“Supply and Demand”

Andrea Del Pilar Ramírez

Yenny Liliana Rodríguez Arévalo

Manyuri Yulieth Rodriguez Petevi

Tecnología En Gestión De Mercados

Servicio Nacional De Aprendizaje

2019
ORIENTACIÓN

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 C Expensive

b. Demand B Desire to buy any product

c. High price D All people

d. Mass market E The lifetime of goods and services.

e. Life cycle A Disposition to offer products.

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

demand.

1 tastes or Preferences:

Consumers may demand for an item one year and ignore it the next.

2 Number of consumers:

A large quantity of buyers carries to an increase in demand; a small quantity of buyers

carries to a decrease (Franny Chan website).

3 Income:

When income rises, the quantity demanded will rise too. When income falls, the

demand of that product will fall too (Franny Chan website).

4 Consumer Expectations

Purchasers are interested in satisfying their consumption regarding quality as the most

important factor. Likewise, the lead price has an effect on the potential increase of the

consumer´s final decision.

5 Price of related goods

There are two kinds 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 ( ) T (X)

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

companies F( X) T ( )

c. One of the four Ps of marketing mix is Package F (X) T ( )

d. Price is the amount a customer pays for the product F ( ) T (X)

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

strategies F( ) T (X)
4. Answer the following questions

a. What is Benchmarking?

Benchmarking is the procedure of determining who the best one is. It is an

amount of the quality of company’s products, policies, programs, tactics, etc., and their

contrast with standard measurements, or similar amounts of others.

It is, also the continuous systematic process for evaluating the company that are

recognized as best-in-class, for the following purposes:

● Establishing priorities, target, goals.

● Developing product and process objectives

● meeting or surprising industry best practices

Objectives of Benchmarking

● To define where and what improvements are requested

● To investigate how other organizations research their high performance levels.

● To use this information to improve the measurement of the results

b. What is the process of Benchmarking?

The process of benchmarking is

 1 Planning: It is the
plan for running the
benchmarking
investigation.

2 Analysis: After
analyzing the
information, it
obtains a basis for
comparison.

3 Integration: Develop
aims and incorporate
them into the
benchmarked process.

4 Action: It refers to
the action plans
necessary to
achieve the
objectives decided
in step 3.

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

● Product: It’s the thing produced by labor or effort.

● Price: It refers to the quantity of payment or compensation given by one party

to another in return for goods or services.

● Sales Systems: It is a set of principles, processes, strategies and tools that

are put into place to bring the company results day-in and day-out.

● payment systems: It is used for transferring money include debit cards, credit

cards, and e-commerce payment systems.

 ● Advertising It is a form of communications used to encourage or persuade an

audience to continue or take some new action.

● Promotion: it refers to the communications with the public in an attempt to

influence them toward buying your products and/or services.

● Location: it’s a place where something is or could be located.

● Organization: It is a social unit of people systematically structured and

managed to meet a need or to pursue collective goals on a continuing basis.

● Planimetry: It is the measurement of plane surfaces; for example, the

determination of, angles, horizontal distances and areas on a map.

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. Advertising

It is the business of trying to persuade people to buy products or services.

2. Benchmarking

Is the act of measuring the quality of something by comparing it with

something else of an accepted standard

3. Brand: Is a name given to a product and/or service such that it takes on an

identity by itself.
4. Consumer: a person who purchases goods and services for personal use.

5. Demand: it refers to the desire, ability, and disposition o f consumers to buy

any product.

6. Marketing mix: It is the combination of actions a company uses when selling

a product or service. These are often described as the four Ps (= product,

price, place, and promotion)

7. Packaging The wrapping material around a consumer item that serves to

contain, identify, describe, protect, display, promote and otherwise make the

product marketable and keep it clean. Packaging is more than just your

product's pretty face.

8. Partner One of the owners of a company or The legal relationship between

two parties, having specific rights and responsibilities as a common

company.

9. Payment Systems It is used for transferring money include debit cards, credit

cards, and e-commerce payment systems

10. Product: It is something that is made to be sold, usually something that is

produced by an industrial process or, less commonly, something that is grown

or obtained through farming

11. Strategy: A detailed plan for achieving success in situations such as war,

politics, business, industry, or sport, or the skill of planning for such situations

12. Planimetry It is the measurement of plane surfaces; for example, the

determination of, angles, horizontal distances and areas on a map.

13. Planning To transform and develop marketing objectives to marketing

strategies.
14. Price It refers to the quantity of payment or compensation given by one party

to another in return for goods or services. It´s is the amount a customer pays

for the product. it includes Retail price/wholesale, discounts, quantity

discounts, credit terms, sales and payment periods.

15. Product: It is something that is made to be sold, usually something that is

produced by an industrial process or, less commonly, something that is grown

or obtained through farming.It´s the tangible object or service that can be

offered to a market for acquisition, use or consumption that might satisfy a

want or need.

16. Organization It is a social unit of people systematically structured and

managed to meet a need or to pursue collective goals on a continuing basis.

17. Promotion It refers to the communications with the public in an attempt to

influence them toward buying your products and/ or services. This refers to

all of the communications that a company uses to increase knowledge about

the product or service in addition to persuade the consumer to purchase

(target segment).

18. Sales systems It is a set of principles, processes, strategies and tools that

are put into place to bring the company results day-in and day-out.

19. services: It is government system or private organization that is responsible

for a particular type of activity, or for providing a particular thing that people

20. Supply: to provide something that is wanted or needed, often in large

quantities and over a long period of time.

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

Supply and demand are the basic principles of a good developtment of the

economy and marketing.

The offer is the quantity of product that is presented to the public to sale and

the demand is the quantity of product that a consumer requires to supply their tastes

or needs, these variables are inversely proportional. when one increases the other

decreases.

On the other hand, Benchmarking refers to the observation of successful

processes from other companies to apply them in companies smaller to be part of the

continuous improvement.

We also learned the concept of marteking mix, which is an analysis of the

internal strategy commonly developed by companies. Four basic variables of its

activity are analyzed: product, price, distribution and promotion.

Referencias bibliográficas

Anónimo. (2019) The market thing. Servicio Nacional De Aprendizaje.

Colombia. PDF.

Anónimo (2019)The Cambridge Dictionary. Recuperado de:

https://dictionary.cambridge.org/es/diccionario/ingles/