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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 105 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 What is the concept of reaction yield?

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 BIf you want to learn more check out How can we construct a confidence interval from a sample to estimate a population proportion?

Producer ⇾ wholesaler ⇾ retailer ⇾ consumer

Producer ⇾ retailer ⇾ consumerWe also discuss several other topics like What are the strong acids?

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 phyton variable name rules?

Comparison of integration

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

[Farm suppliers ⇾ farms, ranches]⇾[food processors ⇾ food whls., retail] - Contract SystemIf you want to learn more check out Why is dp so expensive?

[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

We also discuss several other topics like Why is there mass poverty and lack of food in africa’s economy?

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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