Vehicle Market Variables and Segments (Research Paper Sample)
THE PAPER IS DESCRIPTION OF HOW MOTOR VEHICLES HAVE INFLUENCED OUR LIVING STANDARDS. THE ESSAY GIVES A CLEAR UNDERSTANDING OF THE FACTORS THAT AFFECT THE PURCHASING POWER OF A GIVEN VEHICLE. THE PAPER ALSO DESCRIBE VARIOUS RATIONALE OF COMPANIES SUCH AS TESLA. THE PAPER HAS ALSO DESCRIBED THE ENVIRONMENTAL FACTORSsource..
Vehicle Market Variables and Segments
Automobile companies have increased highly refined tech product status over the past years. Moreover, cars are on every continent, assisting us in traversing long road distances. Depending on the manufacturer's intention, they help deliver products and services to the desired locations. Moreover, the design of these machines may depend on the needs of the family, environment, quality, and life status. Also, automobile designs depend on the manufacturer and the intended market segment (Soto et al., 2021). Major producers provide a more comprehensive range of products, from luxury to mini cars, which offers a wide range for customers to choose from depending on quality, cost, and brand.
There are various ways of segmenting markets for vehicles. This essay will discuss market segmentation depending on two significant variables. These variables are family size and income variables and age variable.
Variable 1: Family size and Income
Family size and Income are variables mostly used to segment motor vehicles by manufacturers for buyers and market needs. Brand cars are designed to accommodate and appeal to a particular family size and income. Moreover, some families prefer luxurious, fancy cars and significant brand cars that are expensive. There are families with low Income who can only afford an ordinary car,
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