SUPPLY AND DEMAND

YENY PAOLA BETANCUR

TECNOLOGIA EN GESTION DE MERCADOS

CENTRO AGROPECUARIO LA GRANJA
SENA
2019
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 ( ) 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 ( ) 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 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.
b. What is the process of Benchmarking?
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 objetives decided in
step 3
c. Number the aspects to be taken into account in Benchmarking:
Product It is 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 communication 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 is 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 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.
Consumers: is a person or organization that demands goods or services a
change of money provided by the producer or provider of goods or services
Demand: quantity of goods and services that are acquired by consumers at
different prices
Distribution: set of activities, which was carried out since the product has been
manufactured by the manufacturer until it has been purchased
Income: The amounts that a company receives for the sale of its products or
services. The set of income received by citizens.
Marketing: set of processes and institutions that allow to create, communicate and
deliver offers for the exchange of goods and services, which have a value for
customers, companies and society in general
Organization: are administrative structures and administrative systems created to
achieve goals or objectives
Planimetry: is the graphic representation of the arrangement of goods or products
in a specific area of a commercial establishment product
Promotion: It refers to the communications with the public in an attempt to
influence them toward buying your products and/or services.
Production: Production is the activity that provides added value for the creation
and supply of goods and services.
Supply: it is related to the ability and disposition of producers to offer products for
sale.
Price: amount of money that society must give a change of a good or service. It is
also the amount of money allocated to a product or service.

6. Write a ten lines text that summarizes the topic of the activity.
This activity is developed in order to know technical terms in English on the law of
supply and demand, all the factors that are taken into account to define it,
knowing the importance of marketing in the supply and demand process,
therefore it can be defined that
The law of supply and demand is a basic economic model that serves to define the
amount of goods or services that the market allows us to acquire, in the same way
it also helps us define the amount of goods or services that a company could Sell a
price by determining at a given time