AP04-EV04- INGLES: 

"TALLER DE COMPRENSIÓN DE LECTURA"

APRENDIZ: JUAN CARLOS LAGUADO FLÓREZ

INSTRUCTOR: DAVID LONDREY FLÓREZ LARROTA

SERVICIO NACIONAL DE APRENDIZAJE – SENA

TECNOLOGIA EN GESTION DE MERCADOS
2020
 DESCRIPTION OF THE REQUESTED EVIDENCE

Develop a reading comprehension workshop on technical terms in English,

referring to supply and demand.

ORIENTATION

Read carefully the text “Supply and Demand”, found in the learning object of
Project Activity 4, and answer:

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
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.
 e) 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 x

F( )V(x )

b. As greater the expectations are, the lower will be the offer from the companies.

F( )V(x )

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

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.

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?

Process of benchmarking Competition and its main aspects In benchmarking, it is
necessary to take into account the next aspects:

- Planning
It is the plan for running the benchmarking investigation.

- Analysis
After analyzing the information, it obtains a basis for comparison.

- Integration
Develop aims and incorporate them into the benchmarked process.

- Action
It refers to the action plans necessary to achieve the objectives decided in step 3.

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

In benchmarking, it is necessary to take into account the next aspects:

- 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 (20 words) from the reading, and make a Glossary:
Organize the words in alphabetic order and write the meaning of each word.

NO WORDS THE MEANING

1 Advertising the activity or profession of producing advertisements for commercial
products or services.
"her father was in advertising"
2 Benchmarking A measurement of the quality of an organization's policies, products,
programs, strategies, etc., and their comparison with standard
measurements, or similar measurements of its peers.
The objectives of benchmarking are (1) to determine what and where
improvements are called for, (2) to analyze how other organizations
achieve their high-performance levels, and (3) to use this information to
improve performance.
http://www.businessdictionary.com/definition/benchmarking.html
3 Demand Demand in economics is the consumer's desire and ability to purchase a
good or service. It's the underlying force that drives economic growth and
expansion. Without demand, no business would ever bother producing
anything.
4 Featured displayed, advertised, or presented as a special attraction
5 High-priced expensive; costly:
6 Life Cycle the series of stages in form and functional activity through which an
organism passes between successive recurrences of a specified primary
stage
7 Location position or site occupied or available for occupancy or marked by some
distinguishing feature : SITUATION
8 Maketin strategy A marketing strategy is a business's overall game plan for reaching
people and turning them into customers of the product or service that the
business provides. The marketing strategy of a company contains the
company’s value proposition, key marketing messages, information on the
target customer and other high-level elements. Read more: Marketing
Strategy Definition | Investopedia
https://www.investopedia.com/terms/m/marketing-
strategy.asp#ixzz5SSvckqU0
Follow us: Investopedia on Facebook
 9 Mass-market sold through such retail outlets as supermarkets and drugstores as well as
through bookstores
10 Packaging
2. Practice of combining several related goods or services into a single
offer. See also bundling.

http://www.businessdictionary.com/definition/packaging.html
11 Partner The legal relationship between two parties, having specific
rights and responsibilities as a common company.
12 Passion Emotion, feelings. The emotions as distinguished from reason, a strong
taste or devotion for some activity
13 Planimetry
14 Planning To transform and develop marketing objectives to marketing strategies.
15 Presentation It refers to the performances of presenting any of the 9P’s to your
suppliers, customers, clients, or partners. A descriptive or persuasive
account (Set forth for the attention of mind).
16 Price It´s is the amount a customer pays for the product. it includes Retail
price/wholesale, discounts, quantity discounts, credit terms, sales and
payment periods.
17 Product It´s the tangible object or service that can be offered to a market for
acquisition, use or consumption that might satisfy a want or need.
18 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
19 Supply The total amount of a product (good or service) available for purchase at
any specified price.
20 Technology  a manner of accomplishing a task especially using technical processes,
methods, or knowledge

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

Supply and demand is perhaps one of the most fundamental concepts of

economics and it is the backbone of a market economy. Demand refers to how
much (quantity) of a product or service is desired by buyers. The quantity
demanded is the amount of a product people are willing to buy at a certain price;
the relationship between price and quantity demanded is known as the demand
relationship. Supply represents how much the market can offer. The quantity
supplied refers to the amount of a certain good producers are willing to supply
when receiving a certain price. The correlation between price and how much of a
good or service is supplied to the market is known as the supply relationship. Price,
therefore, is a reflection of supply and demand.
The relationship between demand and supply underlie the forces behind the
allocation of resources. In market economy theories, demand and supply theory
will allocate resources in the most efficient way possible. How? Let us take a closer
look at the law of demand and the law of supply.