SERVICIO NACIONAL DE APRENDIZAJE (SENA)

FORMULATED VIRTUAL FORMATION

PROGRAM:
MARKET MANAGEMENT

PRESENTED TO:
MARTHA JANETH DEVIA

THEME:
AP04-EV04- "READING COMPREHENSION WORKSHOP"

STUDENTS:
ANA MENDIOLA
ERIKA POSSO
JEAN CARLOS VIDES
SIRLEY GONZALEZ
Lea con atención el texto “Supply and Demand”, que se encuentra en el objeto de
Aprendizaje de la Actividad de Proyecto 4, y conteste:

1. Match the Word with the corresponding meaning:

a. Supply Expensive

b. Demand Desire to buy any product

c. High price All people

d. Mass market The lifetime of goods and services.

e. Life cycle Disposition to offer products

2. According to the text, mention the things people take into account to
determine the demand.

According to what is mentioned in the Text, the people they take into account to
determine the demand are:

1. Tastes or preferences. Consumers can demand an item a year and ignore it the
next.

2. Number of consumers. A large number of buyers leads to an increase in demand;

a small number of buyers leads to a decrease (Franny Chan website).

3. Income. When the income increases, the quantity demanded will increase as well.
When income drops, the demand for that product will also fall (Franny Chan's
website).

4. Consumer expectations. Buyers are interested in satisfying their consumption with

respect to quality as the most important factor. Similarly, the price of lead has an
effect on the potential increase in the final decision of the consumer.

5. Price of related goods. There are two types of related goods that can affect the
demand: substitutes (for example, butter and margarine) and complementary (toys
and batteries).
3. Write F for false or T for true

a. Production cost depends on Technology

F ( ) V (X)

b. As greater the expectations are, the lower will be the offer from the companies.

F (X) V ( )

c. One of the four Ps of marketing mix is Package

F (X) V ( )

d. Price is the amount a customer pays for the product

F ( ) V (X)

e. Planning is to transform and develop marketing objectives to marketing strategies.

F ( ) V (X)

4. Answer the following questions

a. What is Benchmarking?

It is the process by which information is collected and new ideas are obtained, by
comparing aspects of your company with the leaders or the strongest competitors in
the market. Benchmarking is a point of reference on which companies compare
some of their areas.

b. What is the process of Benchmarking?

1. Determine what benchmarking will be done: identify clients, needs and identify
and secure the necessary resources.
2. Form a benchmarking team: most of them are team activities and the roles and
responsibilities are assigned to the members.
3. Identify benchmarking partners: use information sources and identify the best
industrial and organizational practices.
4. Collect and analyze the benchmarking information: the specific collection methods
are selected, the information is made according to the needs of the original client.
5. act: this stage of the process is influenced by the needs of the original client and
by the uses of the information.

c. Number the aspects to be taken into account in Benchmarking:

Relevant aspects in benchmarking

Productivity:

It is the search for excellence in the areas that control incoming resources, and
productivity can be expressed by the volume of production and the consumption of
resources, which can be costs or capital.

Quality:

It refers to the level of value created of the products for the client over the cost of
producing them to the design of quality systems that ensure that the resulting quality
will adhere to or comply with predetermined specifications and standards.

Weather:

Faster flows in administration, sales, production and distribution have received

greater attention as a potential factor for improving productivity and competition.

5. Write the vocabulary (20 words) from the reading, and make a Glossary:
Organize the words in alphabetic order and write the meaning of each word.

1. Business: It consists of a method of forming or obtaining money in exchange

for products, services, or any activity that you want to develop.
2. Competition: is a patrimonial situation in which economic agents have the
freedom to offer goods and services suitable in the market, and to choose who they
buy or acquire these goods and services.
3. Customers: that natural or legal person who makes the commercial transaction
called purchase.
4. Demand: total amount of goods and services that can be acquired at different
market prices by a consumer or more.
5. Distribution: is that set of activities, which are carried out since the product was
made by the manufacturer until it has been purchased.
6. Life Cycle: it is a concept that refers to the appearance, development and
finalization of the functionality of a certain element.
7. Location: is the place where something is located or the action and effect of
locating (locating, locating or installing in a certain place or space).
8. Marketing Strategy: it is the creation of actions or tactics that lead to the
fundamental objective of increasing sales and achieving a sustainable competitive
advantage.
9. Mass Market: it is the strategy in which the company does not consider the
segmentation of the market, so it directs its strategy to all people, which are likely
to be future clients.
10. Offer: quantity of goods, products or services offered in a market under
certain conditions.
11. Organization: Action to organize or organize. "the company demands
changes in the management, administration and organization systems"
12. Packaging: is a container or wrap that contains products temporarily mainly
to group units of a product thinking about handling, transport and storage.
13. Partner: is the person who receives each of the parties in a partnership
contract. Through this contract, each of the partners commits to contribute capital
to a company, normally with a business purpose with the capacity to have more
capital.
14. Planning: it implies having one or several objectives in common, together
with actions required to be successfully concluded.
 15. Price: payment or reward assigned to obtain goods or services or, more
generally, any merchandise.
16. Product: it is an eligible, viable and repeatable option that the offer makes
available to the demand, to satisfy a need or meet a desire through its use or
consumption.
17. Promotion: It is a term that is used frequently in marketing is one of the
elements of the market mix.
18. Quality: it is that quality of the things that are of excellent creation,
manufacture or origin, Quality describes what is good, by definition, everything that
is of quality supposes a good performance.
19. Sale: it is an action that is generated from selling a good or service in
exchange for money. Sales can be by personal way, by mail, by telephone, among
other means.
20. Store: it is a place or physical space for the storage of goods within the supply
chain.

6. Write a ten lines text that summarizes the topic of the activity.

Within what was read in the material, supply and demand were discussed, which are
probably the most fundamental concepts of the economy. The concept of the market
is generally defined as a number of buyers and sellers (or plaintiffs and bidders) of
a particular good or service, who are willing to negotiate for the purpose of
exchanging goods. The demand is the global value of the market that expresses the
acquisitive intentions of the consumers. On the other hand, the offer is the set of
offers made in the market for the goods and services for sale. From what we can
say, that buyers 'preferences comprise the market demand side, and sellers'
preferences are on the market supply side.