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  • Supply and Demand: Benchmarking

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    jansen quiceno
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    The document discusses three topics: 1. Supply and demand - It explains that supply and demand curves are related to the equilibrium between price and quantity, and lists factors that determine supply like production costs and business objectives, as well as factors that determine demand like tastes, income, and price of related goods. 2. The market mix - It outlines the four Ps of marketing: price, promotion, place, and product. 3. Benchmarking - Benchmarking is defined as evaluating companies that perform better to define improvements. The objectives are to identify improvements needed and learn how other companies achieve higher performance. The process involves planning, analysis, integration, and taking action.

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    SUPPLY AND DEMAND

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    The document discusses three topics: 1. Supply and demand - It explains that supply and demand curves are related to the equilibrium between price and quantity, and lists factors that determine supply like production costs and business objectives, as well as factors that determine demand like tastes, income, and price of related goods. 2. The market mix - It outlines the four Ps of marketing: price, promotion, place, and product. 3. Benchmarking - Benchmarking is defined as evaluating companies that perform better to define improvements. The objectives are to identify improvements needed and learn how other companies achieve higher performance. The process involves planning, analysis, integration, and taking action.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    10 views2 pages

    Supply and Demand: Benchmarking

    Uploaded by

    jansen quiceno
    The document discusses three topics: 1. Supply and demand - It explains that supply and demand curves are related to the equilibrium between price and quantity, and lists factors that determine supply like production costs and business objectives, as well as factors that determine demand like tastes, income, and price of related goods. 2. The market mix - It outlines the four Ps of marketing: price, promotion, place, and product. 3. Benchmarking - Benchmarking is defined as evaluating companies that perform better to define improvements. The objectives are to identify improvements needed and learn how other companies achieve higher performance. The process involves planning, analysis, integration, and taking action.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    SUPPLY AND DEMAND

    They are two important topics in economy. They are related with equilibrium between price and quantity.

    Demand refers to disposition of consumers to buy any product and its curve is downward sloping, and Supply is when the producers
    offer products to sale, and its curve is upward sloping.

    We have to take into account some aspects to find the demand:

    - Tastes or Preferences, which product does the consumer prefer.


    - Number of Consumers.
    - Income, the relation between income and demand is directly proportional.
    - Consumer Expectations.
    - Price of related goods, there are two kind of related goods, substitutes and complementary.

    The supply is determined by

    - Price of Goods, when the good is more expensive, companies will offer a bigger quantity of it. Or when it becomes cheaper,
    companies will produce a little less.
    - Production Costs, is related to cost of production factors (work force, and capital K) and technology.
    - Business Objectives, the production depends of the kind of market and its expectations.

    THE MARKET MIX


    Marketing Mix sets out variables that all the business needs to understand to achieve overall business objectives.

    There are “Four Ps of McCarthy”

    1. Price (Payment, Period, Credit Terms, Allowances, Price List, Discounts)


    2. Promotion (Direct Marketing, Public Relations, Sales force)
    3. Place (Transport, Assortments, Location, Inventory)
    4. Product (Seizes, Design, Quality, Services, Warranties, Brand Name)

    BENCHMARKING
    Is the process of pick who’s the best one. It is an amount of the quality of company’s products, policies and programs. It is also the
    process for evaluating the companies that are better than others.

    Objectives of Benchmarking

    - To define what improvements are required.


    - To fin how other companies reach their higher performance levels.

    Process of Benchmarking

    - Planning: The plan to start


    - Analysis: Obtains information from results
    - Integration: Develop programs and tactics base on analysis
    - Action: Start with the plan to achieve objectives.
    -

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