Glossary - Agribusiness Management - page 442

s tock certifi cate A legal document detailing the amount of an owners' investment in a

corporation.
stock keeping unit (SKU) A specifi c item of goods for sale for which individual records
are kept and that is tracked throughout a fi rm's logistics system.
stockholders Individuals who own the stock of a corporation.
strategic alliances Agreements to collaborate between fi rms that go beyond
normal fi rm-to-fi rm dealings, but fall short of merger or full partnership and
ownership.
strategic marketing plan A set of activities intended to help a fi rm anticipate the needs of
targeted customers and fi nd ways to meet those needs profi tably.
strategic planning The process of developing a long-range plan for an organization; tack-
les the broadest elements of an agribusiness fi rm's strategy: what countries will we
operate in, what businesses will we be in, what plants will we build, etc.?
strength, weakness, opportunity, and threat ( SWOT ) a nalysis An assessment tool used
to evaluate the competitive environment facing a business and the fi rm's relative posi-
tion in that environment; requires careful study of general trends in the market, strengths
and weaknesses of key competitors, current and anticipated customer needs, and the
fi rm's strengths and weaknesses.
strike An organized work stoppage by employees of an organization.
stroke Any recognition of another's presence by word, gesture, or touch.
supermarket Any retail food store that carries about 15,000 items in a 10,000 to 25,000
square foot store.
suppliers Firms providing raw materials, supplies or other inputs to a business.
supply The quantities that producers are willing and able to put on the market at various
prices; the relationship between price and quantity supplied.
supply chain management The process of managing the complete input acquisition and
output distribution channels for a fi rm; involves linking the materials and physical dis-
tribution systems of a fi rm directly with supplier and customer systems resulting in
greater effi ciencies.
supply elasticity A measure showing the relative change in quantity supplied as
price changes; refl ects the responsiveness of quantity supplied to a given change in
price.
survival A component of Maslow's needs hierarchy; suggests that every human's most
basic concern is physical survival: food, water, air, warmth, shelter, etc.
symbols A variety of factors that help establish the relative position of individuals in the
informal organization; may include title, age, experience, physical characteristics,
knowledge, physical possessions, authority, location, privileges, acquaintances, and a
host of other factors, depending on the situation.
tactical planning Smaller scale, more immediate plans developed to implement the stra-
tegic plan; typically addresses a time period of one year or less, and may be developed
by virtually every employee in an organization.
t arget market A market segment prioritized by a fi rm and the focus of a marketing
effort involving a set of decisions tailored to meet the unique needs of the
segment.
t ax and incentive package Economic development incentives offered by governments to
encourage businesses to locate in a city, county, state or other location. These
may include such incentives as special loans, hiring and training programs, tax
exemptions, etc.