READING COMPREHENSION

Autor:
NATHALIA SILVA SANTOS

Teacher:
MELISSA HERNANDEZ BLANCO

Servicio Nacional de Aprendizaje – SENA

Gestión de Mercados
Regional Cesar
2019
 READING COMPREHENSION

1. Mach 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 cicle __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: the
features, appearance, Price and distribution method for a target market
segment; identifying specific customer needs; income of buyers and
number of buyers.

3. Write F for false or T for true.

a. Production cost depends on Technology F(x) T()

b. As greater the expectations are, the lower will be the offer from the
companies. F() T(x)
c. One of the four Ps of marketing mix is Package. F(x) T()
d. Price is the amount a customer pays for the product F() T(x)
e. Planning is to transform and develop marketing objetives to marketing
strategies. F() T(x)

4. Answer the following questions

a. What is Benchmarking?
Benchmarking is a tool of strategic management, that allows organisation to
set goals and measure productivity, on the basis of the best industry

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 practices. It is a practices in which quality level is used as a point
of reference to evaluate thing by making a comparison.
The process helps in comparing and gauging the processes, programs,
strategies and performance metrics the standard measurements or to other
similar companies. It is concerned with analysis of three major dimensions:
 Quality
 Time
 Cost
It is a useful technique for enhancing the organization`s performance by
identifying and implementing the finest process and practices, for achieving
them, the process involves repeatedly evaluating the aspects of perfomance
with the similar measurements of its peers, identifying the gaps, discovering
new methods for filling gaps and also for excelling the condition, so that the
gaps might prove positive for the organisation.

TYPES OF BENCHMARKING
 International Benchmarking: When measurement and comparison of key
operations between teams, groups and individuals is made within the
organisation, the benchmarking is said to be internal.
 Extenal Benchmarking: When measurement and comparison of key
operations is made whit the competitors, then, it is called as external
benchmarking.

APPLICATION OF BERCHMARKING
The process entails looking outside the organisation to study what others do
to achieve their performance level and also the processes they use. So, the
approach helps in determining the procesess behind the exceptional
performance. It can be applied in the following áreas:
 Human Resource Management
 Product Development
 Product Distribution
 Maintenance operations
 Plan utilisation levels
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  Customer Services

b. What is the process of Benchmarking?

1 planing 2 Analisys 3 Integration 4. Action:

 Identifying the need for Benchmarking
 Understanding the existing process and practices
 Obtaining support and approval from the top management
 Identifying best practices
 Making a comparison between the firm´s processes and performance with
those of rivals.
 Preparation of report, regarding the differences in standard and actual
results.
 Implementing steps necessary for filling gaps in performance.
 Evaluation and review.

Benchmarking does not provide a solution to all the problems rather it

analyses the situations and processes and helps in improving the
performance. It is a continuos improvement processes; hence, the
benchmarking excersises are applied appropriately and performed regulary,
so as to gaing competitive advantage and also refining performance in the
major areas business. In the process, a firm`s major opertations are
measured and compared with the rivals and acknouledged leaders of the
industry.

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

 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

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  Payment systems: it is used for transferring money include
debit cards, credit cards, and e-commerce payment systems.
 Advertising: It is a form of comunication used to encourage or persuade
and audience to continue or take some new action.
 Promotion: It refers to the comunications 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 colletive 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.

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.

 Appearance: The act or fact of appearing, as to the eye or mind or before

the public: the unannounced appearance of dinner guests; the last
appearance of Curasao in Aida.
Th estate, condition, manner or style in which a person or object appears;
outward look or aspect.

 Businessman: a man regulary employed in business, especially a White-

collar worker, executive, or owner.

 Company: An organitazion that sells goods or services in order to make

money: He Works for software company / a company that makes software.

 Customer: A person who buys goods or a service: a satisfied customer;

Mr Wilson is one of our regular customer.

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  Cheap: Costing Little money or less than is usual or
expected: I got a cheap flight at the last minute.

 Cheerful: happy and positive: He`s usually fairly cheerful.

 Designer: is a person whose job is to desing things by making drawings of

them: Caroline is a fashion designer.

 Distribution: The process of giving things out to several people or

spreading or supplying something : Has the Channel Tunnel improved the
distribution of goods between the British isles and mainland Europe?

 Exclusive: if you describe something as exclusive, you mean that it is

limited to people who have a lot money or who belong to a high social
class and is therefore not available to everyone. Something that is
exclusive is used or owned by only one person or group and not share
with anyone else.

