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CALPOLY / Agricultural Business / AGB 301 / What are the forms of integration at the farmer?

What are the forms of integration at the farmer?

What are the forms of integration at the farmer?

Description

School: California Polytechnic State University - San Luis Obispo
Department: Agricultural Business
Course: Food and Fiber Marketing
Professor: Christiane schroeter
Term: Fall 2018
Tags: futures, market, hedging, Integration, Grading, Systems, Market Segmentation, guest, and speakers
Cost: 50
Name: Exam 2
Description: These notes cover what's going to be on exam 2.
Uploaded: 11/27/2018
4 Pages 35 Views 1 Unlocks
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"}ul.lst-kix_2y5iefustavn-2{list-style-type:none}ul.lst-kix_2y5iefustavn-3{list-style-type:none}ul.lst-kix_2y5iefustavn-4{list-style-type:none}ul.lst-kix_2y5iefustavn-5{list-style-type:none}ul.lst-kix_2y5iefustavn-6{list-style-type:none}ul.lst-kix_2y5iefustavn-7{list-style-type:none}ul.lst-kix_2y5iefustavn-8{list-style-type:none}.lst-kix_3mhtq4ui0fwr-2 > li:before{content:"- "}.lst-kix_20a21sc3atab-0 > li:before{content:"- "}.lst-kix_3mhtq4ui0fwr-3 > li:before{content:"- "}ul.lst-kix_mtfd2pvvvbt2-8{list-style-type:none}.lst-kix_20a21sc3atab-2 > li:before{content:"- "}.lst-kix_20a21sc3atab-4 > li:before{content:"- "}ul.lst-kix_mtfd2pvvvbt2-4{list-style-type:none}ul.lst-kix_mtfd2pvvvbt2-5{list-style-type:none}ul.lst-kix_mtfd2pvvvbt2-6{list-style-type:none}ul.lst-kix_mtfd2pvvvbt2-7{list-style-type:none}.lst-kix_20a21sc3atab-1 > li:before{content:"- "}.lst-kix_20a21sc3atab-5 > li:before{content:"- "}.lst-kix_3mhtq4ui0fwr-1 > li:before{content:"- "}.lst-kix_3mhtq4ui0fwr-0 > 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Integration in the food industryWe also discuss several other topics like How can we identify dipole-dipole forces?

Integration

  • Combining separate marketing functions, decisions, and activities into a single firm
  1. Vertical integration

                        Ex: retailer and food manufacturer

  1. horizontal integration

Ex: processor A buys processor BDon't forget about the age old question of How can we find the necessary sample size to estimate a population proportion?

Producer ⇾ wholesaler ⇾ retailer ⇾ consumerDon't forget about the age old question of What are the strong acids?

Producer ⇾ retailer ⇾ consumer

Producer ⇾ consumer

Forms of integration at the farmer

  • Horizontal: buy neighbors land
  • Vertical
  • Grain - livestock farming - backward integration
  • Farm storage, grading, transportation
  • Cooperatives
  • Direct sales to consumer - forward integration
  • Farm contracts with marketing firm
  • Market specification
  • Management / income guarantees

Don't forget about the age old question of What are the different classes of objects?
Don't forget about the age old question of How do we have social control?

Comparison of integrationDon't forget about the age old question of Poverty is caused by what?

Farm suppliers ⇾ farms, ranches ⇾ food processors ⇾ food whls., retail - Open Market System

[Farm suppliers ⇾ farms, ranches]⇾[food processors ⇾ food whls., retail] - Contract System

[Farm suppliers, farms, ranches, food processors, food wholesale/retailer] - Vertical Integrated System

Form of vertical market coordination

  • Contract production
  • Purchase or sale of a commodity to distributor
  • Predetermined price
  • Vertical or horizontal integration
  • A single firm controls the flow of the commodity across two or more market stages

Reasons for integration

  • Profits
  • Cost economics
  • Marketing economics
  • Risk management, diversification
  • Growth, market share
  • Supply, quality control
  • Bargaining power
  • Competitive advantage

Definition and quality context of grading

  • Grading
  • Sorting of unlike sorts of products into uniform categories according to a quality standards
  • Quality
  • Attributes of a commodity that influence its acceptability to a group of buyers, and therefore, the price they are willing to pay for it

Grading

  • Dividing a commodity into classes according to a set of criteria called grade standard
  • Resulting classes or groups called grades
  • Useless they conform to differences in demand
  • Quality = characteristics

Grades and standards

  • Agreed upon market language
  • Simplifies the marketing process
  • Reduces marketing costs
  • Furnishes an ethical basis for buying and selling

Purpose of grading systems

  • Price can be established for each grade
  • With grading of commodity
  • Establish the price
  • Facilitate sale
  • With grading
  • Commodities sold on description

Selling on description

  • No need for personal inspection
  • Reduces trading cost
  • Increase efficiency
  • Increase competition
  • Pricing
  • Technical
  • Accurate market information
  • Increase area of search

Efficiency and grading

  • Allocative / pricing efficiency
  • Better allocation according to demand
  • Facilitates futures trading

Operational / technical efficiency

  • Time saving to seller/buyer/lender
  • Combined storage of various commodities and/or pooled sales

Difference between brands vs grades

  • Brands
  • Differentiation of food products
  • Increase non-price competition - loyalty
  • Encourage R + D and innovation
  • Grade
  • Homogenous classes of food products
  • Increase price competition
  • Discourage R + D and innovation

Branding vs. Grading

  • Similarities
  • Both communicate quality
  • Differences
  • Brands identity product and quality with the manufacturer/seller
  • Customer relationship management
  • Grades identify quality with a product
  • Regardless of the seller

Criteria for grading systems

  • Accept marketing concept in grading
  • Identification of important end-user characteristics
  • Cost effective: fast and accurate
  • Objectivity in measuring characteristics
  • Ex: inspection of amount of marbling in beef visually and via instrument grading systems

Problems with grading

  • Determining quality standards
  • Designing grades
  • Implementing food grading systems
  • Variability from year to year

Chapter 7: Futures contracts as a price risk management tool

  • The two food markets
  • Commodity markets
  • Bulk, homogenous
  • Non branded
  • Supply driven
  • Value added markets (processed)
  • Consumer branded
  • Demand driven
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