Economics, Marketing

Question 1

1. The key players in the chain of activities that connect food and
   agriculture are the farmer/fishermen, intermediaries, the food
   processors and the consumers. The producers interest is focused on
   getting produce at:
   a. minimum price, limited quantities
   b. minimum price, unlimited quantities
   c. maximum price, limited quantities
   d. maximum price, unlimited quantities

Answer 1

d. maximum price, unlimited quantities

Question 2

The key players in the chain of activities that connect food and agriculture are
the farmer/fishermen, intermediaries, the food processors and the
consumers. The traders and retailers interest is focused on getting produce at:
a. low purchase price, unlimited quantities
b. low purchase price, high quality
c. low purchase price, limited quantities
d. low purchase price, low quality

Answer 2

b. low purchase price, high quality

Question 3

These key players has the same interests on purchasing
produce at low price at high quality except one:
a. Consumers
b. Manufacturers
c. Farmers
d. Intermediaries

Answer 3

c. Farmers

Question 4

In agricultural and food marketing processes has three sets of
functions of a marketing system, namely the exchange function,
the physical function and the facilitating function. The exchange
function involves the following except:
a. buying
b. selling
c. processing
d. storage

Answer 4

c. processing

Question 5

In agricultural and food marketing processes has three sets of functions of a marketing system, namely the exchange function, the physical function and the facilitating function. The physical function involves the following except:
a. financing
b. transportation
c. processing
d. standardization

Answer 5

a. financing

Question 6

In agricultural and food marketing processes has three sets of functions of a marketing system, namely the exchange function, the physical function and the facilitating function. The facilitating function involves the following except:
a. risk bearing
b. market intelligence
c. financing
d. standardization

Answer 6

d. standardization

Question 7

A name, term, symbol, or design or combination of these which is intended to differentiate products or services from those of competitors.
a. brand image
b. brand name
c. brand
d. brand loyalty

Answer 7

c. brand

Question 8

The recently added link between producer and consumer is:
a. commodity traders
b. processors
c. scientists
d. retailers

Answer 8

c. scientists

Question 9

A form of communication which a sponsor pays to have transmitted via mass media such as television, radio, cinema screens, newspapers, magazines and/or direct mail. It is intended to both inform and persuade.
a. mass media
b. advertising
c. information dissemination
d. promotional activity

Answer 9

b. advertising

Question 10

A system of trade in commodities in which prospective
buyers and sellers are brought together under the auspices of an independent auctioneer who invites bids for the products or produce offered for sale.
a. barter
b. marketing
c. trading
d. auction

Answer 10

d. auction

Question 11

The set of attributes, characteristics and benefits which a
brand is perceived to possess.
a. brand image
b. brand name
c. brand
d. brand loyalty

Answer 11

a. brand image

Question 12

It is which at a given selling price, sales volumes are just
sufficient to cover the organizations fixed and variable costs.
a. surplus
b. profit
c. breakeven point
d. return of investment

Answer 12

c. breakeven point

Question 13

Objective characteristics used to describe populations, such
as age, income, education and geographical location.
a. demographics
b. profile
c. characteristics
d. description

Answer 13

a. demographics

Question 14

The tendency to repeatedly buy a particular brand on a high
percentage of possible purchase occasions.
a. brand image
b. brand name
c. brand
d. brand loyalty

Answer 14

d. brand loyalty

Question 15

This is the most difficult to achieve in the case of most
agricultural marketing parastatals because they generally have
social objectives that have overshadowed any commercial
objectives. Potential investors may have little interest in being
saddled with the residual social objectives, where these exist.
a. Full privatization
b. Partial sale of equity
c. Privatization of non-core assets
and functions
d. Privatization of management

Answer 15

a. Full privatization

Question 16

The strategy of pursuing several market segments with
particular marketing mixes tailored to the needs of each segment.
a. marketing
b. unified marketing
c. marketing concept
d. differentiated marketing

Answer 16

d. differentiated marketing

Question 17

It employs short-term incentives, such as free gifts, moneyoff
coupons, product samples etc., and its effects also tend to be
short-term.
a. sales promotion
c. public relations
b. Advertising
d. personal selling

