Farm and Food Marketing

TPSS 322

Faculty:

Staff, Matthew Loke

Goals:

Upon satisfactory completion of the course, students will be able to:

·         Explain how price is determined in competitive and less competitive markets.

·         Explain different marketing activities in the food supply chain from farm to table.

·         Discuss trends and the behavior of producers, wholesalers, retailers, and consumers in the food industry.

·         Discuss agricultural trade, policies, and barriers in the both domestic and international markets.

·         Explain the importance of commodity varieties, qualities, quantities, and phyto-sanitation requirements for different markets.

·         Elaborate on value-added, niche marketing, product positioning, market segmentation, product pricing, futures and hedging, market information, and marketing plans.

Skills and knowledge to be acquired:

Possible topics include: marketing and markets defined; the differences between agriculture and other businesses; the four Ps; market structure, conduct, and performance; adding value--the functional/utility approach; niche marketing; product positioning and market segmentation; product pricing; futures and hedging; the role of market information; market and consumer research; strategic marketing; marketing plans.

Description:

Utilizing marketing concepts and economic theory to gain a general understanding of perishable farm and food products in the supply chain. Market and institutional functions will be introduced.

Computer skills to be acquired:

None

Pre-requisites:

NREM 220, ECON 130 (introductory microeconomics) or consent

Cross-Listed courses:

FSHN 322

Text(s):

F. Bailey Norwood and Jayson L. Lusk. 2008
Agricultural Marketing and Price Analysis. 
Upper Saddle River, NJ: Pearson Prentice Hall, 2008, xi + 445pp.
ISBN 978-0-13-221121-5. 

Films and videos:

To be announced

Guest Speakers:

To be announced

Field Trips:

To be announced

Course organization:

Week

Topic

1

The economics of agricultural farm and food marketing

2

Basic price analysis of farm and food products: supply and demand

3

Advanced farm and food price analysis: mastering supply and demand

4

Advanced price analysis: Imperfect competition farm and food products

5

Farm and food prices

 

Mid-term 1 exam

6

Farm and food marketing channel

7

Impact of market channels on farm and food quality and losses

8

Empirical farm and food price analysis

9

International farm and food agricultural trade

10

Managing price through futures markets

 

Mid-term 2 exam

11

Strategic price setting for farm and food products

12

Creative pricing schemes, niche markets for farm and food products

13

Consumer behavior and research on food products

14

The firm as a price maker or taker for farm and food products

15

Agriculture and society – food as an item

16

Review

 

Attendance and Participation:

Students are expected to attend all scheduled class sessions and to read assigned book chapters. Failure to attend class will result in an inability to participate and to achieve the objectives of the course. Questions taken directly from lectures may comprise a significant portion of exams. A maximum of two unexcused absences will be allowed.

Class Discussion Expectations:

• Insightful analysis that is supported by logic and evidence.

• Distinguishing critical issues from peripheral issues.

• Providing timely comments that further the class’ understanding.

• Listening to others (active listening alone is insufficient).

Make-Up Exam/Late Assignment Policy:

Attendance at all examinations is required except for the truly extraordinary emergencies that can be thoroughly documented in writing. Otherwise, a make-up exam will not be provided. Late assignments may be graded at 50% of the assigned points. 

Grading:

Grading Approach:

There will be two (2) mid-term exams and one final exam. All the exams may consist of essay, short answer and/or multiple choice questions. Appropriate notice on date and format of exams will be provided. Additionally, students are required to submit their class assignments on time and possible complete a term project (option) if they so choose. Finally, class attendance and participation are expected.

 

Grading Method:

Graded Deliverables

% Final Grade

Method I

% Final Grade

Method II

Mid-term 1 exam

25%

20%

Mid-term 2 exam

25%

20%

Final exam

25%

20%

Class assignments

15%

15%

Attendance & participation

10%

10%

Term project

 

15%

Total

100%

100%

 

Grading Scale:

There are two methods used to calculate the overall course grade. I will select for you at the end of the semester whichever method gives you the higher letter grade. Method I is designed to reward students that show consistent progress throughout the course, whereas Method II rewards students for additional effort and improvement over the semester.  Your course grade will be determined by the sum of your scores in the exams, class assignments and attendance/participation as follows:

 

Final Grade

90 - 100%

A

80 – 89%

B

70 - 79%

C

60 - 69%

D

00 - 59%

F

 

Other:

Can be substituted by BUS 312