Test 1 Flashcards
THE SHERMAN ANTITRUST ACT
1890 - First piece of antitrust legislation – forbids reduction or elimination of competition
PURE FOOD ACT AND FEDERAL MEAT INSPECTION ACT
1906 - gave inspection power to Dept of Ag over consumable products
POULTRY PRODUCTS INSPECTION ACT
1957
HACCP
1996 - HAZARD ANALYSIS CRITICAL CONTROL POINTS
FOOD AND DRUG ADMINISTRATION (FDA)
random inspection of food processing plants – sets standards – has power to remove products from the marketplace
PUFI
Seafood has been produced and packed under continuous government inspection by the US DEPT OF COMMERCE
FEDERAL TRADE COMMISSION (FTC)
oversees advertising, deceptive promotions, monopolies, and unprofessional conduct in the marketplace
THE CLAYTON ACT
1914 - regulates TYING AGREEMENTS – where one is forced to buy one product in order to purchase another product and prohibits - EXCLUSIVE DEALING – can only buy his product and no others
ROBINSON – PATMAN ACT
1936 - regulates promotional discounts
FAIR PACKAGING AND LABELING ACT
label must state the identity of the product – the net quantity of the contents and name, place of business of the manufacturer.
The Market’s History
How the US developed from an agrarian to an industrial society
GROWERS (FARMERS)
Producers of raw food products
Manufacturers and Fabricators
Takes a raw product and fabricates it
Middlemen
Move product to wholesalers for distribution
Wholesalers – Distributors
They purchase and stock product
Salesperson
Work for wholesalers – make direct contact with buyers
Brokers
Represent a product line – work off a small mark up (5%) product moves through a distributor
TIME VALUE
We request a predetermined amount of product on a certain day and time
FORM VALUE
The form we want the product to be in when delivered
Usually determined after a “make or buy” decision
Place Value
Product is delivered to our operation – can pick up?
INFORMATION VALUE
Recipes not very useful – but nutritional information can be