Supply and Demand Reading Comprehension ACT

SUPPLY AND DEMAND
Gehrig Emmanuel Villalba Z
Servicio Nacional De Aprendizaje SENA
TECHNOLOGY IN MARKET MANAGEMENT (2175800)

Point 1: Read the text above and select the correct answer.
1. What is supply and demand?

a. The amount of something that's available to purchase
b. How much consumers are willing to pay for a product?
c. The maximum possible price for a product
d. The force of consumers in relation to the available supply
2. What prices do high and low demands create, generally speaking?
a. High demand creates low prices

b. Low demand creates high prices
c. High demand creates high prices and low demand creates low prices
d. Both demand types create low prices
3. If a company produced a small quantity of an in-demand product, what would

happen to prices?
a. They would rise

b. They would fall
c. They would stay the same
d. None of the above
4. Companies sometimes limit their supplies to:
a. Decrease demand
b. Increase prices
c. Increase demand and lower prices
d. Decrease demand and lower prices
5. What is commonly associated with low demand and low prices?
a. Proprietary products
b. Ample competition
c. Items that can be crafted by many companies
d. 2 and 3
6. Write in your own words the definition of benchmarking.
It is a continuous process by which the products, services or work processes of leading companies
are taken as a reference, to compare them with those of your own company and later make
improvements and implement them.
7. Describe the process of benchmarking.

1. Selec a subject to benchmark: Among the executives and senior managers select the topics that should have
priority and then select the measures that we want to collect
2. Decide which organizations or companies you want to benchmark: Decide with which competitor we are going to
carry out the study, in order to start collecting the data
3. Document your current processes: identify areas we need to improve and more easily compare against the chosen
organization
4. Collect and analyze data: Collect data from the other company to finally analyze everything collected
5. Measure your performance against the data you`ve collected: Look at the data of the other company together with yours to finally
determine in which process it is failing compared to the competition.
6. Create a plan: create a plan to improve on the deficiencies found in the data analysis.
7. Implement the changes: Monitor the entire change process and document everything.
8. Repeat the process: always get new ways to improve and evaluate new changes, look for new areas and repeat the process.
Point 2: Create a glossary with 20 new words from the text and write the meaning in
Spanish or English.
a. Price: Amount of money that allows the acquisition or use of a good or service.
b. Offer: The act of offering a product for sale, especially when it is offered at a lower
price than normal.
c. Demand: the quantity of goods and services that are purchased by consumers at
different prices
d. Collect data: is the process of collecting and measuring information about specific
variables in an established system, which then allows answering relevant questions
and evaluating results.
e. Competitors: corresponds to those businesses that are focused on a target audience
like ours or that offer products or services that are in our market line
f. Accessible: applies to the person or thing that can be accessed or reached without
difficulty
g. Market: it is a set of transactions of processes or exchange of goods or services
between individuals.
h. Benchmarking: Evaluacion comparativa
i. Advertising: publicidad
j. Advertising campaign: campaña publicitaria
k. Brand: marca
l. Brand value: valor de marca
m. Business: negocios
n. Commercial strategy: estrategia commercial
o. Consumer preferences: preferencias del consumidor
p. Customer: cliente
q. Market leader: producto líder
r. Optimize: optimizer
s. Profitability: rentabilidad
t. Strategy: estrategia
u. Value chain: Cadena de valor. Procesos que median entre el producto o el servicio y el
consumidor.
Point 3: Write a 10-line minimum text that summarizes the topic
The law of supply and demand is the basic principle on which a market economy is based. This
principle reflects the relationship between the demand for a product and the quantity supplied of
that product, taking into account the price at which the product is sold.
Thus, depending on the market price of a good, the bidders (those who sell) are willing to
manufacture a certain number of that good. Like the plaintiffs (those who buy) they are willing to
buy a certain number of that good, depending on the price.
When we talk about Benchmarking, we talk about identifying business opportunities, discovering
new lines of business, new business trends and comparing the quality of the products offered by the
competition within those levels, in addition to comparing the productivity of employees.
The word is Anglo-Saxon, "Benchmarking" literally means "benchmark" and therefore the use of
this, because it is based on taking the competition, or the best of the competition, in the reference
point of the business strategy that we design to Improve our company Taking as a reference the last
steps that the competition marks serve to offer positive results and improve with respect to these
points, applying them to our own company. Business lines such as technology in which innovations
are constant, and the flow of ideas and structures that improve with different nuances are an
example for Benchmarking.
We do not seek to plagiarize an idea, but rather learn from the experience of those who already
have generated results, and follow that model with certain differentiations applied to our company.
Regarding the quality area, companies resort to different techniques to improve their
competitiveness based on their problems. Benchmarking helps them achieve these objectives.
This technique was born thanks to the need to continuously improve, and to improve quality in
particular, focusing on the activity of other companies that stand out with respect to an activity. By
nourishing ourselves with indicators and other channels that provide us with valuable information,
we can improve the operation of our company.

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SUPPLY AND DEMAND

Gehrig Emmanuel Villalba Z

Servicio Nacional De Aprendizaje SENA

TECHNOLOGY IN MARKET MANAGEMENT (2175800)

1. What is supply and demand?

2. What prices do high and low demands create, generally speaking?

a. High demand creates low prices

3. If a company produced a small quantity of an in-demand product, what would

a. They would rise

4. Companies sometimes limit their supplies to:

7. Describe the process of benchmarking.

Point 3: Write a 10-line minimum text that summarizes the topic

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