A

Point of consumption

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41
Q

MARKETING IS PRODUCTIVE it creates:

A
  • Form utility
  • Place utility
  • Time utility
  • Possession utility
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42
Q

MARKETING IS PRODUCTIVE it creates…..

the goods possess the required properties/qualities required by consumers

A

Form utility

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43
Q

MARKETING IS PRODUCTIVE it creates…..

products are made available where are most wanted

A

Place utility

44
Q

MARKETING IS PRODUCTIVE it creates…..

products are made available when they are most wanted

A

Time utility

45
Q

MARKETING IS PRODUCTIVE it creates…..

goods or are placed under the control of the persons who desire to use them are transferred

A

Possession utility

46
Q
  • has objectives and goals to achieve
  • has participants that perform marketing functions: transport, storage, processing, grading and standardization
  • needs planning and management decision structure which controls and coordinates the forces at work
  • has spatial and temporal dimensions and is most often commodity specific
A

The Marketing System

47
Q

Components and Goals of Marketing System

A
  • Components (sub-system)
  • Intermidiate Goals
  • Ultimate Goals
48
Q

Components and Goals of Marketing System

Produc

A
49
Q

APPROACHES TO THE STUDY OF MARKETING AGRICULTURAL PRODUCTS

A
  1. Commodity Approach (product oriented)
  2. Institutional approach
50
Q

APPROACHES TO THE STUDY OF MARKETING AGRICULTURAL PRODUCTS

  • covers the characteristics of the products,
  • consumers’ behavior/preference in relation to a specific commodity (fresh or processed),
  • supply and demand situation, and
  • price analysis (price trends by market levels, by season & location)
A

Commodity Approach (product oriented)

51
Q

APPROACHES TO THE STUDY OF MARKETING AGRICULTURAL PRODUCTS

  • deals with the study of industry players (producers, assemblers, processors, traders, cooperatives, government agencies), their arrangements & organization of the marketing system.
  • operate as individual proprietors, partnerships, clusters (5-8 farmers), cooperatives, POs, NGOs
A

Institutional Approach

52
Q

is a set of interdependent institutions and agencies involved in the process of making a product or service available for the consumer or user.

A

Marketing Channels

53
Q

an individual or a business concern in operating between producer and the ultimate consumer or industrial user.

A

Middlemen

54
Q

Types of Middlemen

those who take title to the goods in which they deal.

A

Merchant Middlemen

55
Q

Types of Middlemen

those who do not take title to the goods in which they deal, but merely assist in effecting transfer of ownership

A

Agent middlemen

56
Q

TYPES OF INTERMEDIARIES

A
  1. Contract buyers
  2. Wholesalers
  3. Commision Agents
  4. Wholesaler-retailers
  5. Assembler-wholesalers
  6. Butcher-retailers
  7. Retailers
57
Q

TYPES OF INTERMEDIARIES

A
58
Q

TYPES OF INTERMEDIARIES

Most prevalent in the fruits and vegetable channels. Buying contracts between the buyer and the producer are made even before the product is harvested.

A

Contract buyers

59
Q

TYPES OF INTERMEDIARIES

  • These are merchant middlemen who sell to retailers and other merchants in significant amounts but not to ultimate consumers.
  • Products are usually sold in large quantities or on wholesale basis.
  • Wholesalers are usually located in urbanized areas.
A

Wholesalers

60
Q

TYPES OF INTERMEDIARIES

  • These are middlemen who buy products in localized areas.
  • They buy products for other middlemen such as the viajero or assembler-wholesaler and in return are given commissions as payment for their services.
  • They usually buy from the producers and other middlemen in
    the area, assemble to products and sell them to the viajeros.
A

Commision agents

61
Q

TYPES OF INTERMEDIARIES

  • These are business operators who get the produce in large quantities either from wholesalers or contract-buyers.
  • They sell mainly to retailers on wholesale basis but they also
    retail the rest.
  • They usually maintain permanent stalls in the market.
A

Wholesaler-retailers

62
Q

TYPES OF INTERMEDIARIES

  • They buy from producers and contract buyers, assemble the products in large volume and transport them to market centers.
  • They are locally known as the viajeros.
  • They also sell products on wholesale basis.
A

Assembler-wholesaler

63
Q

TYPES OF INTERMEDIARIES

  • These are middlemen who buy live poultry and livestock from the wholesaler or direct from the producer and sell them in dressed or carcass form.
  • Selling is commonly on retail basis, per kilo dressed or carcass weight.
  • They have permanent stalls in the market and sell directly to consumers
A

Butcher-retailers

64
Q

TYPES OF INTERMEDIARIES

  • These are product handlers who serve as the last link in the marketing channel.
  • They have greater utility both in rural and urban centers by selling directly to consumers.
  • They occupy permanent stalls in the market or on roadsides.
  • Selling is on retail basis and conducted almost everyday
A

Retailers

65
Q

implies that more and more products and services are being sold directly to the consumers rather than the intermediaries.

A

Disintermediation

66
Q
  • classifies the activities that occur in the marketing process according to functions/ services
  • answers “what” in the question of “who does what”
A

Functional Approach

67
Q

Functional approach classifications

activities in the transfer of title of goods.E.g., buying and sellingfunction.

A

Exchange functions

68
Q

Functional approach classifications

involve handling, movement and physical change of the commodity. The when, where and what. E.g., storage, transportation and processing functions.

A

Physical functions

69
Q

Functional approach classifications

Those which make the smooth performance of the exchange and physical functions. E.g., standardization

A

Facilitating funtions

70
Q

sorting of products according to one or more of their quality attributes.