Answer 17

a. sales promotion

Question 18

Brand names which are literal and explicit in conveying some
tangible characteristic of the product. An example would be
‘Sweet Cure Bacon’ which denotes a bacon with a sweet taste.
a. brand name
b. denotative brand name
c. brand image
d. brand figure

Answer 18

b. denotative brand name

Question 19

This can involve the sale or lease of some manufacturing and
distribution activities (e.g. collection, testing/grading, delivery to
low density/rural markets), engaging in joint-ventures with
private enterprise, etc.
a. Full privatization
b. Partial sale of equity
c. Privatization of non-core assets and functions
d. Privatization of management

Answer 19

c. Privatization of non-core assets and functions

Question 20

Unbranded products is also termed as
a. all-purpose products
b. unknown products
c. common products
d. generic products

Answer 20

d. generic products

Question 21

Variables such as social class, personality and life style
(attitudes, interests and opinions) which can be used to segment
markets.
a. demographics
b. psychographics
c. personal information’s
d. bio- data

Answer 21

b. psychographics

Question 22

A brand or part of a brand that to which a seller has a legally
enforceable, exclusive, right to use.
a. brand image
b. brand name
c. trademark
d. icon

Answer 22

c. trademark

Question 23

Intermediaries acting to make marketing systems more
efficient by buying a variety of products, in fairly large
quantities, and selling these items on to other businesses who
require relatively small quantities of a variety of goods.
a. retailers
c. wholesalers
b. agents
d. assemblers

Answer 23

c. wholesalers

Question 24

A set of numbered vertical bars appearing on the labels or
packs of goods and which can be read by scanner systems.
These numbers and bars constitute a code containing such
information as country of origin, supplier, product category,
product size, pack type and price.
a. unified product price
b. unified product code
c. bar code
d. unified delivered pricin

Answer 24

b. unified product code

Question 25

It is the advantage of sales promotion: a. gains attentions and has instant effect b. permits flexible presentation and gains immediate response c. appropriate for reaching mass audience, allows direct appeal and control over the message d. has a high degree of believability when done well

Answer 25

a. gains attentions and has instant effect

Question 26

The ownership of state assets to be retained by the state but management privatized by way of contract. a. Full privatization b. Partial sale of equity c. Privatization of non-core assets and functions d. Privatization of management

Answer 26

d. Privatization of management

Question 27

It is the percentage of the final weighted average selling price taken by each stage of the marketing chain. a. marketing index c. marketing percentage b. marketing average d. marketing margin

Answer 27

d. marketing margin

Question 28

A marketing communication that is the most visible element of the communications mix because it makes use of the mass media, i.e. newspapers, television, radio, magazines, bus hoardings and billboards. a. sales promotion c. public relations b. advertising d. personal selling

Answer 28

b. advertising

Question 29

It may be possible to sell part of the equity of a state owned company. Equity may be sold privately to particular groups, e.g. producers of the raw material, staff members of the enterprise, indigenous people etc. a. Full privatization b. Partial sale of equity c. Privatization of non-core assets and functions d. Privatization of management

Answer 29

b. Partial sale of equity

Question 30

It is the organization's communications with its various publics. These publics include customers, suppliers, stockholders (shareholders, financial institutions and others with money invested in the business), employees, the government and the general public. a. sales promotion c. public relations b. advertising d. personal selling

Answer 30

c. public relations

Question 31

It is the advantage of public relations: a. gains attentions and has instant effect b. permits flexible presentation and gains immediate response c. appropriate for reaching mass audience, allows direct appeal and control over the message d. has a high degree of believability when done well.

Answer 31

d. has a high degree of believability when done well.

Question 32

It is described as an interpersonal influence process involving an agribusiness' promotional presentation conducted on a person-to-person basis with the prospective buyer. a. sales promotion c. public relations b. advertising d. personal selling

Answer 32

d. personal selling

Question 33

It is the advantage of personal selling: a. gains attentions and has instant effect b. permits flexible presentation and gains immediate response c. appropriate for reaching mass audience, allows direct appeal and control over the message d. Has a high degree of believability when done well.

