Chapter 1:vocab

Question 1

The performance of business activities that accomplish the firm’s objectives

Answer 1

Micro marketing

Question 2

A macro approach to marketing that emphasizes the “who” of marketing

Answer 2

Institutional approach

Question 3

A focus on the interdependence and coordination of all participants and their functions

Answer 3

Behavioral system approach

Question 4

The set of firms that move a commodity from the farm to the consumer

Answer 4

Marketing channel

Question 5

A macro approach to marketing that emphasizes the “what” of marketi

Answer 5

Functional approach

Question 6

Buyers are able to buy agricultural commodities sight unseen because of grading and

Answer 6

Standardization

Question 7

_______ direct all production and market activities.

Answer 7

Consumers

Question 8

what is true for an individual is not necessarily true for the entire group.

Answer 8

Fallacy of composition

Question 9

Storage, processing, and transportation are all

Answer 9

Physical functions

Question 10

Corporations and cooperatives are examples of _______in the institutional approach.

Answer 10

Institutions