Evidence

“Supply and Demand”

YOLANDA MORALES FLOREZ

INSTRUCTOR:
DAVID LONDREY FLOREZ LARROTA

TECNOLOGO EN GESTION DE MERCADOS

SERVICIO DE APRENDIZAJE – SENA

CENTRO DE FORMACION - COMERCIO
ANTIOQUIA – MEDELLIN
2020
Lea con atención el texto “Supply and Demand”, que se encuentra en el objeto de
aprendizaje de la Actividad de Proyecto 4, y conteste:

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.
Likes or preferences Consumers may order an item one year and ignore it the next.

The measure of demand for a product or service will be the number of people who buy or
use it.

This means that when a product is manufactured or a service is placed on the market, the
product must meet the characteristics that users are looking for, in terms of price,
packaging, quality and seasonal offer, among other factors.
If this is achieved, the product or service is sold, the money generated is used to continue
operations and cover the costs of the investment.

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?

It is a continuous process by which the products, services or work processes of the leading
companies are taken as a reference, to compare them with those of your own company and
then make improvements and implement them.

b. What is the process of Benchmarking?

For a benchmarking plan to be effective, it must follow five stages: planning, data
collection, analysis, action, and monitoring.

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

Product, price, sales system, payment system, 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.

Analysis: This process as a method of studying the nature of something or determining its
essential characteristics and relationships.

Goods and Services: Goods and services are merchandise, objects and activities that seek
to satisfy the needs of people.

Customer: A customer is a person or entity that purchases the goods and services offered
by a company.
Competition: refers to the existence of a large number of companies or people who offer
and sell a product (they are suppliers) in a given market, in which there are also people or
companies, called consumers or applicants, which, according to their preferences and
needs, they buy.

Taxpayer: It would be the legal person that obtains income throughout the fiscal year.

Demand: covers a wide range of goods and services that can be purchased at market prices,
either by a specific consumer or by the total set of consumers in a given place, in order to
satisfy their needs and desires.

Designers: is a professional who practices the design profession.

Distribution: it is the action and effect of distributing, it is very common in commerce to

name the distribution of products.

Strategy: It is made up of a series of planned actions that help make decisions and achieve
the best possible results.

Income: it is an increase in economic resources. They suppose increases in the net worth of
your company.

Integration: it is the act of joining, incorporating and / or intertwining parts so that they form part
of a whole.

Location: is the place where something is located or the action and effect of locating
(locating, locating or installing in a certain place or space).Brand it is a name, a term, a
sign, a symbol, a design, or a combination of any of them that identifies products and
services of a company and differentiates them from competitors.

Marketing: it is the process of getting people interested in a product or service of your

company. This happens through market research, analysis and understanding the interests
of your ideal clients.

Market: Set of consumers who want, can and are willing to buy or sell a product offered.
Business: Occupation, activity or work that is carried out to obtain a profit, especially that
which consists of carrying out commercial operations, buying and selling goods or services.

Price: Amount of money that allows the acquisition or use of a good or service.

Product: it is any good or service that a company produces with the purpose of marketing
it and satisfying a consumer need.

Promotion: a term that is used frequently in marketing is one of the elements of the market
mix.

Technology: Set of instruments, technical resources or procedures used in a specific field

or sector.

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

Market demand is one of the main factors used by companies to set the prices of their
products. Offer, refers to the amount of goods, products or services that are offered in a
market under certain conditions. The marketing mix is a strategy analysis of internal
aspects and commonly developed by companies. Four main business variables are taken
into account: product, price, distribution and promotion. A well-defined and clear
Marketing Mix allows us to: Make changes to our products, if necessary. Redesign in
innovate. Attract new customers or recover lost ones by clarifying everything related to
prices and costs.