MARKET RESEARCH PROJECT

Apprentice

KAREN YAJAIRA AGUDELO AGUDELO

*PAULA YULIETH SILVA

CENTER OF THE INDISTRIA, THE COMPANY AND THE

SERVICES

MARKET MANAGEMENT

Zaragoza - Antioquia

2020

*Tutor
AP04-EV04- READING COMPREHENSION WORKSHOP
 Apprentice

CAMILO MENA SERNA

MATERIALS AND TESTS CENTER

MARKET MANAGEMENT

Zaragoza Antioquia

2020

Evidence

"Reading comprehension workshop"

 DESCRIPTION OF THE REQUESTED EVIDENCE

Develop a reading comprehension workshop on technical terms in English,

referring to supply and demand.

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 Expensive

b. Demand Desire to buy any product

c. High price All people

d. Mass market The lifetime of goods and services.

e. Life cycle Disposition to offer products

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

According to what is mentioned in the Text, the people they take into account to
determine the demand are:

1. Tastes or preferences. Consumers can demand an item a year and ignore it

the next.

2. Number of consumers. A large number of buyers leads to an increase in

demand; a small number of buyers leads to a decrease (Franny Chan website).

3. Income. When the income increases, the quantity demanded will increase as
well. When income drops, the demand for that product will also fall (Franny
Chan's website).

4. Consumer expectations. Buyers are interested in satisfying their consumption

with respect to quality as the most important factor. Similarly, the price the
pineapple has an effect on the potential increase in the final decision of the
consumer.

5. Price of related goods. There are two types of related goods that can affect
demand: substitutes (for example, apple and soursop) and complementary
(tomato and strawberry).

3. Write F for false or V 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?

It is the process by which information is collected and new ideas are obtained, by
comparing aspects of your company with the leaders or the strongest competitors
in the market. Benchmarking is a point of reference on which companies
compare some of their areas.

b. What is the process of Benchmarking?

1. Determine what benchmarking will be done: identify clients, needs and identify
and secure the necessary resources.

2. Form a benchmarking team: most of them are team activities and the roles
and responsibilities are assigned to the members.

3. Identify benchmarking partners: use information sources and identify the best
industrial and organizational practices.

4. Collect and analyze the benchmarking information: the specific collection

methods are selected, the information is made according to the needs of the
original client.

5. Act: this stage of the process is influenced by the needs of the original client
and by the uses of the information.

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

Relevant aspects in benchmarking

Productivity:

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

It refers to the level of value created of the products for the client over the cost of
producing them to the design of quality systems that ensure that the resulting
quality will adhere to or comply with predetermined specifications and standards.
Weather:

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.

1. Business: It consists of a method of forming or obtaining money in

exchange for products, services, or any activity that you want to develop.

2. Competition: is a patrimonial situation in which economic agents have the

freedom to offer goods and services suitable in the market, and to choose who
they buy or acquire these goods and services.

3. Customers: that natural or legal person who makes the commercial

transaction called purchase.

4. Demand: total amount of goods and services that can be acquired at

different market prices by a consumer or more.

5. Distribution: is that set of activities, which are carried out since the product
was made by the manufacturer until it has been purchased.

6. Life Cycle: it is a concept that refers to the appearance, development and

finalization of the functionality of a certain element.
7. Location: is the place where something is located or the action and effect of
locating (locating, locating or installing in a certain place or space).

8. Marketing Strategy: it is the creation of actions or tactics that lead to the

fundamental objective of increasing sales and achieving a sustainable
competitive advantage.

9. Mass Market: it is the strategy in which the company does not consider the
segmentation of the market, so it directs its strategy to all people, which are
likely to be future clients.

10. Offer: quantity of goods, products or services offered in a market under

certain conditions.

11. Organization: Action to organize or organize. "the company demands

changes in the management, administration and organization systems".

12. Packaging: is a container or wrap that contains products temporarily

mainly to group units of a product thinking about handling, transport and
storage.
13. Partner: is the person who receives each of the parties in a partnership
contract. Through this contract, each of the partners commits to contribute
capital to a company, normally with a business purpose with the capacity to
have more capital.

14. Planning: it implies having one or several objectives in common, together

with actions required to be successfully concluded.

15. Price: payment or reward assigned to obtain goods or services or, more
generally, any merchandise.

16. Product: it is an 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.

17. Promotion: It is a term that is used frequently in marketing is one of the

elements of the market mix.

18. Quality: it is that quality of the things that are of excellent creation,
manufacture or origin, Quality describes what is good, by definition, everything
that is of quality supposes a good performance.

19. Sale: it is an action that is generated from selling a good or service in

exchange for money. Sales can be by personal way, by mail, by telephone,
among other means.

20. Store: it is a place or physical space for the storage of goods within the
 supply chain.

Activity Summary

Within what was read in the material, supply and demand were discussed, which
are probably the most fundamental concepts of the economy. The concept of the
market is generally defined as a number of buyers and sellers (or plaintiffs and
bidders) of a particular good or service, who are willing to negotiate for the purpose
of exchanging goods. The demand is the global value of the market that expresses
the acquisitive intentions of the consumers. On the other hand, the offer is the set
of offers made in the market for the goods and services for sale. From what we can
say, that buyers 'preferences comprise the market demand side, and sellers'
preferences are on the market supply side.