READING UNDERSTANDING WORKSHOP

DIEGO ALEJANDRO GARCIA POLANIA

SERVICIO NACIONAL DE APRENDIZAJE SENA

GESTION DE MERCADOS
2019
 READING UNDERSTANDING WORKSHOP

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.

3. Write F for false or T for true

a. Production cost depends on Technology

F (x ) V ( )
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 ( ) V (x )
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?

Benchmarking is a continuous process by which the products, services

or work processes of leading companies are taken as a reference, to
compare them with those of your own company and then make
improvements and implement them. It is not about copying what your
competition is doing, but learning what leaders are doing to implement it
in your company by adding improvements. If we take as a reference
those who stand out in the area that we want to improve and study their
strategies, methods and techniques to subsequently improve and adapt
them to our company, we will achieve a high level of competitiveness..

b. What is the process of Benchmarking?

1.Planning

The main objective of this first stage is to plan the research to be carried out.
At this stage we have to answer three questions:

-What do I want to measure? All research must have a reason, and this
must be related to an area of our company that we want to improve.

-Who am I going to measure? To answer this second question we must ask

ourselves what kind of benchmarking we are going to follow: competitive,
internal or functional. Once we have made the decision we will know if we
will compare ourselves with an own department or with a company inside or
outside the sector.

-How are we going to do it? To carry out the project we have to create a
work team to be responsible for the organization and its management.

2.Data
Data collection is essential for benchmarking, the success or failure of the entire
process will depend greatly on it. We can obtain data from different sources:
internal, professional associations or own research among others.3.Analysis

Once we have collected the necessary information, we must analyze the

elements that cause the differences between our company and the
companies studied, in order to identify opportunities for improvement.

Once we have identified the magnitude of the differences, it is time to

propose the improvements that we will carry out. We must bear in mind that
we will only select those improvements that, due to size, resources and
infrastructure, are feasible for our company to carry out.

5.Monitoring and improvement

In this last stage a report must be made with all the highlighted information
of the process. This will help resume work on subsequent projects. The idea
is that it becomes an exercise of the company sustained over time to adopt
continuous improvement.

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

The aspects to have in mind in Benchmarking are according to their approach

and these are: Product, Price, Sales systems, Payment systems, Advertising,
Promotion, Location, Organization, Planimetry.

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

Benchmarking: is the procedure o f determining who the best one is. It is an

amount o f the quality o f company’s products, policies, programs, tactics, etc.,
and their contrast with standard measurements, or similar amounts of others.
Demand: it refers to the desire, ability, and disposition of consumers to buy any
product.
Economy: Economics is a social science that studies the processes of
extraction,production, exchange, distribution and consumption of goods and
services. In sense figurative, economy means rule and moderation of expenses;
saving

Exportable Offer: The exportable offer refers to the products that are part of
the product portfolio or company services that are in a position to be exported

Export potential: It is generally defined as the ability of a company to take

advantage of the opportunities offered by the international market to export
products or services

Income: When income rises, the quantity demanded will rise too. When income
falls, the demand of that product will fall too

Marketing: Discipline dedicated to the analysis of market behavior and the

study of consumers, its objective is to capture, retain and loyalty of customers
by satisfying their needs.

Market niches: It is a group of people or companies with similar and complex

specific needs that They are part of a market segment selected by the
company. This group of people are characterized by being more demanding
and willing to pay more for a product. or personalized service

Marketing Mix: It is an analysis of the internal strategy commonly developed by

companies. Four basic variables of its activity are analyzed: product, price,
distribution and promotion

Market: In economic terms, the stage is called market (physical or virtual)where

a regulated set of transactions and exchanges of goods takes placeand
services between buying and selling parties that implies a degree of competition
among participants based on the supply and demand mechanism.

Packaging: They can be used by brands to seduce potential customers and

end up buying the product. Design, both graphic and shape, is a phenomenon
that is constantly evolving. Information on safety and handling of the same
packaging and the final product.
Price: In Economics the price is known as the amount of money that society
you must give in exchange for a good or service. It is also the amount of money
allocated to a product or service, or the sum of the values that buyers exchange
for the benefits of having or using or enjoying a good or service.

Price management: Price management is a business strategy that aims to

build a system of optimal prices for each of the products or services in the
catalog offered by a company, with the purpose of achieving the highest
possible profit

Promotion: 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).

Production: Production can be defined as the result of the action of produce,

that is, on the one hand, to generate a product, a material or immaterial object,
and on the other, it designates the process carried out so that the work exists

Product: From the Latin productus, it is known as a product to what has been
manufactured. This definition of the term is quite broad andit allows very diverse
objects to be included within the generic concept ofproduct. In this way, a table,
a book and a computer, for example, they are products.

Service: From the point of view of marketing and economy, services are the
activities that try to meet the needs of customers. Services they are the same
as a good, but not materially. This is because the service it is only presented
without the consumer owning it

Utility: The ability that something has to generate profit is called utility.It can
also refer to the earnings that a particular business, company or asset
generated over a period of time.

Sale: The sale is the action and effect of selling. The sale is the delivery of
products or services in exchange for money. Sales can be by personal means,
by mail,by phone, among other means.
Supply: it is related to the abilityand disposition of producers to offer products
for sale.

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

In this main activity he taught us about all the variables that exist at the time of
launching a product and keeping them in force in a market, since there is a very
large diversity of processes that must be passed to achieve a good result since
positioning a product is very complicated because it is necessary to make a
distinction in order to capture the attention of our potential clients, but from all
that is seen, I consider that the game of supply and demand is a key point to
consolidate and achieve results because of these two variables break down
many more that make that a satisfactory job be done.