EconS 451
Advanced Agricultural Marketing
Spring 2008
Class Meetings:
Hulbert Hall, Classroom 27, M/W/F 11:10 a.m. – 12:00 p.m.
Instructor:
Office:
Phone:
Email:
J. Shannon Neibergs
103B Hulbert Hall
(509) 335-6360
sneibergs@wsu.edu
Office Hours:
Tu/Th 2 – 4 p.m. or by appointment.
Prerequisites:
EconS 351, Econ 301 or 305, one statistics course (or consent of instructor).
Text:
Hudson Darren. Agricultural Markets and Prices, Blackwell Publishing, Malden, MA,
2007.
References:
Tomek, W.G., and K.L. Robinson. Agricultural Product Prices, 4th Ed., Cornell
University Press, Ithaca, NY 2003.
Kohls, R.L. and J.N. Uhl. Marketing of Agricultural Products, 9th Edition, NY: The
MacMillan Co., 2002.
Bressler, R.G. and R.A. King. Markets, Prices and Interregional Trade. New York:
John Wiley & Sons, Inc., 1970.
Marion, Bruce W. The Organization and Performance of the U.S. Food System.
University of Wisconsin-Madison. USDA NC 117 Committee. Lexington Books,
1986.
Ferris, John N. Agricultural Prices and Commodity Market Analysis. Boston, MA:
McGraw-Hill., 1998.
Hill, R. Carter, William Griffiths and George G. Judge. Undergraduate
Econometrics. John Wiley & Sons, Inc. New York, 1997.
Harris, J. Michael, Phil R. Kaufman, Steve W. Martinez and Charlene Price. The
U.S. Food Marketing System, 2002: Competition, Coordination and Technological
Innovations Into the 21st Century. Electronic Report from the Economic Research
Service, United States Department of Agriculture, June 2002.
Course Objective:
The primary objective is to foster the student’s development and understanding of
key agricultural marketing issues and concerns, equip the student with analytical
skills that may be utilized to evaluate different marketing problems and programs at
both the industry and firm perspective and the application of micro-economic theory.
This is achieved through:
¾
¾
¾
¾
An in-depth analysis of selected agricultural industries, including grains,
livestock and meats, dairy products, fresh fruits and vegetables, poultry, and
wine industries.
A solid foundation in price analysis through market demand and supply, as
well as applied statistical estimation and evaluation.
The evaluation of market price variation through time.
An investigation of spatial market relationships, including the role of
transportation and logistics, geographic market boundaries and firm
location.
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¾
¾
¾
¾
¾
Grading/Evaluation:
Impacts of advertising, product development and grade differentiation on
agricultural marketing.
Developing market analysis / segmentation skills related to targeting
prospective customers.
Identification of marketing strategies to achieve company/firm goals.
Thorough evaluation of agricultural cooperatives and bargaining
organizations and the impacts from price discrimination from different
market structures.
An introduction into forward pricing and the futures market.
There will be three homework assignments scattered throughout the semester, three
one-hour exams, and one term paper (see term paper assignment handout). Any
homework assignments or term papers handed in after the due date will receive
zero credit, as will any missed exams. In the rare and absolutely unavoidable
situation where the student must miss an exam, alternative arrangements may be
considered at the discretion of the instructor. However, I must be informed of these
unavoidable circumstances at the earliest possible time (a minimum of one week
prior). All assignments and exams will be graded and returned as quickly as
possible. If you believe I’ve made a mistake grading, please let me know
immediately.
Source
Homework
Classroom Discussion / Participation /
News Articles
Exams (3)
Term Paper
Paper
Student Presentation
Total Term Paper
Total
Percent of Grade
10%
5%
60%
20%
5%
25%
100%
A tentative grading schedule is:
A range: 90-100% of total points
B range: 80-89% of total points
C range: 70-79% of total points
D range: 60-69% of total points
F range: less than 59% of total points
Plus and minus grading will be used. This grading schedule is subject to change
during the course of the semester based on the overall performance of the class.
Class Discussion:
All students are encouraged to take part in classroom discussions and expected to
be prepared by reading assigned material prior to class. Students are also
encouraged to ask questions if something is unclear. If a question exist in one
student’s mind….it is also likely to be a question for other students.
