THE MARKET THING

HERNAN DAVID RANGEL MARTINEZ

SERVICIO NACIONAL DE APRENDIZAJE

FICHA: 1096998
BARRANCABERMEJA
2018
1. MATCH THE WORD WITH THE CORRESPONDING MEANING:

a. Supply __C____Expensive
b. Demand ____D___Desire to buy any product
c. High Price ____B___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.

1. Tastes or preferences
Consumers may demand for an item one year and ignore it the next.

2. Number of consumers
A large quantity of buyers carries to an increase in demand; a small quantity of buyers
carries to a decrease (Franny Chan website).

3. Income
When income rises, the quantity demanded will rise too. When income falls, the
demand of that product will fall too (Franny Chan website).

4. Consumer expectations
Purchasers are interested in satisfying their consumption regarding quality as the most
important factor. Likewise, the lead price has an effect on the potential increase of the
consumer ́s final decision.

5. Price of related goods

There are two kinds of related goods that can affect the demand: substitutes (for
example, butter and margarine) and complementary (toys and batteries).
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()
V (X)
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 of determining who the best one is. It is an amount of the
quality of company’s products,policies, programs, tactics, etc., and their contrast with
standard measurements, or similar amounts of others.
It is, also, the continuous systematic process for evaluating the companies that are
recognized as best-in-class, for the following purposes:
• Establishing priorities, target, goals
• Developing product and process objectives
• Meeting or surprising industry best practices
B. WHAT IS THE PROCESS OF BENCHMARKING?

1. PLANNING

It is the plan for running the benchmarking investigation.

2. ANALYSIS

After analyzing the information, it obtains a basis for comparison.

3. INTEGRATION

Develop aims and incorporate them into the benchmarked process.

4. ACTION

It refers to the action plans necessary to achieve the objetives decided in step 3.

C. NUMBER THE ASPECTS TO BE TAKEN INTO ACCOUNT IN

BENCHMARKING
 Product
 Price
 Sales systems
 Payment systems
 Advertising
 Promotion
 Location
 Organization
 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.
DEMAND: it refers to the desire, ability, and disposition of consumers to buy any product

SUPPLY: it is related to the ability and disposition of producers to offer products for sale
PRODUCT: It ́s the tangible object or service that can be offered to a market for
acquisition, use or consumption that might satisfy a want or need.
PRICE: It ́s is the amount a customer pays for the product. it includes Retail
price/wholesale, discounts, quantity discounts, credit terms, sales and payment periods.
PLACE: It represents the location where a product or service can be purchased and the
distribution channel. coverage, assortments, locations, inventory and transportation of the
product or service.

PROMOTION: This refers to all of the communications that a company uses to increase
knowledge about the product or service in addition to persuade the consumer to purchase
(target segment).

PASSION: Emotion, feelings. The emotions as distinguished from reason, a strong taste
or devotion for some activity.

PRESENTATION: It refers to the performances of presenting any of the 9P’s to your

suppliers, customers, clients, or partners. A descriptive or persuasive account (Set forth
for the attention of mind).

PEOPLE: A product focusing on a specific target market based on demographic,

geographic, psychographic and behavioral characteristics. Once the target market is
chosen, the company can develop its marketing strategies to target this market.

PARTNER: The legal relationship between two parties, having specific rights and
responsibilities as a common company.
PLANNING: To transform and develop marketing objectives to marketing strategies.

BENCHMARKING: is the procedure of determining who the best one is. It is an amount
of the quality of company’s products, policies, programs, tactics, etc., and their contrast
with standard measurements, or similar amounts of others.
PLANNING: It is the plan for running the benchmarking investigation.

ANALYSIS: After analyzing the information, it obtains a basis for comparison.

INTEGRATION: Develop aims and incorporate them into the benchmarked process.

ACTION: It refers to the action plans necessary to achieve the objetives decided in step3.
PAYMENT SYSTEMS: It is used for transferring money include debit cards, credit
cards, and e-commerce payment systems.

ADVERTISING: It is a form of communication used to encourage orpersuade an

audience to continue or take some new action

ORGANIZATION: It is a social unit of people systematically structured and managed to

meet a need or to pursue collective goals on a continuing basis.

PLANIMETRY: It is the measurement of plane surfaces; for example, the determination

of, angles, horizontal distances and areas on a map

6. WRITE A TEN LINES TEXT THAT SUMMARIZES THE TOPIC OF THE

ACTIVITY

Market Thing text analyses different factors that have to do with

the demand and supply of the market in which it will enter a
product or service for its foray into the market, analysed factors of
impact of the supply and demand potential and current clients also
discusses and gives to understand the meaning of the 4 P's and what
are the factors that compose it and its impact on the market, also is
accomplished identify different concepts that are part of the
commercial sector.