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Marketing is important when selling products and providing services - NSC Agricultural Management Practices - Question 3 - 2023 - Paper 1

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Marketing is important when selling products and providing services. 3.1.1 State THREE problems faced by a farmer selling livestock at an auction. 3.1.2 Describe... show full transcript

Worked Solution & Example Answer:Marketing is important when selling products and providing services - NSC Agricultural Management Practices - Question 3 - 2023 - Paper 1

Step 1

State THREE problems faced by a farmer selling livestock at an auction.

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Answer

  1. Auction fees can be costly, reducing the overall profit for farmers.

  2. The market price is not always favorable, as it may be set at a reserve price that is lower than expected.

  3. There are risks of disease outbreaks and the potential for quarantine in auction areas, which can affect sales.

Step 2

Describe the free-market system.

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Answer

In a free-market system, producers are free to sell their products at prices they choose. They determine the quantity they want to produce and can respond to market demand without government intervention. This enables competition and can lead to more innovative and efficient production.

Step 3

State TWO advantages of fresh-produce markets.

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Answer

  1. Farmers can benefit from higher prices in times of shortages, maximizing their profits.

  2. These markets allow farmers to sell large quantities of their produce quickly, ensuring a steady cash flow immediately after sales.

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