ACTIVITY FOUR

ESTABLISH SUPPLY AND DEMAND THROUGH

MARKET INFORMATION SYSTEM.

JEISSÒN DANIEL BASTOS ESPINEL

INSTRUCTOR
MARTHA ISABEL OSORIO VELEZ

MARKET MANAGEMENT TECHNOLOGY

1881642

NATIONAL SERVICE OF APREDIZAJE-SENA

TRADE AND SERVICES TRAINI
2019
 “TALLER DE COMPRENSIÓN DE LECTURA”.

Descripción de la evidencia

Desarrollar un taller de comprensión lectora sobre términos técnicos en idioma

inglés, referente a oferta y demanda.

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 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.
Market research findings are important in developing the overall marketing mix for a given
product. By identifying specific customer needs a business can adjust the features,
appearance, price and distribution method for a target market segment

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 (X) V ( )
4. Answer the following questions
a. What is Benchmarking?
It consists of taking "comparators" to those products, services and work processes that
belong to companies that demonstrate the best practices in the area of interest, in order to
transfer the knowledge of the best practices and their application.

b. What is the process of Benchmarking?

There is no single benchmarking process that has been universally adopted. The 12 stage
methodology consists of:
-Select subject
-Define the process
-Identify potential partners
-Identify data sources
-Collect data and select partners
-Determine the gap
-Establish process differences
-Target future performance
-Communicate
-Adjust goal
-Implementation
-Review and recalibrate

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

Quality:
It refers to the level of value created for the products for the client over the cost of
producing quality systems design that ensure that the quality can be added or meet the
predetermined standards.
In addition, it refers to organizational development on the basis that we focus so much on
what we do, on the development of human resources, on commitment and involvement, as
well as on training.

Productivity:
it is the relationship between the result of a productive activity and the means that have
been necessary to obtain said production. In the business field, productivity is defined as
the result of the actions that must be carried out to achieve the objectives of the company.

Time:
Faster flows in administration, sales, production and distribution have received greater
attention as a potential factor for improving productivity and competition.

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.
Advertising: Dissemination or dissemination of information, ideas or opinions of a
political, religious, commercial, etc., with the intention that someone acts in a certain way,
think according to ideas or not be a specific product.

Application: In computer science, an application in a computer program designed as a

tool to allow a user to perform one or several types of tasks.

Brand: is a primary trademark and the set of identifiers with which it relates and offers a product or
service in the market.

Business: Occupation, activity or work that is done to obtain a profit, especially the one
that consists in carrying out commercial operations, buying and selling products or
services.

Client: is the person or company receiving a good, service, product or idea, a change of
money or other item of value.

Company: Entity in which capital and labor are involved as factors of production of
industrial or commercial activities or for the provision of services.

Demand: total amount of goods and services that can be acquired at different market
prices per consumer or more.

Goods: material or immaterial things that, from a legal point of view, are objects of law, in
the same way that, from an economic perspective, they are limited and, consequently,
have a value that can be defined in the monetary terms.

Market: Theoretical place where the supply and demand of products and services are
located and the prices are determined.

Marketing: is the social and administrative process for which groups and individuals meet
their needs when creating and exchanging goods and services

Packaging: material that encloses an article with or without packaging, in order to

preserve it and facilitate its delivery to the consumer.

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

Product: eligible, viable and repeatable option that the offer makes available to the
demand, to satisfy a need or meet a desire through its use or consumption

Promotion: Advertising campaign that is made of a specific product or service for a limited time
through an attractive offer.

Research: Research is an activity aimed at obtaining new knowledge and its application
for solving problems or questions
Rivalry: market structure in which there are enough bidders and claimants not to influence
the price.
Sales: it is a consensual, bilateral, onerous and typical contract in which anything of the
parties (seller) is obliged to give something in favor of the other (buyer) a change of a price
in money.

Service: A service in a set of activities that seek to satisfy the needs of a client.

Supply: quantity of goods or services that producers are willing to sell to consumers under
market conditions.

Technology: A 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.

Supply and demand is used to analyze competitive markets where there are many
buyers and sellers in which none of them influences the price. The law of supply
and demand is the basic principle on which a market economy is based.
This principle reflects the relationship between the demand for a product and the
quantity offered for that product, taking into account the price at which it is sold.
The market is considered to be free competition And theoretically it is said that
within a market of perfect competition, the price of a good will be placed at an
equilibrium point where demand is equal to supply. This breakeven point is the price
at which consumers are willing to buy the good.