Plagiarism:
All students are expected to adhere to the principles of academic honesty, requiring
that all assignments, examinations and term papers are the sole work of the
individual student. Any academic dishonesty, including cheating, plagiarism or
fabrication of work will be reported to the University Office of Student Affairs and
chair of the Department of Agricultural and Resource Economics.
Disclaimer:
This syllabus may change at the discretion of the instructor.
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EconS 451 Class Schedule
Date
Topical Outline
Specific Lectures
Reading Assignments
Mon, Jan-7
Introduction, Class Outline,
Objectives, etc.
Introduction, Class Outline, Objectives, etc.
Wed, Jan-9
Historical Perspective of
Agricultural Marketing
Historical Perspective of Agricultural
Marketing and Government Programs
Fri, Jan-11
Government Programs
Vertical Coordination and Captive Supply
Hudson Chapter 13
“skim reading”
Mon, Jan-14
U.S. Food Manufacturing and
Wholesaling
Analysis of Recent Changes and Trends in
the U.S. Food Wholesaling Industry
Harris: Page 1 - 20
Wed Jan-16
U.S. Food Retailing/ Service
Analysis of Recent Changes and Trends in
the U.S. Food Retailing/Service Industry
Harris: Page 21 – 49
Lecture notes and Pdfs
Fri, Jan-18
Market Demand Theory
Wed, Jan-23
Fri, Jan-25
Market Demand, Supply and Price
Determination: Tools of the Trade
Market Supply Theory
Mon, Jan-28
Price Determination
Wed, Jan-30
Marketing Margins
Exam Number 1
Fri, Feb-1
Mon, Feb-4
Stocks and International Markets
Wed, Feb-6
Price Variation Across Space
Fri, Feb-8
Price Variation Across Time
Mon, Feb-11
Wed, Feb-13
Fri, Feb-15
Markets in Space: Geographic
Market Boundaries, Location
Theory, Spatial Price
Relationships, Role of
Transportation
Wed, Feb-20
Price Forecasting and Regression
Product Quality Attributes
Transportation Optimization / Applications in
Operations Research
Mon, Feb-25
Plant Location / Applications in Operations
Research
Wed, Feb-27
Advertising and Promotion: Goals,
Approaches, Criteria for Success
Mon, Mar-3
Advertising, Product Development,
Grade Differentiation in Ag.
Marketing
Targeting Customers: Psychographics,
Market Channel, Response Models
Product Development / Grade Differentiation
Wed, Mar-5
Meat Grading – Definition and Application
Fri, Mar-7
Fruit Grading – Definition and Application
Mon, Mar-17
Price analysis
Wed, Mar-19
Chapters 5 to 8
Hudson
Space and Transportation Cost
Fri, Feb-22
Fri, Feb-29
Chapters 1 to 4
Hudson
Utilizing Hedonic Models: Estimating Implicit
Value of Product Characteristics
Hedonic Models – Commodity examples
Lecture notes
Web pdfs
Lecture notes
Web pdfs
Lecture notes
Web pdfs
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Fri, Mar-21
Exam Number 2
Different Market Structures: Perfect
Competition, Monopoly, Oligopoly
Mon, Mar-24
Wed, Mar-26
Price Discrimination in Ag.
Marketing Programs and Market
Allocations
Fri, Mar-28
Hudson
Chapter 10 and 12
Impacts Utilizing Marginal Analysis
Mon, Mar-31
Agricultural Cooperatives:
Wed, Apr-2
Fri, Apr-4
Different Market Structures: Perfect
Competition, Monopoly, Oligopoly (cont.)
Bargaining and Marketing Organizations
Cooperatives and Marketing
Organizations
Mon, Apr-7
Pros and Cons of Cooperatives / Bargaining
Organizations
Lecture notes
Web pdfs
Milk Marketing Case Example
Wed, Apr-9
Fri, Apr-11
Marketing Case Studies
Mon, Apr-14
Evaluate selected case studies of different
marketing successes/failures in the
Agricultural Industry
Lecture notes
Web pdfs
Wed, Apr-16
Fri, Apr-18
Mon, Apr-21
Student Presentations
Wed, Apr-23
Fri, May-25
Student Presentations / Review for Final Exam
Monday
April 30
Final Exam 3 (Comprehensive) 3:10 – 5:10 PM , Hulbert 27
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