READING COMPREHENSION WORKSHOP

APRENDIZ
CINDY JOHANA PACHECO AVILA

TEACHER
NATALIA CRISTINA CESPEDES

NATIONAL LEARNING SERVICE “SENA”

TECHNOLOGY IN MARKET MANAGEMENT
NOVEMBER 18- 2021
 READING COMPREHENSION WORKSHOP

1. Match the Word with the corresponding meaning:

A. Supply
B. Demand
C. High price
D. Mass market
E. Life cycle

_C_ Expensive
_B_ Desire to buy any product
_D_ All people
_E_ The lifetime of goods and services
_A_ Disposition to offer products

2. According to the text, mention the things people take into account to
determine the demand:

 Number of users: A high number of buyers leads to an increase in demand.

 Preferences: Consumers can buy an item one year and ignore it the next.
 Consumer expectations Users are interested in satisfying their consumption,
considering quality as the most important factor.

3. Write F for false or T for true.

a. Production cost depends on Technology

F()
T (X)
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()
T (X)
d. Price is the amount a customer pays for the product
F()
T (X)
e. Planning is to transform and develop marketing objectives to marketing
strategies
F()
T (X)

4. Answer the following questions.

a. What is Benchmarking?
It consists of taking "comparators" or benchmarks to those products, services and
work processes that belong to organizations that demonstrate good practices in the
area of interest, with the purpose of transferring knowledge of good practices and
their application..
b. What is the process of Benchmarking?

For a benchmarking plan to be effective, it must follow 5 stages: planning, data

collection, analysis, action, and monitoring:

1. Planning:
In this first stage, the investigation to be carried out is planned. Planning must
answer three questions: what we want to measure, who we want to measure and
how we are going to do it. The first step is to determine which parameters or areas
of our company we want to improve. Next, we must choose what type of
benchmarking we are going to use: internal, competitive or functional. Once this
point has been decided, we can either compare our work processes with other
brands; or analyse our own. Next, a work team must be created to take charge of
the project.

2. Data collection:
Data collection is one of the fundamental stages in this process. The more
information we can collect, the more complete the subsequent analysis will be and
the better results we will be able to obtain. We can obtain the data from various
sources: internal, from professional associations, from similar research, or from the
competing company itself.

3. Analysis:
Once all the information has been collected, the elements that make the difference
between our company and the brands studied must be analysed. During this stage
we can identify opportunities for improvement and those aspects in which our
company fails. Once the analysis is done, the improvements should be proposed. It
is important to consider the resources we have available to adapt the strategic plan
to our company. If you have a start-up and lack sufficient capital, you will not be
able to implement the same processes as a multinational that has been in the
market for years.

4. Action plan:
Once the information has been compiled, analysed and the pertinent proposals
having been prepared, it is time to act. The strategies collected must be adapted to
the resources of our company. Keep in mind that improvements must be value
propositions for customers.

5. Follow-up:
In this last stage, the benchmarking process must be monitored; as well as a
subsequent analysis that compiles all the notable information of said process.
Producing a report with the most important aspects that have been improved will
help us to detect new opportunities for improvement and to further improve
previous proposals. As we have stated previously, benchmarking is a continuous
process, which can be carried out as many times as necessary.

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

In benchmarking, it is necessary to take into account the next aspects:

 Product
 Price
 Sales Systems
  Payment Systems
 Advertising
 Promotion
 Location
 Organization
 Planimetry

6. 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.

Number Words The meaning

1 Advertising The activity or profession of producing advertisements for commercial
products or services.
2 Benchmarking 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.
3 Demand Demand in economics is the consumer's desire and ability to purchase
a good or service. It's the underlying force that drives economic
growth and expansion. Without demand, no business would ever
bother
4 Featured Displayed, advertised, or presented as a special attraction
5 High-Priced Expensive
6 Life Cycle The series of stages in form and functional activity through which an
organism passes between successive recurrences of a specified
primary stage
7 Location Position or site occupied or available for occupancy or marked by
some distinguishing feature : SITUATION
8 Maketin A marketing strategy is a business's overall game plan for reaching
Strategy people and turning them into customers of the product or service that
the business the company’s value proposition, key marketing mes
provides. The marketing strategy of a company contains sages,
information

7. Write a ten lines text that summarizes the topic of the activity
In summary of what i treated, the work topic was about supply and demand.
The market for goods and services exists thanks to the fact that there is a supply of
them and a willing demand to buy them.
Producers offer goods and services and consumers demand goods and services,
so that what is produced by one person is consumed by another.
In the market, the interaction of supply and demand determines the market
equilibrium, this is the quantity and the price. The price is a signal that guides both
companies and consumers, as it indicates how much people can and want to pay
and offer companies.
When, at the current price, demand exceeds supply, the price increases.
Conversely, when supply exceeds demand, the price decreases. An increase in
price sooner or later decreases demand and increases supply.