 Features: Means of providing benefits to customers. A features is a

distinctive characteristic of a good or service that sets it apart from similar
ítems. Customers, however, want a benefit and do not care much about
the features which are touted by every supplier as unique or superior.

 High Price: Used usually for products with inelastic demand it is

appropriate where a super Premium segment is growing near the top end
of the market, cheaper products are crowding the bottom end or when
there is scope for a prestige Brand.

 Life cycle: concept that compares the cyclical nature or families,

organizations, processes, products and systems with the cradle to grave
life stages (birth, growth, maturity, decay and death) of living organisms.
Pattern of demand for a good or service from introduction, growth,
stagnation and decline.
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  Market segmentation: The process of defining and subdividing a large
homogenous market into clearly identifiable segments having similar
needs, wants or demand characteristics. Its objective is to desing a
marketing mix that precisely matches the expectations of customers in the
targered segment.
Few companies are big enough to supply the needs of an entire market;
most must breakdown the total demand into segments and choose those
that the company is best equipped to handle.

 Marketing: The management process through which goods and services

move from concept to the customer. It includes the coordination of four
elements called the 4 P`s of marketing:
1. Identification, selection and development of a product.
2. Determination of its Price
3. Selection of a distribution channel to reach the customer´s place.
4. Development and implementation of a promotional strategy.

 Marketplace: An actual or nominal place where forces of demand and

supply opérate, and where buyers and sellers interact (directly or through
intermediaries) to trade goods, services or contracts or instruments for
money or barter. Markets iclude mechanisms or means for determining
Price of the traded ítem, communicating the Price information facilitating
deals and transactions and effecting distribution.

 Mass Market: Un-segmented market in which products with mass appeal

products (aspirin, orange juice, soft drinks, paperback romances, etc. Are
offered to every customer througth mass retailers or independent store
and promoted through mass media.

 Packaging: Processes (such as cleaning, drying, preserving) and

materials (such as glass, metal, paper or paperboard, plastic) employed to
contain, handle, protect, and/or transport and article. Role of packaging is
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 broadening and may incluide funtions such as to attract
attention, assist in promotion, provide, machine identification (barcodes,
etc) impart essential or additional information and help in utilization.

 Price: a value that will purchase a finite quantity, weight or other measure
of a good or service. As the consideration given in Exchange for transfer of
ownership, Price forms the essential basis of commercial transations. It
may be fixed by a contract. Left to be determined by an agreed upton
formula at a future date or discovered or negotiated during the course of
dealings between the parties involved.

 Sales: the activity or business of selling products or services. An

alternative term for sales revenue or sales volume.

 Social Media: Primarily internet or celular phone based applications and

tools to share information among people. Social media includes popular
networking websites, like Facebook and Twitter; as well as bookmarking
sites like Reddit. It involves blogging and fórums and any aspect of an
interactive presence which allows individuals the ability to engage in
conversations whit another, often as a discussion over particular blog post,
new article, or event.

6. Write a ten lines text that summarizes the topic of the activity.

The topic is about benchmarking, consists of defining specific performance

standards in areas such as production cost, cycle time and prices charged. Is a
process by which you can find answer to questions regarding the performance of
your business, identifying and understanding the best practices and processes of
other business and organizations, also, identifying the marketsegment for your
goods or services. According to the example of the Reading, exist goods and service
for exclusive markets and mass markets, which use different marketing strategies.
Benchmarking process consist of five steps:

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 a. Planing: identify function to benchmarking, identify best-in-class
organitazions in that funtion and selecct data colletion.
b. Analysis: Measure and compare organizations performance and identify best
practices to close gap.
c. Integration: Develop action plan
d. Action: Implement actions and monitor progress.

Reading also adresses the importance of technology in the significant change of

goods and services and in this way marketing must adjust to that change.

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 REFERENCES

 BUSINESS JARGONS, “Benchmarking”. [online] (2018) Retrieved from

https://businessjargons.com/benchmarking.html.

 RILEY, Jim, “What is Benchmarking?”, Tutor2u [online] Retrieved from

https://www.tutor2u.net/business/reference/what-is-benchmarking

 WILKINSON, Jim, “Benchmarking” WikiCFO [online] [july 23, 2013]

Retrieve from https://strategiccfo.com/benchmarking/

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