Answer 33

b. permits flexible presentation and gains immediate response

Question 34

It is the advantage of advertising: a. gains attentions and has instant effect b. permits flexible presentation and gains immediate response c. appropriate for reaching mass audience, allows direct appeal and control over the message d. has a high degree of believability when done well.

Answer 34

c. appropriate for reaching mass audience, allows direct appeal and control over the message

Question 35

An industry's trade association may organize fairs and exhibitions which offer its members the opportunity to communicate with a well defined target audience. a. bonus purchases b. trade shows and exhibitions c. trade allowances d. cooperative advertising/ promotions

Answer 35

b. trade shows and exhibitions

Question 36

The exogenous factor of the buyers behavior includes all except: a. attitudes b. culture c. social status d. reference groups

Answer 36

a. attitudes

Question 37

The endogenous factor of the buyers behavior includes all except: a. family b. needs and motives c. self-concept d. personality

Answer 37

a. family

Question 38

A fertilizer manufacturer's NPK production facility carries fixed costs of $500,000. Assume that the variable cost of production, per bag of NPK, is $10 and that the company is considering selling to wholesalers at $20. The company needs to sell how many units to break-even? a. 5,000 units c. 50,000 units b. 55,000 units d. 500,000 units

Answer 38

c. 50,000 units

Question 39

Reason why middlemen are commonly employed by producers: a. they provide wider market exposure b. few producers have sufficient capital to market directly c. producers can usually earn a higher return on investment by employing available capital in activities other than those of direct marketing d. all of the above

Answer 39

d. all of the above

Question 40

Gap between producers and consumers are short, straight transactions between the two groups can take place. a. retail institutions b. direct marketing systems c. wholesalers d. sales agents and brokers

Answer 40

b. direct marketing systems

Question 41

It makes the marketing systems more efficient by buying a variety of products, in fairly large quantities, and selling these items on to other businesses who require relatively small quantities of a variety of goods. a. retail institutions b. wholesalers c. direct marketing systems d. sales agents and brokers

Answer 41

b. wholesalers

Question 42

Its function is to facilitate distribution by bringing buyers and sellers together. a. merchants b. wholesalers c. marketers d. sales agents and brokers

Answer 42

d. sales agents and brokers

Question 43

Colombian flower producers grow long stemmed carnations for the North American market and short stemmed carnations for the European market. It is referred to as: a. Market specialization b. Selective specialization c. product concentration d. product specialization

Answer 43

b. Selective specialization

Question 44

An agricultural merchant may be offered 24 packs of pesticide for the price of 20. This type of promotional activity is: a. bonus purchases b. cash incentives c. trade allowances d. cooperative advertising/promotions

Answer 44

a. bonus purchases

Question 45

Growers in Ivory Coast specializing in banana production which is then exclusively sold into French wholesale markets. It is referred to as: a. Market specialization b. Selective specialization c. product concentration d. product specialization

Answer 45

c. product concentration

Question 46

This includes a wide range of outlets such as merchants, equipment dealers (in the case of farmers), department stores, supermarkets and smaller grocery stores. They are characterized by their dealing with the end user of the product or service. a. retail institutions b. direct marketing systems c. wholesalers d. sales agents and brokers

Answer 46

a. retail institutions

Question 47

An agricultural merchant wishing to run a local campaign may obtain assistance from one or other of his/her main suppliers. a. bonus purchases b. trade shows and exhibitions c. trade allowances d. cooperative advertising/ promotions

Answer 47

d. cooperative advertising/ promotions

Question 48

These are incurred by farmers when they take their produce to the market and by traders as they move the produce down the marketing chain to the consumer. a. transport costs b. vehicle cost c. cargo cost d. truck cost

Answer 48

a. transport costs

Question 49

In China vegetable traders do not handle other products, not even fruit. The reverse is also true: Chinese fruit traders do not handle vegetables. It is referred to as: a. Market specialization b. Selective specialization c. product concentration d. product specialization

Answer 49

d. product specialization