Reading comprehension workshop

Laura Cárdenas Vanegas

Servicio Nacional de Aprendizaje SENA

Tecnólogo en Gestión de Mercado

Bogotá Colombia
2019
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.

Market research findings are important in developing the overall marketing mix for a given
product. By identifying specific customer needs a business can adjust the features, appearance,
price and distribution method for a target market segment

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 is comparing one's business processes and performance metrics to industry

bests and best practices from other companies. In project management benchmarking can also
support the selection, planning and delivery of projects. Also dimensions typically measured
are quality, time and cost. In the process of best practice benchmarking, management identifies
the best firms in their industry, or in another industry where similar processes exist, and
compares the results and processes of those studied (the "targets") to one's own results and
processes. In this way, they learn how well the targets perform and, more importantly, the
business processes that explain why these firms are successful. According to National Council
on Measurement in Education, benchmark assessments
 B. What is the process of Benchmarking?

There is no single benchmarking process that has been universally adopted. The wide appeal
and acceptance of benchmarking has led to the emergence of benchmarking methodologies.
One seminal book is Boxwell's Benchmarking for Competitive Advantage

The first book on benchmarking, written and published by Kaiser Associates, is a practical
guide and offers a seven-step approach. Robert Camp developed a 12-stage approach to
benchmarking. The 12 stage methodology consists of:

 Select subject
 Define the process
 Identify potential partners
 Identify data sources
 Collect data and select partners
 Determine the gap
 Establish process differences
 Target future performance
 Communicate
 Adjust goal
 Implement
 Review and recalibrate

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

Quality:It refers to the level of value created for the products for the client over the cost of
producing quality systems design that ensure that the quality can be added or meet the
predetermined standards.
In addition, it refers to organizational development on the basis that we focus so much on what
we do, on the development of human resources, on commitment and involvement, as well as
on training.

Productivity: It is the search for excellence in the areas that control input resources, and
productivity can be expressed by the volume of production and the consumption of resources
that can be costs or capital.

Time: Faster flows in administration, sales, production and distribution have received greater
attention as a potential factor for improving productivity and competition.

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: Dissemination or dissemination of information, ideas or opinions of a political,

religious, commercial, etc., with the intention that someone acts in a certain way, think
according to ideas or not be a specific product.

Application: In computer science, an application in a computer program designed as a tool to

allow a user to perform one or several types of tasks.
Brand: is a primary trademark and the set of identifiers with which it relates and offers a
product or service in the market.

Business: Occupation, activity or work that is done to obtain a profit, especially the one that
consists in carrying out commercial operations, buying and selling products or services.

Client: is the person or company receiving a good, service, product or idea, a change of money
or other item of value.

Company: Entity in which capital and labor are involved as factors of production of industrial
or commercial activities or for the provision of services.

Demand: total amount of goods and services that can be acquired at different market prices
per consumer or more.

Goods: material or immaterial things that, from a legal point of view, are objects of law, in the
same way that, from an economic perspective, they are limited and, consequently, have a value
that can be defined in the monetary terms.

Market: Theoretical place where the supply and demand of products and services are located
and the prices are determined.

Marketing: is the social and administrative process for which groups and individuals meet
their needs when creating and exchanging goods and services

Packaging: material that encloses an article with or without packaging, in order to preserve it
and facilitate its delivery to the consumer.

Price: Amount of money that allows the acquisition or use of a good or service.

Product: eligible, viable and repeatable option that the offer makes available to the demand,
to satisfy a need or meet a desire through its use or consumption

Promotion: Advertising campaign that is made of a specific product or service for a limited
time through an attractive offer.

Research: Research is an activity aimed at obtaining new knowledge and its application for
solving problems or questions
Rivalry: market structure in which there are enough bidders and claimants not to influence the
price.

Sales: it is a consensual, bilateral, onerous and typical contract in which anything of the parties
(seller) is obliged to give something in favor of the other (buyer) a change of a price in money.

Service: A service in a set of activities that seek to satisfy the needs of a client.

Supply: quantity of goods or services that producers are willing to sell to consumers under
market conditions.

Technology: A 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 model is used to analyze markets competitive where there are many
buyers and many sellers in where none of them has influence on the price.
The law of supply and demand reflects the relationship between the demand that exists for a
good in the market and the quantity thereof that is offered based on the price that is established.
It must be considered that the market is of free competition, there are negotiations between the
bidders and the plaintiffs and free merchandise traffic is allowed.
The theory says that speaking within a market of perfect competition, the price of a good will
be placed at a "point of equilibrium" where demand equals supply.
That point of equilibrium is the price at which consumers are willing to buy the good.