“This textbook is a solid foundation for my class. It is particularly good as many stories and examples come from real world experiences.” — Sanja Zivkovic, Texas Tech University
“I really like the layout of the text. The highlights, chapter quizzes, and cases at the end of each chapter are useful tools for student interaction. The readability level is effective, and I appreciate small chapters.” — Angela Chittick, Mid Plains Community College
“The text’s diction and organization are well suited to introductory students. Price is competitive, especially given the comprehensive approach to the material.” — Jason Entsminger, University of Maryland
“I like this book. It covers all the areas of agriculture management that I am looking for.” — Larry Godsey, Missouri Valley College
378 pages, $77.95 list
1-4786-0566-9
978-1-4786-0566-9
© 2014
paperback
Instructor's resource materials available here
To obtain a username and password to access these materials, contact comps@waveland.com.
To obtain a username and password to access these materials, contact comps@waveland.com.
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Principles of Agribusiness Management
Fifth Edition
Managers in all areas of the agri-food system must be competent, flexible, and informed. Principles of Agribusiness Management provides the vital insights and information necessary to achieve success in a collaborative and interactive manner. The authors present the material clearly with a step-by-step approach that focuses on strategic planning and management. In conjunction with learning objectives and end-of-chapter highlights and quizzes, each chapter features two case studies that highlight the current trends and practices of agribusiness.
The fifth edition includes three exciting, powerful learning tools: Discussion Starters, Strengthen Your Skills, and Start Your Business. Timely and provocative, these features facilitate in-class discussion, develop entrepreneurial skills, and explore key topics affecting the agri-food system. Globalization, leadership, competitiveness, technology, and planning are only some of the areas that are examined within the context of the changing world of agribusiness.
The fifth edition includes three exciting, powerful learning tools: Discussion Starters, Strengthen Your Skills, and Start Your Business. Timely and provocative, these features facilitate in-class discussion, develop entrepreneurial skills, and explore key topics affecting the agri-food system. Globalization, leadership, competitiveness, technology, and planning are only some of the areas that are examined within the context of the changing world of agribusiness.
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Part I. INTRODUCTION TO THE BUSINESS OF AGRICULTURE
1. The Global Agri-Food System
Introduction / The Scope and Size of the Agri-Food System / The Changing Perception of Food / Combining Science, Technology, and Business Management / The Evolution of the Agri-Food System / The Future of the Agri-Food System / The Input Sector/ The Production Sector / The Role of Exports / The Commodity Processing and Food Manufacturing Sector / Case 1A: Angela's Agri-Phobia / Case 1B: Food Doesn't Just Come from Aisle 6
2. The Agribusiness Manager
Introduction / The Development of the Business Management Profession / The Role of Business Management in Agribusiness Success / Business Decision Making / The Four Functions of Management / Agribusiness Management Is a Dynamic, Continuous Process / Case 2A: Mike's Epiphany / Case 2B: Fresco Chicken
Part II. THE PLANNING FUNCTION
3. The Role of Marketing
The Misunderstood Mission of Marketing / The Role of Marketing in the Economy / The Role of Marketing in the Future of Agribusiness / The Marketing Approach / Evaluating the Performance of a Marketing System / Case 3A: Dave's Dollar Dilemma: Part I / Case 3B: Lawrenceville Golf Course
4. Marketing Management
The Changing Role of Marketing within the Firm / Marketing and the Four Functions of Management / The Four Ps of Marketing and the Marketing Mix / The Business Plan / The Marketing Plan / Analyzing Market Potential / Case 4A: Dave's Dollar Dilemma: Part II / Case 4B: Miracle Foods—If It Tastes Great, It Is a Miracle!
5. Understanding Consumer Demand
Basics of Consumer Demand / Factors Influencing Consumer Demand / the Impact of Price Changes on Sales / Case 5A: Tom's Terrific Ice Cream / Case 5B: Klondike Outpost Family Restaurants: Season's Greetings
6. Staying Competitive
Introduction / How Strategic Management Fits In / What Is Strategic Management? / Porter's Five Forces Model / Case 6A: Steamer's Burgers / Case 6B: Farm & Garden Express
7. Forecasting
Introduction / The Basics of Forecasting / Forecasting Procedures / Using Forecasts / Use of Futures Markets to Forecast Future Prices / Case 7A: Jerry's Foray in Forecasting / Case 7B: Bull's-Eye Popcorn: It Always Hits the Spot!
