The Farming Game: Agricultural Management and Marketing

by Bill Malcolm , Jack Makeham , Vic Wright

• ISBN13: 9780521537551
• ISBN10: 052153755X
• Edition: 2nd
• Format: Paperback
• Copyright: 2006-01-09
• Publisher: Cambridge University Press

Summary

The Farming Game is the agricultural management text for the twenty-first century. The central theme underpinning this text is that the farm management context is most usefully and reliably managed by the application of economic ways of thinking. In this text, the practice of farm management is approached in an integrated way, leaving no significant issues about management uncovered. Finance, investment, decision analysis, management, economic thinking, growth, risk and marketing are critical and exciting domains of interest that are brought together to give the reader a thorough and comprehensive understanding of how the farming situation is best analysed and managed. The text is essential reading for those who seek to manage agricultural businesses well and for those with interest throughout agricultural supply chains who need to understand the character of farms as the core of agribusiness systems.

Author Biography

Vic Wright has recently retired as Associate Professor from the University of New England and is now a consultant. Bill Malcolm is an Associate Professor at the Faculty of Food and Land Resources, University of Melbourne.

Table of Contents

Preface	vii
Acknowledgments	ix
List of figures and tables	xi
Introduction	1	(3)
The business of farming	4	(63)
The `whole farm' business system	4	(47)
The economic system beyond the farm gate	51	(13)
Chapter summary	64	(1)
Review questions	64	(1)
Further reading	65	(2)
Analysing a farm business	67	(56)
Technical basis of economic, financial, growth and risk analysis	67	(7)
Economic and financial conditions	74	(12)
Analysing business profit, liquidity, growth and risk	86	(35)
Chapter summary	121	(1)
Review questions	121	(1)
Further reading	122	(1)
Analysing innovation in the whole farm business	123	(56)
Introduction	123	(2)
Analysing innovation	125	(27)
Evaluating investment in farmland	152	(21)
Case study: Beef business land purchase	160	(3)
Case study: Cereal property purchase	163	(3)
Case study: Dairying property purchase	166	(2)
Case study: Mixed cropping--grazing property purchase	168	(5)
Leasing land	173	(4)
Chapter summary	177	(1)
Review questions	177	(1)
Further reading	178	(1)
Managing risk and uncertainty	179	(35)
Whole farm risk management	179	(3)
Analysing risk	182	(6)
Managing risk	188	(5)
The role of futures markets in managing exposure of farm businesses to volatile prices	193	(11)
Options	204	(4)
The role of futures market instruments in farm business management of price risk	208	(3)
Chapter summary	211	(1)
Review questions	211	(1)
Further reading	212	(2)
Marketing agricultural products	214	(25)
The agribusiness firm in its marketing environment	214	(3)
Marketing defined	217	(1)
Applying marketing	218	(1)
The marketing mix	219	(6)
Defining customers	225	(6)
Strategic marketing	231	(2)
Marketing management in agribusiness systems	233	(4)
Conclusion	237	(1)
Chapter summary	237	(1)
Review questions	237	(1)
Further reading	238	(1)
Conclusion	239	(6)
Concepts, ideas, principles, ways of thinking and rules that can help in understanding the farming business	240	(3)
The power of economic thinking	243	(2)
Appendix: Discounting procedures and tables	245	(15)
References and further reading	260	(4)
Glossaries	264	(11)
Farm management economics	264	(8)
Agribusiness marketing	272	(3)
Index	275