A

Grading

71
Q

size, weight, shape, color, odor, length, diameter, strength density, texture, uniformity, moisture content and foreign materials, and physical damage.

A

Grade specifications

72
Q

the practice of making the quality specification of grades uniform among buyers and sellers.

A

Standardization

73
Q

space dimension in marketing

A

Transportation

74
Q

influence the location of production centers, the market area served, the qualities and sizes of products shipped to market, the form in which they are marketed, and the kind and type of transportation service used

A

Transportation time and costs

75
Q

time dimension in marketing

A

Storage

76
Q

The primary aim of storage is

A

to help balance supply and consumption or to balance periods of plenty and periods of scarcity.

77
Q

inform consumerswhat is available for purchase and to change the demand for the product.

A

Advertising

78
Q

is the systematic, objectiveand exhaustive search for and study ofthe facts relevant to any problem in the field of marketing.

A

Market Research

79
Q

SCOPE OF MARKET RESEARCH

Past/Present Directions

A
  • price and outlook information,
  • cooperatives in marketing,
  • marketing arrangements,
  • government regulations,
  • grades & standards,
  • transportation rates
80
Q

SCOPE OF MARKET RESEARCH

Current/Future Directions :

A
  • supply/value chain analysis,
  • food quality and safety,
  • physical efficiency (storage, transportation, etc.),
  • plant size & location,
  • systems analysis and large models,
  • spatial & temporal integration of markets;
  • demand & supply analysis,
  • price analysis,
  • policy analysis
81
Q

primary focus is on reducing costs and marginal inefficiencies in supply

A

Supply chain

82
Q

both concepts include the network of organization working together to control, manage and improve the flow of inputs/materials, products and information from suppliers to consumers

A

Supply and Value Chain

82
Q

Concentrates more on value creation, innovation, product development and marketing

A

Value chain

83
Q
  • is used in analyzing the performance of a particular industry.
  • deals mainly on understanding the behavior of firms that either act as competitors or interact as suppliers or customers in the selling/buying industr
A

Structure Conduct
Performance (SCP) Approach

84
Q

refers to the characteristics of a market organization that seem to exercise a strategic influence on the nature of competition & pricing within the market.

A

MARKET STRUCTURE

85
Q

Measures/Dimensions

  • describes as the number & size distribution of buyers & sellers who own or control the market
  • the degree of concentration may be characterized as low, moderate & high
A

degree of buyer & seller concentration

86
Q

Measures/Dimensions

measures the extent to which products are
differentiated/distinguished among competing industries

A

degree of product differentiation

87
Q

Measures/Dimensions

  • reflect the competitive relationship between established firms & potential entrants
  • exist because of economies of scale, high capital requirements, non-tariff barriers, rules/regulations set by the government or inherent technical relationships in the industry
A

barriers to entry

88
Q

includes price policies, product policies, firm level policies aimed at coercing market rivals, e.g., setting of freight rates, prices of output & payment of services

A

BUSINESS CONDUCT/BEHAVIOR

89
Q

is the appraisal of how much the economic results of an industry’s market behavior deviate from the best possible contribution it could make to achieve socio-economic goals (efficiency, equity,
progressiveness, responsiveness, product safety)

A

Market performance

90
Q

Two Efficiency Measures:

under the perfectly competitive model, the pricing efficiency criteria for the firm are

A

Pricing efficiency

91
Q

marginal cost (MC)

A

Output price (Py)

92
Q

marginal value product (MVP)

A

Input price (Px)

93
Q

for a marketing system to be efficient, it must perform its processing, storage, and transportation functions at a minimum cost.

A

Productive efficiency

94
Q

is the extent to which firms in the industry make reasonably full use of their available facilities

A

Load factor efficiency

95
Q

is the extent to which firms and/or plants are organized to take advantage of economies of scale

A

Scale factor efficiency

96
Q
  • refers to the differencesbetween prices at different levels
    of the marketing system.
  • the differencebetween what the consumer pays and what the producer receives for his agricultural produce.
  • known as “price spread”
A

Marketing Margin

97
Q

COMPONENTS OF MARKETING MARGIN

Returns to factors of production

A
  1. Wages
  2. Interest
  3. Rent
  4. Profit
98
Q

COMPONENTS OF MARKETING MARGIN

Returns to various agencies or institution (Marketing charges) or Marketing bill (Cramer, 1991)

A
  1. retailers
  2. wholesalers
  3. processors, and
  4. assemblers For the work or services they perform
99
Q

TYPES OF THE MARKETING MARGIN

Expressed in terms of pesos and are constant over all quantity ranges

A

Absolute (constant margin)

100
Q

TYPES OF THE MARKETING MARGIN

The absolute margin divided by the selling price.

A

Percentage margin

101
Q

TYPES OF THE MARKETING MARGIN

The absolute margin divided by the buying price.

A

Mark up

102
Q

TYPES OF THE MARKETING MARGIN-FORMULA

Absolute Margin

A

Selling price-Buying Price

103
Q

TYPES OF THE MARKETING MARGIN-FORMULA

Mark up

A

Selling price-Buying price/Buying price x 100

104
Q

TYPES OF THE MARKETING MARGIN-FORMULA

Percentage margin

A

Selling price-Buying price/Buying price x 100

105
Q

is composed of controllable and interrelated variables including the product, place, price and promotion that a company needs to design to satisfy the needs of the buyers more efficiently and effectively than competitors.

A

Marketing Mix or the 4Ps

106
Q

Meaning of 4Ps

A

Product
Price
Promotion
Place

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