Presentado por Benito Muñoz Castañeda.

Sena reginal Centro para la Formación Cafetera Regional Caldas

“Taller compresión 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 _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.

Tastes or preferences
Consumers may demand for an item one year and ignore it the next

Number of consumers
A large quantity of buyers carries to an increase in demand; a small quantity of buyers carries to a
decrease (Franny Chan website).

Income
When income rises, the quantity demanded will rise too. When income falls, the demand of that
product will fall too (Franny Chan website).

Consumer expectations
Purchasers are interested in satisfying their consumption regarding quality as the most important
factor. Likewise, the lead price has an effect on the potential increase of the consumer´s final
decision.

Price of related godos

There are two kinds of related goods that can affect the demand: substitutes (for example, butter and
margarine) and complementary (toys and batteries).
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

AVA - Formación en Ambientes Virtuales de Aprendizaje

Formato para Desarrollo
de Evidencia

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 Package
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 of determining who the best one is. It is an amount of the quality of
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.
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

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.
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

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.

WORDS THE MEANING

the activity or profession of producing advertisements for commercial products
Advertising
or services. "her father was in advertising".

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
Benchmarking
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.

Demand in economics is the consumer's desire and ability to purchase a good

Demand or service. It's the underlying force that drives economic growth and expansion.
Without demand, no business would ever bother producing anything.

Featured displayed, advertised, or presented as a special attraction

High-priced expensive

the series of stages in form and functional activity through which an organism
Life Cycle
passes between successive recurrences of a specified primary stage

A marketing strategy is a business's overall game plan for reaching people and
Maketin strategy turning them into customers of the product or service that the business
provides.
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

sold through such retail outlets as supermarkets and drugstores as well as

Mass-market
through bookstores

Practice of combining several related goods or services into a single offer. See
Packaging
also bundling.

The legal relationship between two parties, having specific rights and
Partner
responsibilities as a common company.

Emotion, feelings. The emotions as distinguished from reason, a strong taste or

Passion
devotion for some activity

A planogram is the graphic representation of the arrangement of goods or

Planimetry products in a specific area of a commercial establishment that can be a
gondola, an exhibitor or a selected space

Planning To transform and develop marketing objectives to marketing strategies.

Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

It refers to the performances of presenting any of the 9P’s to your suppliers,

Presentation customers, clients, or partners. A descriptive or persuasive account (Set forth
for the attention of mind).

It´s is the amount a customer pays for the product. it includes Retail
Price price/wholesale, discounts, quantity discounts, credit terms, sales and payment
periods
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

It´s the tangible object or service that can be offered to a market for acquisition,
Product
use or consumption that might satisfy a want or need

It is a set of principles, processes, strategies and tools that are put into place to
Sales Systems
bring the company results day-in and day-out

The total amount of a product (good or service) available for purchase at any
Supply
specified price.

a manner of accomplishing a task especially using technical

Technology
processes, methods, or knowledge
Presentado por Benito Muñoz Castañeda.
Sena reginal Centro para la Formación Cafetera Regional Caldas

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.