8. Budgeting
The Purpose of Budgets / Three Types of Budgets / An Application of Budgeting / Benefits of Budgeting / Limitations of Budgets / Budget Time Frames / Case 8A: Going Broke While Making a Profit / Case 8B: Bob's Big Budgeting Blowout
Part III. THE ORGANIZING FUNCTION
9. Organizing for Success
Introduction / Identifying Critical Tasks / Four Principles of Organizational Design / Ways to Organize / Approaches to Decision Making / Deciding Where Decisions Are Made / Selecting the Best Organizational Structure / Case 9A: Sam's Success Story / Case 9B: Western Food and Fleet (WFF)
10. Choosing a Legal Structure
Introduction / Sole Proprietorships / Partnerships / Corporations / Limited Liability Corporations / Comparing Legal Structures / Case 10A: The End of Gene's Dream? / Case 10B: Dixie Fruit
Part IV. THE CONTROLLING FUNCTION
11. Organizing Production Using Economic Principles
Introduction / The Production Process / The Production Function / Case 11A: Donna's Dilemma / Case 11B: The Flying W Ranch
12. Production and Inventory Management
Introduction / Management Information Systems / Defining Costs / General Cost Concepts / Contribution / Short-Term versus Long-Term Pricing: The Shutdown Point / Inventory Management / Case 12A: What Price Progress? / Case 12B: Stan and Laurel's Juicy Decision
13. Basic Accounting Documents
Introduction / The Balance Sheet / The Profit-and-Loss Statement / Case 13A: Fred's Financial Phobia: Part I / Case 13B: University Estate Services: No Partner Left Behind
14. Using Accounting Information for Business Control and Planning
Introduction / Comparative Statement Analysis / Net Working Capital Analysis / Ratio Analysis / Developing Pro Forma Cash Flow Budgets / Case 14A: Fred's Financial Phobia: Part II / Case 14B: Where Did the Money Go?
15. Capital Budgeting I: Principles and Procedures
Introduction / The Decision Framework / Capital Budgeting Decision-Making Procedures That Do Not Use the Time Value of Money / The Time Value of Money / Capital Budgeting Decision-Making Procedures That Use the Time Value of Money / Case 15A: Nick's Financial Future: Part I / Case 15B: Mammoth Foods
16. Capital Budgeting II: Applications
Introduction / The Discount Rate / The Effect of Taxes / Mutually Exclusive Investments / Dealing with Uncertainty and Risk / A Case Study: Evaluating the Financial Feasibility of Adding a Liquid Fertilizer Line to a Farm Supply Business / Deciding Whether to Lease, Borrow, or Buy / Case 16A: Nick's Financial Future: Part II / Case 16B: Nick's Financial Future Is Now
Part V. THE DIRECTING FUNCTION
17. Human Resource Leadership
Introduction / Directing Means Leading People, Not Managing Things / Understanding Human Motivation / Fulfilling Physiological and Psychological Needs / Developing a Work Environment Where Everyone Seeks to Excel / Management Styles / Communication and Feedback / Management by Objective / Leadership and the Superior-Employee Relationship / Case 17A: Yakima Valley Orchards: Part I / Case 17B: Those Mumbling Millenials!
18. Human Resource Management: Staffing
Introduction / Determining a Firm's Personnel Needs / Recruiting Personnel / Retaining Personnel / Determining Pay Levels / Training and Education / Case 18A: Yakima Valley Orchards: Part II / Case 18B: Fresh Foods Farms Call Center
19. Personal Selling
Introduction / Selling as an Internal and External Activity / The Eleven Elements of Successful Personal Selling / The Firm's Values, Purpose, and Objective / Sales as a Career / Case 19A: Mary's Migraine / Case 19B: Turf King Systems
20. Developing a Workable Approach to Agribusiness Management
Introduction / Revenues / Costs / Information / Case 20A: Erin's Epiphany / Case 20B: What Price Progress? Part II
Appendix A: Tables Used in Capital Budgeting Decisions
Appendix B: Resources
Glossary
1. The Global Agri-Food System
Introduction / The Scope and Size of the Agri-Food System / The Changing Perception of Food / Combining Science, Technology, and Business Management / The Evolution of the Agri-Food System / The Future of the Agri-Food System / The Input Sector/ The Production Sector / The Role of Exports / The Commodity Processing and Food Manufacturing Sector / Case 1A: Angela's Agri-Phobia / Case 1B: Food Doesn't Just Come from Aisle 6
2. The Agribusiness Manager
Introduction / The Development of the Business Management Profession / The Role of Business Management in Agribusiness Success / Business Decision Making / The Four Functions of Management / Agribusiness Management Is a Dynamic, Continuous Process / Case 2A: Mike's Epiphany / Case 2B: Fresco Chicken
Part II. THE PLANNING FUNCTION
3. The Role of Marketing
The Misunderstood Mission of Marketing / The Role of Marketing in the Economy / The Role of Marketing in the Future of Agribusiness / The Marketing Approach / Evaluating the Performance of a Marketing System / Case 3A: Dave's Dollar Dilemma: Part I / Case 3B: Lawrenceville Golf Course
4. Marketing Management
The Changing Role of Marketing within the Firm / Marketing and the Four Functions of Management / The Four Ps of Marketing and the Marketing Mix / The Business Plan / The Marketing Plan / Analyzing Market Potential / Case 4A: Dave's Dollar Dilemma: Part II / Case 4B: Miracle Foods—If It Tastes Great, It Is a Miracle!
