The document discusses supply and demand. It defines key terms like supply, demand, price, and mass market. It also covers factors that influence demand, like needs, price, competition, and expectations. Marketing concepts are explained, including the four Ps and marketing mix. Benchmarking is defined as measuring a company's performance against industry best practices. The document provides a glossary of 20 marketing and economic terms.
The document discusses supply and demand. It defines key terms like supply, demand, price, and mass market. It also covers factors that influence demand, like needs, price, competition, and expectations. Marketing concepts are explained, including the four Ps and marketing mix. Benchmarking is defined as measuring a company's performance against industry best practices. The document provides a glossary of 20 marketing and economic terms.
The document discusses supply and demand. It defines key terms like supply, demand, price, and mass market. It also covers factors that influence demand, like needs, price, competition, and expectations. Marketing concepts are explained, including the four Ps and marketing mix. Benchmarking is defined as measuring a company's performance against industry best practices. The document provides a glossary of 20 marketing and economic terms.
The document discusses supply and demand. It defines key terms like supply, demand, price, and mass market. It also covers factors that influence demand, like needs, price, competition, and expectations. Marketing concepts are explained, including the four Ps and marketing mix. Benchmarking is defined as measuring a company's performance against industry best practices. The document provides a glossary of 20 marketing and economic terms.
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Oferta y demanda
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. Lyfe cycle a - Disposition to offer products
2. According to the text, mention the things people take into account to determine the demand.
According to the text, the aspects to be taken into account to determine demand are the following: needs, price, competition against other complementary goods, consumer expectations, desires, trends, among others.
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 ( ) V (x) 4. Answer the following questions.
a. What is Benchmarking?
Is a process of measuring the performance of a company's products, services or
processes against those of another company considered the best in the industry, also known as "best in class".
b. What is the process of Benchmarking?
A product, service or internal department is chosen for comparison.
Determine which best-in-class companies to benchmark against, which
organizations you will benchmark your business against.
Gather information on your internal performance or metrics Compare data
from both organizations to identify gaps in your company's performance.
Adopt established best-in-class processes and policies.
c. Number the aspects to be taken into account in Benchmarking:
- Improve employee understanding of cost structures and internal processes.
- Encourage team building and cooperation to become more competitive.
- Improve familiarity with key performance metrics and improvement opportunities
across the enterprise.
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.
Price: The price is the payment or reward assigned to obtain goods or services or, more generally, to any commodity.
Market: is made up of all the consumers or potential buyers of a product. The size of this, from one perspective, is closely related to the number of buyers that would exist for an offer. Demand: is one of the two forces that is present in the market and represents the quantity of products or services that the target public wants and is able to acquire to satisfy their needs or wants. It represents the quantity of goods and/or services that buyers or consumers are willing to purchase to satisfy their needs or wants.
Supply: property willing to be disposed of in exchange for a price. When market
conditions are characterized by the joint price of all pairs of market price and supply, they form the so-called supply curve.
Mass market: is a marketing strategy in which a company decides to ignore
market segment differences and appeal to the entire market with one offer or strategy. The idea is to convey a message that reaches as many people as possible.
Marketing: is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unrealized needs and wants. It defines, measures and quantifies the size of the identified market and the potential profit.
Marketing strategy: is the style and method used to create sales opportunities. It serves to communicate and position the products and services of a company, and translates into operational lines that allow reaching a target market through the appropriate channels.
Life cycle: the life cycle of a product is understood as the set of stages through which a product passes from its introduction to the market until its withdrawal.
Economic assets: economic goods or scarce goods, as opposed to free goods,
are those that are acquired in the market, but for which a price is paid and which directly or indirectly satisfy a need.1 In other words, they are material and immaterial goods that have an economic value and, therefore, are susceptible to being evaluated in monetary terms.
Service: set of activities aimed at satisfying the needs of a client. Services rarely include a variety of activities that can be planned to be performed by a large number of people (civil servants, employees, entrepreneurs) working for the state (public services) or for private companies.
Technology: it constitutes a set of scientifically ordered knowledge that allows the
design and creation of goods or services that facilitate adaptation to the environment, as well as the satisfaction of essential individual needs and the aspirations of humanity. Product: is an eligible, viable and repeatable option that supply makes available to demand, to satisfy a need or satisfy a desire through its use or consumption.
Promotion: refers to raising customer awareness of a product or brand,
generating sales and building brand loyalty.1 It is one of the four basic elements of the marketing mix, which includes the four Ps.
Company: is a productive unit grouped and dedicated to develop an economic
activity for profit. In our society, the continuous creation of companies is very common.
Distribution: is the set of activities that take place from the time the product is produced by the manufacturer until it is purchased.
Sales: comprises all the activities necessary to provide a customer or company
with a product or service in exchange for money. However, for companies, the connotations of this word go much further.
Benchmarking: Is a process of measuring the performance of a company's
products, services or processes against those of another company considered the best in the industry, also known as "best in class".
Cost: also called cost, is the economic disbursement made for the production of some good or the supply of some service. The cost includes the purchase of inputs, payment of labor, production expenses and administrative expenses, among other activities.
Income: is an increase in economic resources. It must be understood in the
context of assets and liabilities, since it is the recovery of an asset. Revenue is an increase in your company's net worth. It can be an increase in the value of your assets or a decrease in a liability.
6. Write a ten lines text that summarizes the topic of the activity.
The topic that was worked on in this activity dealt mainly with the meaning of supply and demand, and how these two forces act in the market, marking a point of reference on the importance of both for the distribution and marketing of products. Likewise, fundamental aspects were worked on in the activity, such as the key words that were established in the glossary, it was tested how much I had understood the topic through questions of true and false. Also, I was able to determine which are the factors that influence consumers to demand the products they consider necessary for the satisfaction of their needs. At the end, the topic was understood, and the English words associated with marketing were identified. The reading and the audio in English were worked on, which was the main purpose. BIBLOGRAFIA
