SUPPLY AND DEMAND

PRESENTED BY:
Laura Johana Bohórquez Ibarra
Wilson Palacios

SERVICIO NACIONAL DE APRENDIZAJE SENA

GESTION DE MERCADOS
FICHA: 2104712
2020
 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.

a. Tastes or preferences:
- Consumers may demand for an item one year and ignore it the next.

b. Number of consumers:
- A large quantity of buyers carries to an increase in demand; a small quantity of
buyers carries to a decrease.

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

d. 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.

e. Price of related godos:

- 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 companies 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

b. What is the process of Benchmarking?

Planning, Analysis, Integration, Action.

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:

a) ACCOUNT: Operation or set of mathematical operations necessary to find the result,

the value or the measure of something.
b) ACTRESS: person who plays a role in theater, television, radio or cinema, especially if
he is engaged in it professionally.
c) APPEAR: Going [a person] to a place where they are seen by other people, especially
if they do it unexpectedly.
d) APPOINTMENTS: Group of people that is organized to carry out an activity or work.
e) BEING: any living person or thing, belonging to something or someone
f) BUSINESSMEN: Owner or manager of a company.
g) COMPANY: Entity in which capital and labor intervene as factors of production of
industrial or commercial activities or for the provision of services.
 h) DEVICES: Piece or set of pieces or elements prepared to perform a certain function
and that generally form part of a more complex set.
i) EXPECTED: Hoping to achieve or achieve something you want.
j) HELPING: Action that a person does in a disinterested way for another to alleviate
their work, to achieve a certain goal, to alleviate or avoid a situation of distress or risk
that may affect them, etc.
k) HUNTING: Achieve something with skill, especially a good or difficult thing.
l) LEARNING: Acquisition of knowledge of something through study, exercise or
experience, especially the knowledge necessary to learn an art or trade.
m) MARKETPLACE: Theoretical place where the supply and demand for products and
services are found and prices are determined
n) PECKING: Food in which different foods are eaten and in small quantities.
o) RECENT: What has happened a short time ago, What has been done a very short time
ago and is fresh or tender
p) RELEASED: Dissemination or disclosure of information, ideas or opinions of a political,
religious, commercial nature, etc.
q) STARRING: first role, main
r) THOUSAND: represent the number 1.000
s) TRANSCRIPTS: Graphic representation of sounds by means of a special system of
signs.
t) WELL-KNOWN: Refers to brand or fame

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

When talking about the market segments that will be taken into account at the When
offering a product or service, various variables must be taken into account how; the
client's needs, their tastes, their income, the place, their age, etc.
But this is not only what a company must take into account, it is also important to think
about the improvement strategies that the company can use to increase the performance
not only of sales but of production.
this is why that a company should take the models of leading companies and evaluate
what are their strategies and what improvements can be applied to that model to later
implement them in the company and thus use them for improvement continuum of the
company.