Taller de comprensión de lectura

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

The things people take into account to determine the demand are the price
promotion, the nature of the product, competition and the place choosen to sell it.
Nowadays people look for having easier life style, therefore the technology is a
primordial element to access to the information and having an election of each
product.

3. Write F for false or T for true

a. Production cost depends on Technology

F (X) V ( )

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 consists of making a comparison between the performance of

my company and the competition or other industries or markets for discovering
and analyzing their winning strategies and, if posible, apply them in my
company.

b. What is the process of Benchmarking?

 In the Benchmarking process it should be take into account the process,

activities or functions
 What kind of Benchmarking are we going to use?
 To determine the process goal.
 To identify the desired benchmarking values.
 To determine the best of each point analyzed.
 To evaluate the results. planning objectives and goals for improvement.
 To implement the change plans.

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

There are five stages to make an effective benchmarking

 Planning: Planning must answer three questions: what we want to

measure, who we want to measure and how we are going to do it.
 Data collection: This is a fundamental stage because the greatest amount
of information must be collected to get the best results.
 Análisis: Once all the information has been collected, it is necessary to
analyze it, and find the diference between our company and the brands
studied, this in order to identify opportunities for improvement and those
aspects in which our company fails.
 Acción: After analyzing the information and preparing the pertinent
proposals, it is time to take action. The strategies collected must be adapted
to the resources of our company. It must be taken into account that the
improvements must be value propositions for the clients.
 Monitoring the plan: In this last stage, the benchmarking process must
be monitored; preparing a report with the most important aspects that have
been improved will help us to detect new opportunities for improvement.
6. 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.

GLOSSARY

Appearance: The appearance of a product influences consumer product

choice in several ways. ... A product's appearance can have aesthetic and
symbolic value for consumers, can communicate functional characteristics
and give a quality impression (functional value), and can communicate ease
of use (ergonomic value).

Boost sales: To increase sales you may have to introduce new products or
services, expand your market, increase your marketing activities or improve
customer service. ... If you are a manufacturer, this could mean increasing
your productivity to meet demand.

Business: Business marketing, also known as business-to-business

marketing, occurs when a business markets and sells its products or
services to another business or organization.

Competition: Competition is the rivalry between companies selling similar

products and services with the goal of achieving revenue, profit, and market
share growth. Market competition motivates companies to increase sales
volume by utilizing the four components of the marketing mix, also referred
to as the four P's.

Distribution: Distribution means to spread the product throughout the

marketplace such that a large number of people can buy it.

Features: Features are characteristics that set a product or service apart

from other similar items.

Inexpensive ítems: Not costing a lot of money.

Life Cycle: The term product life cycle refers to the length of time a
product is introduced to consumers into the market until it's removed from
the shelves.

Long term: Long-term marketing strategy should encompass the "big

picture" that you are trying to achieve with your marketing efforts. Your
long-term marketing strategy will typically be in place for six months to a
year or longer.
Marketing Mix: It is a combination of factors that can be controlled by a
company to influence consumers to purchase its products.

Market segment: A market segment consists of a group of customers who

share a similar set of needs and wants.

Market stalls: A market stall is a typically immobile, temporary structure

erected by merchants to display and shelter their merchandise in a street
market or other setting. Stalls are easily erected, taken down or simply
moved on wheels.

Market Size: Market size is the number of individuals in a certain market

segment who are potential buyers. Companies should determine market size
before launching a new product or service.

Mass Market: The market for goods that are produced in large quantities.

Packaging: The wrapping material around a consumer item that serves to

contain, identify, describe, protect, display, promote and otherwise make
the product marketable and keep it clean.

Price: Price is the cost consumers pay for a product.

Price promotion: Promotional pricing is a sales strategy in which brands

temporarily reduce the price of a product or service to attract prospects and
customers. By lowering the price for a short time, a brand artificially
increases the value of a product or service by creating a sense of scarcity.

Supply AND Demand: The amount of a commodity, product, or service

available and the desire of buyers for it, considered as factors regulating its
price.

Tired Brand: Brand fatigue is when your audience has heard/seen so much
from you that they actually ignore your advertisements (which is bad). In
fact, even if they do see/hear the advertisements, they've already cut you
off and your message is useless.
7. Write a ten lines text that summarizes the topic of the activity

Supply and demand are elements that define the market; These elements
relate the quantity of production and the price at which a product must be
sold; This is why they are determining factors in the decision-making of a
company.

The specific needs of the client must be identified to adjust the features,
appearance, distribution method, price and other factors in a target market
segment. In addition, trends and new technologies determine the life cycle
of the product, which is why marketing strategies must be used for each
stage in order to meet the objectives of the company.