Abstract:
A university livestock sale provided the framework for an application-based economic learning experience in a senior-level agribusiness marketing class. As a class project, the sale gave students the opportunity to apply value-added marketing concepts and principles. The processing of finished market animals included in the sale allowed students to disaggregate animal commodities into their constituent marketing and farm components. This vertically integrated marketing approach resulted in higher revenues and additional profit. Estimated marketing margins were demonstrated to differ by species for the finished market steers, hogs, and lamb that were sold and subsequently processed. These differences were attributed to both the amount of value-added in processing and the various costs of processing by species. The class project allowed students to apply concepts that are typically presented only within a theoretical framework in most undergraduate agribusiness marketing classes.
Keywords:
agribusiness, livestock sale, marketing concepts
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