“Supply and Demand”

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.

a. tastes or preferences
b. number of consumers
c. income
d. consumer expectations
e. price of related goods

3. Write F for false or T for true

a. Production cost depends on Technology

F ( ) V (T)

b. As greater the expectations are, the lower will be the offer from the companies.
F (F) V ( )

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

F (F) V ( )

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

F (F) V ( )

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

strategies
F ( ) V (T)

4. Answer the following questions

a. What is 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.

b. What is the process of Benchmarking?

• Establishing priorities, target, goals
• Developing product and process objectives
• Meeting or surprising industry best practices

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

 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.

1-Demand: it refers to the desire, sire, ability, and disposition of consumers to buy
any product.
2- Supply: it is related to the ability and disposition of producers to offer products
for sale.
3-Price: paymend period credit terms allowances price list dicounts
4-

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

Supply and demand are two important concepts in economy. They are related
each other, because when one in creases, the other decreases. They are related
too with quantity of products and with equilibrium in price. To determine the
demand must be taken into account: tastes of preferences, number of consumers,
income, consumer expectations, price of related goods. Supply and demand are
two essential aspects in the market. Because the market is dynamic, marketing
specialists use a variety of tools in order to achieve the goals of the company
through combination or mixture (mix). These tools are known as the “Marketing
Mix”, which refers to the kinds of marketing variables. The four Ps of marketing
mix are: Price, product, promotion and place. 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.