ORIENTACIÓN 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 d Price 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.
 User Expectations.
 Sales Staff Opinion.
 The Panel of Executives.
 Market Tests.
 Time Series Analysis.
 Statistical Analysis of Demand.

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 (x) V ( )
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 a method by which you take as a reference the products, services or
work techniques of other companies, to compare them with those of your own company
and then make improvements and implement them.
b. What is the process of Benchmarking?
It is the investigation of best practices that lead to superior performance" in the company.
c. Number the aspects to be taken into account in Benchmarking
1. Price.
2. Financial statements.
3. Marketing and advertising.
4. Market positioning.
5. Human resources.

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.
1. Brands: Signal that makes it possible to identify or distinguish something or to give
some information about it.
2. Luxurious: Having or spending luxury, usually costing a lot of money or time.
3. Jewellery: An establishment in which jewelry is made, arranged or sold.
4. Bought: It comes from the action to buy. To acquire a thing in exchange for a certain
amount of money.
5. Cheap: That has a low price or costs little money.
6. Adverts: Message by means of which a certain thing is announced or reported.
7. Research: It is an activity aimed at obtaining new knowledge.
8. Findings: It is something (thing, object) that is found or discovered.
9. Overall: Referring to a thing as a whole or to what is most characteristic of it, without
going into details or specifications.
10. Customer: A person who uses the services of a professional or company, especially
one who does so on a regular basis.
11. Stage: Place where an action or event takes place.
12. Freshen: To make something fresh or fresher.
13. Boost: To induce or stimulate someone to perform an action.
14. Chosen: Thing, object, animal or person that is selected or chosen.
15. Judged: Court or jurisdictional body constituted by a single judge.
16. Increase: To become greater in quantity, intensity, quality, etc., of a thing.
17. Fashion: Taste, custom or usage, or set of them, characteristic of a particular group,
period of time or place.
18. Flight plan: The information that, with respect to a flight is projected or part of the
same.
19. Recognition: A feeling expressed by a person who acknowledges or thanks a favor or
good received.
20. Appointments: Agreement or commitment between two or more persons about the
place, day and hour in which they will meet to meet or discuss some matter.

6. Write a ten lines text that summarizes the topic of the activity.
Supply is the quantity of a good or service that a seller offers for sale and demand is the
quantity of a good or service that people want to buy. Both supply and demand help us
evaluate how well the product performs in the marketplace.
Benchmarking is a process that helps us to evaluate the company by comparing the
different techniques of different companies. These 3 terms are widely used in marketing as
they allow us to have a better command of the market, they help us to have good quality
products or services that meet our needs. They are also of great help when we talk about
market management as they allow us to analyze and interpret different definitions and
functions that are very useful.
Together with technology, these terms provide us with a more productive life cycle in
which we can play a better role in the market to understand it and be able to solve any
problem presented.