Question 1 Understanding how values shared by people within in a society change over time is important to understand since ___________________.

such values lead people to evaluate all products equally

such values tell us how consumers feel about particular products

these values reflect what people in a society think is important

such values are important demographic trends

these values change rapidly so need to be monitored closely Question 2 Assume you are a small start-up firm that is launching a new brand of healthy chocolate in the Chicago market. Which of the following objectives would be most meaningful, based on the criteria covered in class?

Reach a 10% market share.

Become the most popular chocolate brand on TikTok.

Make sure all Gen Z consumers have tried the chocolate during the first year of operations.

Dominate the chocolate category after two years.

Reach 5 million dollars in sales by the end of FY 2022. Question 3 Marketing is about providing value to the company's customers. It's important for the company to understand that ________________.

how the value of a product is perceived depends on the customer

the lowest priced product in any category typically has the highest perceived value

value is based on how a group of consumers agree to evaluate a product

if value isn't measured in an objective way, it doesn't count

the only way value perceptions can change is if the price of the product is reduced