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MARKETING RISK EDUCATION AND THE ECONOMIC IMPACTS OF PRODUCER SUCCESS

Emmy Kiphen and J. Mark Welch

Summary

The nationally recognized Master Marketer Program is offered through the Texas A&M AgriLife Extension Service. The course trains producers in bettering risk management and crop and livestock marketing skills with the uncertainties of markets, the economy, legal issues, weather, and technology. Graduates are surveyed 2-1/2 years after completion of the Master Marketer course to provide an assessment of changes in marketing behavior covering the application of marketing tools and skills and any economic impact from their change of practices. This interval serves as a time for producers to adapt what was learned into their operation and to remember the “before and after” of the program.

During Master Marketer’s 24-year run, 1291 participants have graduated from 30 programs since 1996. Survey response rate for the 2-1/2 year post-evaluations has averaged about 60% and indicates increased returns to producers’ bottom-lines averaging 4.5% and $35,000 per participant per year. Evaluations show a consistent increase in participants’ understanding and use of marketing risk concepts including budget analysis, developing a marketing plan, general risk management, and crop and livestock marketing strategies.

The purpose of this poster is to highlight program elements that have led to successful outcomes for producers in increasing their marketing confidence and marketing expertise. The 2-1/2 year post-evaluation data is used to determine which marketing practices and risk management tools have led to higher price impacts. Educators and other agribusiness interests including lenders, insurance agents, merchants, brokers, commodity buyers, and input suppliers benefit from risk management education in better serving clients’ needs.

Details

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