English workshop

Name
Pérez Valderrama Yicela
Tovar Montaña Jennifer Geraldine
Vargas Ramírez Valentina Paola

Instructora

Sandra Paola Rodríguez Reyes

Ficha 1668006

Sena
2018
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------- Disposition of offer products
b. Demand-------Desire to buy any product
c. High price------- Expensive
d. Mass market------ All people
e. Life cycle----- The lifetime of goods and services
2. According to the text, mention the things people take into account to determine the
demand.
 Tastes or preferences
 Number of consumers
 Income
 Consumer expectations
 Price of related goods

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 the procedure to determine who the best is. That is a quantity of the
quality of the products, policies, company programs, tactics, etc., and their contrast with
standard measures, or similar amounts of others.
It is, also, the continuous systematic process to evaluate the companies that are recognized
as the best in their class.

b. What is the process of Benchmarking?

Benchmarking has different phases:
Planning
Analysis
Integration
Action
This serves to analyze and plan the improvement of products or services to be more
competitive with other companies that offer substitute or complementary products.

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

1. Product
2. Price
3. Sales systems
4. Payment systems
5. Advertising
6. Promotion
7. Location
8. Organization
9. Planimetry

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. Business: Occupation, activity or work that is done to obtain a benefit, especially

the one that consists in carrying out commercial operations, buying and selling
goods or services.

2. Demand: is what a consumer is willing to buy either a product or service at

different prices, either by necessity or pleasure.

3. Distribution: is to transport a product to the place of sale, then and where they are
going to consume it.

4. Expectation: possibility of achieving a goal or buying a product.

5. Income: is what people receive for their work and what they are willing to spend
on product.

6. Location: Situation or place where something is found.

7. Marketing: it is the discipline of analyzing the commercial management of

companies with the aim of capturing, retaining and making customers loyal through
the satisfaction of their needs.
 8. Partner: is the legal relationship between two parties, who have obligations to that
company.

9. Person: individual willing to demand a product for pleasure or necessity.

10. Place: situation or position, real or figurative, which corresponds to a person by its
function, importance or status

11. Planimetry: Part of the topography that deals with the measurement and
representation of a portion of the earth's surface on a flat surface.

12. Planning: To transform and develop marketing objectives for marketing strategies

13. Preference: circumstance of preferring a certain product over others.

14. Price: this is what the client is willing to pay, and the company to bid.

15. Product: is what is supply and demanded by consumers and company. For
example the eagle beer

16. Production: manufacture and elaboration of a product by passing through different

procedures

17. Promotion: is the attempt to influence the client to buy a certain product or
service.

18. Publicity: is the way to publicize a product or service by any form of

communication whether social networks or television.

19. Supply: is what is willing to bid or sell a company at that price.

20. Technology: 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.

The supply and demand is the most important in the market since the demand is what
customers need or are willing to buy and the offer what the company is willing to sell.
Taking into account aspects such as price, tastes and income, among others. Since to sell
you have to have people who want to buy the product or service at a certain price, it also
becomes necessary advertising, presentation of the product for people to recognize it
among the other substitute or complementary products.
The supply and demand is important in the market as this covers the important of the
product against others, in the specialists study the market for the product to offer to achieve
the company's objectives using techniques such as price, distribution, place and the most
important the product. So that the company and the product are positioned in the market
being the best.