READING COMPREHENSION WORKSHOP

YULIETH XIMENA MORENO GÓMEZ

CENTER FOR BUSINESS AND TOURIST SERVICES

MARKET MANAGEMENT VIRTUAL MODALITY. CARD: 2175836
REGIONAL SANTANDER
BUCARAMANGA
2021
 READING COMPREHENSION WORKSHOP

YULIETH XIMENA MORENO GÓMEZ

WORKSHOP: PRODUCT EVIDENCE

INSTRUCTOR: NELSON EDUARDO DORADO

CENTER FOR BUSINESS AND TOURIST SERVICES

MARKET MANAGEMENT VIRTUAL MODALITY. CARD: 2175836
REGIONAL SANTANDER
BUCARAMANGA
2020
 EVIDENCE
"READING COMPREHENSION WORKSHOP".

ORIENTATION

Read carefully the text “Supply and Demand”, found in the learning object of
Project Activity 4, and answer:

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.

 Number of consumers.
 Consumer expectations.
 Tastes or preferences.
 Income.
 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 (X) V()

4) Answer the following questions:

a. What is Benchmarking?
Benchmarking refers to a comparison process that is carried out against other
companies in order to achieve greater success in the market after discovering
aspects that can be improved, and after the corresponding study of other
companies, highlighting what is needed to improve the efficiency of the company
and that it becomes a more important player in its industry. It’s worth mentioning
that benchmarking can be performed on any product, function, process or business
approach.

b. What is the process of Benchmarking?

 Planning:

In the first place, regarding the benchmarking process, it is essential to carry

out planning, since it is a process that allows the analysis of what you want
to improve, it also includes with whom it will be compared, and in what way
do you foresee the success.

 Information collection:

When what is going to be carried out has been planned, information is

collected on the processes that are carried out and those of the companies
analyzed or competitors. The information gathering process is dependent on
what is sought, since if, for example, you seek to improve your customer
service satisfaction index, you must understand very well the processes that
are generally carried out in the department, and also in what differs from
your competition. In this step, the importance is focused on gathering as
much information as possible.
  Analysis of Data:

After collecting the information that has been obtained, we proceed to take
advantage of it, trace it, and start the process that consists of understanding
each deficiency that occurs; the respective analysis of the information that
has been collected must be objective, and although no perfect business
should try to keep an open mind. When the analysis of said information is
carried out, different aspects and results are evidenced that can later be
written in a report and discussed to initiate an action that allows the
fulfillment of the purposes and the improvement of performance.

 Action:

In the benchmarking process, presenting the results obtained after the

collection of information is not as easy as it seems, especially when
changes and improvements are intended in the company, Presenting the
results to a department is never easy, especially when changes are
proposed in the company. For this reason, to proceed with the action, it
must be projected to an acceptance and that it is worthwhile, so much that it
generates general success.

 Monitoring:

It’s important to monitor the results to determine how successful the plan
has been executed. The implementation phase will have highlighted the
metrics and goals for success within a time frame, so monitoring them is the
only way to know the effectiveness of the changes. It’s important to mention
that the corresponding monitoring varies, since it can be done in a short
time, or on the contrary, in a long time, depending on what is intended to be
achieved.

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

There are several aspects that are very important to take into account when
carrying out a Benchmarketing, such as:
 The product.
 Promotion.
 The price.
 Location.
 Sales systems.
 Payment systems.
 Advertising.
 Organization.

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: It’s a set of strategies that focus on the objective of

disseminating information, ideas, and other aspects that are oriented to
publicize products or services of a company for society.

 Brand: It’s a primary commercial identification method that makes it easier

to offer a product or service to the market.

 Company: It’s an entity made up of human, material and technical

elements, in which capital and labor intervene as factors of production of
industrial or commercial activities or for the provision of services.

 Consumer: It’s known as a person or organization that demands goods or

services in exchange for money provided by the producer or supplier of
goods or services.

 Demand: Refers to a quantity and quality of goods and services that can be
purchased at different prices proposed by the market, by consumers at a
specific time.

 Goods: They are physical, cultural or intellectual elements that serve or

respond to the satisfaction of a specific need, in addition, these have a
monetarily defined value.

 Market: It’s that process that generates a relationship between an individual

who seeks a good or service with the individual who offers it, generating the
action of exchange. On the other hand, it’s important to mention that there is
a definition of the same term, which is recognized in that it’s a place where
the supply and demand of products and services is located and prices are
determined.
 Marketing: It’s a process in which different strategies are carried out that
focus on studying the behavior of markets, the commercial management of
companies and the needs of consumers.
 Planning: It’s the process and result that is obtained after carrying out good
procedures, organized, oriented and focused on obtaining specific
objectives using simple or complex tasks.

 Price: It’s the value or amount of money that is required for the acquisition
of some good or service.

 Product: It’s that result obtained after the execution of a production process
by a company or entity, who later offers it to satisfy a consumer need.

 Promotion: It’s an action used by a company about its products or services,

with the purpose of making it known to the consumer through a striking
offer.

 Quality: It’s the ability of a product or service to satisfy certain needs

according to specific parameters about its qualities. This quality can be
evaluated by the client or consumer, who when obtaining the product or
service, acquires the ability to assume conformity or, on the contrary,
rejection of it based on their satisfaction of needs.

 Research: It’s a procedure or activity carried out, focused on the acquisition

of specific objectives, for example obtaining greater knowledge of something
specific, and also, it is an action that allows the resolution of certain
problems or needs that one has.

 Rivalry: It’s a dispute between individuals who seek to position themselves

at a high level compared to others who are also focused on the same goal.

 Sale: It’s an action carried out by one party who wishes to offer a product or
service in favor of the other in exchange for some money.

 Service: It refers to a certain activity that focuses on satisfying the needs of

customers or consumers.

 Offer: It’s a proposal that is made regarding the quantity of goods or

services that producers are willing to sell to consumers on condition of
specific prices.

 Strategy: It’s a plan or procedure that is executed with the purpose of

solving a specific problem or need. It is important to mention that to carry
 out a strategy the planning of activities that allow obtaining great results
must be taken into account.

 Guarantees: It’s an action carried out by a person, company or business

with the purpose of securing what is offered and allowing to have the
certainty that, in case of defects in the operation of any product or service,
there will be a backup that covers and responds for the repair and proper
functioning of the same so that later it complies with the optimal conditions
of use.

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

The supply and demand is a pillar of any company of economic activity, since this
model allows to achieve competition, after knowing the tastes and preferences of
the society to whom it is directed, prices, and what substitutes can be found in the
market. There is no doubt that the market is one of free competition, allowing the
distribution of various products and negotiations between applicants and suppliers.
However, any company that wants to be successful in a definitive way, must
recognize that clear actions must be carried out, planning must be carried out,
maintaining clear objectives, carrying out periodic evaluations of conditions,
analysis, creating a need in the consumer and providing products or services that
are of quality, innovative and successful, that generate impact on customers and
competition in society.
 REFERENCIAS BIBLIOGRÁFICAS

Significados.com (2013). Significados, conceptos y definiciones sobre los temas

más variados. Obtenido de: https://www.significados.com/

Julián Pérez Porto & María Merino (2008). Definición de página web. Obtenido de:
https://definicion.de/pagina-web/

Mheducation (2012) La oferta, la demanda y el mercado. Obtenido de:

https://www.mheducation.es/bcv/guide/capitulo/8448181042.pdf