5. Understanding Consumer Demand
Basics of Consumer Demand / Factors Influencing Consumer Demand / the Impact of Price Changes on Sales / Case 5A: Tom's Terrific Ice Cream / Case 5B: Klondike Outpost Family Restaurants: Season's Greetings
6. Staying Competitive
Introduction / How Strategic Management Fits In / What Is Strategic Management? / Porter's Five Forces Model / Case 6A: Steamer's Burgers / Case 6B: Farm & Garden Express
7. Forecasting
Introduction / The Basics of Forecasting / Forecasting Procedures / Using Forecasts / Use of Futures Markets to Forecast Future Prices / Case 7A: Jerry's Foray in Forecasting / Case 7B: Bull's-Eye Popcorn: It Always Hits the Spot!
8. Budgeting
The Purpose of Budgets / Three Types of Budgets / An Application of Budgeting / Benefits of Budgeting / Limitations of Budgets / Budget Time Frames / Case 8A: Going Broke While Making a Profit / Case 8B: Bob's Big Budgeting Blowout
Part III. THE ORGANIZING FUNCTION
9. Organizing for Success
Introduction / Identifying Critical Tasks / Four Principles of Organizational Design / Ways to Organize / Approaches to Decision Making / Deciding Where Decisions Are Made / Selecting the Best Organizational Structure / Case 9A: Sam's Success Story / Case 9B: Western Food and Fleet (WFF)
10. Choosing a Legal Structure
Introduction / Sole Proprietorships / Partnerships / Corporations / Limited Liability Corporations / Comparing Legal Structures / Case 10A: The End of Gene's Dream? / Case 10B: Dixie Fruit
Part IV. THE CONTROLLING FUNCTION
11. Organizing Production Using Economic Principles
Introduction / The Production Process / The Production Function / Case 11A: Donna's Dilemma / Case 11B: The Flying W Ranch
12. Production and Inventory Management
Introduction / Management Information Systems / Defining Costs / General Cost Concepts / Contribution / Short-Term versus Long-Term Pricing: The Shutdown Point / Inventory Management / Case 12A: What Price Progress? / Case 12B: Stan and Laurel's Juicy Decision
13. Basic Accounting Documents
Introduction / The Balance Sheet / The Profit-and-Loss Statement / Case 13A: Fred's Financial Phobia: Part I / Case 13B: University Estate Services: No Partner Left Behind
14. Using Accounting Information for Business Control and Planning
Introduction / Comparative Statement Analysis / Net Working Capital Analysis / Ratio Analysis / Developing Pro Forma Cash Flow Budgets / Case 14A: Fred's Financial Phobia: Part II / Case 14B: Where Did the Money Go?
15. Capital Budgeting I: Principles and Procedures
Introduction / The Decision Framework / Capital Budgeting Decision-Making Procedures That Do Not Use the Time Value of Money / The Time Value of Money / Capital Budgeting Decision-Making Procedures That Use the Time Value of Money / Case 15A: Nick's Financial Future: Part I / Case 15B: Mammoth Foods
16. Capital Budgeting II: Applications
Introduction / The Discount Rate / The Effect of Taxes / Mutually Exclusive Investments / Dealing with Uncertainty and Risk / A Case Study: Evaluating the Financial Feasibility of Adding a Liquid Fertilizer Line to a Farm Supply Business / Deciding Whether to Lease, Borrow, or Buy / Case 16A: Nick's Financial Future: Part II / Case 16B: Nick's Financial Future Is Now
Part V. THE DIRECTING FUNCTION
17. Human Resource Leadership
Introduction / Directing Means Leading People, Not Managing Things / Understanding Human Motivation / Fulfilling Physiological and Psychological Needs / Developing a Work Environment Where Everyone Seeks to Excel / Management Styles / Communication and Feedback / Management by Objective / Leadership and the Superior-Employee Relationship / Case 17A: Yakima Valley Orchards: Part I / Case 17B: Those Mumbling Millenials!
18. Human Resource Management: Staffing
Introduction / Determining a Firm's Personnel Needs / Recruiting Personnel / Retaining Personnel / Determining Pay Levels / Training and Education / Case 18A: Yakima Valley Orchards: Part II / Case 18B: Fresh Foods Farms Call Center
19. Personal Selling
Introduction / Selling as an Internal and External Activity / The Eleven Elements of Successful Personal Selling / The Firm's Values, Purpose, and Objective / Sales as a Career / Case 19A: Mary's Migraine / Case 19B: Turf King Systems
20. Developing a Workable Approach to Agribusiness Management
Introduction / Revenues / Costs / Information / Case 20A: Erin's Epiphany / Case 20B: What Price Progress? Part II
Appendix A: Tables Used in Capital Budgeting Decisions
Appendix B: Resources
Glossary