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SUPPLY AND DEMAND

JERSON DARIO ALDANA RODRIGUEZ

FICHA: 2104673

PRESENTADO A:

SHELY MARIA TATIS DEL TORO

SENA CENTRO DE COMERCIO Y SERVICIO REGIONAL ATLÁNTICO

TECNÓLOGO EN GESTIÓN DE MERCADOS

2020
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1. MATCH THE WORD WITH THE CORRESPONDING MEANING:

a. Supply C Expensive
b. Demand A Desire to buy any product
c. High price D All people
d. Mass market E The lifetime of goods and services.
e. Life cycle B Disposition to offer products

2. ACCORDING TO THE TEXT, MENTION THE THINGS PEOPLE TAKE INTO

ACCOUNT TO DETERMINE THE DEMAND.

The measure of demand for a product or service will be the number of people who
buy or use it. And the evaluation of the demand (existing or potential) for a proposed
service or product, should be the first step taken to determine if an investment is feasible or
not.

Any investment proposal that lacks an explicit market study is, by definition,
inappropriate. It also refers that the tasks required to estimate market demand vary
depending on the type of product or service analyzed. Thus, it mentions that four general
categories of goods and services can be identified. Each of these categories has its own
characteristics and requires a different approach to assess demand.

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
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F() T ( X)
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?

It is the process by which information is collected and new ideas are obtained, by
comparing aspects of your company with the leaders or the strongest competitors in the
market

b. WHAT IS THE PROCESS OF BENCHMARKING?

1 PLANNING

The main objective of this first stage is to plan the research to be carried out. At this
stage we have to answer three questions:

 What do I want to measure? All research must have a reason, and this must be
related to an area of our company that we want to improve.

 Who am I going to measure? To answer this second question, we must ask

ourselves what kind of benchmarking we are going to follow: competitive, internal
or functional. Once we have made the decision, we will know if we will compare
ourselves with our own department or with a company within or outside the sector.
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 How are we going to do it? To carry out the project we have to create a work team
to be responsible for the organization and management of it.

2.DATA

Data collection is essential for benchmarking, the success or failure of the entire
process will largely depend on it. We can obtain data from different sources: internal,
professional associations or own research among others.

3.ANALYSIS

Once we have collected the necessary information, we have to analyze the elements
that cause the differences between our company and the companies studied, in order to
identify opportunities for improvement.

Once we have identified the magnitude of the differences, it is time to propose the
improvements that we are going to carry out. It must be taken into account that we will only
select those improvements that, due to size, resources and infrastructure, are feasible to
carry out by our company.

4.ACTION

The next step after analyzing the information and having selected the reference
aspects in the selected companies, is the time to adapt them to our company but always
implementing improvements.

In other words, after analyzing the information and identifying the best aspects of
the companies that we have selected, we take them as reference points to adapt them to our
company but always adding some improvement or some advantage that adds value to our
clients. .
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5 MONITORING AND IMPROVEMENT

In this last stage, a report should be made with all the important information of the
process. This will help you get back to work on later projects. The idea is that it becomes an
exercise of the company sustained over time to adopt continuous improvement.

c. NUMBER THE ASPECTS TO BE TAKEN INTO ACCOUNT IN

BENCHMARKING:

1. The price. It is the most important indicator in mass consumption and multi-brand
distribution. A continuous monitoring of the price level of the competition is a
requirement.

2. The financial statements. A comparison of the financial indicators of our company

with respect to the competition will show us in depth our entrepreneurial talent.
There are many indicators that we have to follow. Most are obtained from financial
reports required to submit to administrations.

3. Marketing, advertising and SEO positioning. It is not difficult to compare our

investment in advertising against the competition

4. Human resources. Are the employees well paid? Is there a risk that they will go to
the competition? Answers to these questions can be obtained thanks to the reports
published by recruitment companies, the advice of recruitment companies or other
types of practices such as the publication of fictitious personnel search ads. A timely
reaction allows us to retain quality talent by identifying aspects other than salary to
retain the most valuable employees.
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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.

 CLIENT: are people or families who request the goods and services of a company
and then use them for their personal consumption.

 COMPETITION: a situation in which there is an indefinite number of buyers and

sellers who try to maximize their profit or satisfaction. Thus, prices are determined
solely by the forces of supply and demand.

 MARKETING: is the science and art of exploring, creating and delivering value to
satisfy the needs of a profit target market. Marketing identifies unrealized needs and
wants. Define, measure and quantify the size of the identified market and the
potential profit

 NEED: it is a lack or scarcity of something that is considered essential.

 PRICE: from the Latin pretĭum, it is the monetary value that is assigned to
something. All the products and services offered in the market have a price, which
is the money that the buyer or client must pay to complete the operation.

 PRODUCT: is a thing or an object produced or manufactured, something material

that is made naturally or industrially through a process, for the consumption or
utility of individuals.
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 PROMOTION: is the action of promoting a person, thing, service, etc. Its objective
is to promote and disseminate products, services, goods or ideas, to publicize and
persuade the public to carry out an act of consumption.

 SALE: is an action that is generated from selling a good or service in exchange for
money.

5. WRITE A TEN LINES TEXT THAT SUMMARIZES THE TOPIC OF THE

ACTIVITY

The demand and supply operations are closely linked to the concept of price, which
justifies defining them in the following terms: the demand for anything, given the price, is
the quantity that is bought at that price, per unit of time . This definition includes the
concepts of price and time unit, since demand is meaningless if the price is not determined
and, if necessary, relate it to a certain period of time. It should be clarified that demand is
not the same as desire or need. There are many people who cannot buy a car and yet want
to have one, there are also many children who need to drink more milk than they do.

The offer means the quantity of a good that is put up for sale at a certain price for a unit
of time; it is the logical operation that complements the idea of demand.

Demand and supply can be used to explain factor markets, as well as product markets.
With some modifications, they can also be used to explain the effects of monopoly and to
analyze government spending. Economic decisions depend as much on what the public
wants as on what is possible.

Benchmarking, also called benchmarking, is one of the most popular and effective
business practices, and it is not limited to any particular area or company size. In summary,
this tool consists of making a comparison between your business and the competition (both
direct and indirect), as well as with leading businesses in other industries or other markets
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with the intention of discovering and analyzing what their winning strategies are and, if
possible, apply them in your own company.