Question

3. Why do you think there has been an increase in the demand for luxury cars? List
two factors which you think are responsible for this.​

Answer 1

Explanation:$\huge\mathcal{\fcolorbox{lime}{black}{\pink{Answer}}}$

The luxury car market accounts for 6 percent of automobile sales in the United States, resulting in a small but highly lucrative segment. Companies looking to increase their luxury vehicle sales at auto shows need to understand the factors that drive luxury car buyers in this sector. This information gives live marketers the insight they need to create customized messaging capable of converting luxury buyers.Luxury brands have a higher perceived value compared to other companies. Consumers are willing to pay higher prices for a vehicle when they feel that the price reflects the value that they're getting in return. Some luxury vehicles are functionally identical to lower-priced models, but the details and the way the car is positioned makes the difference.

Effective marketing can elevate a vehicle brand's perceived value and make it more desirable for luxury buyers looking to maximize their investment in an automobile purchase.

Status Symbol

A luxury car can act as a status symbol for the buyer. Companies that want to convey they are successful may have employees drive around in luxury vehicles when they visit client sites. A common story surrounding luxury vehicle purchasing is the mid-life crisis. The customer wants a new, high-class car to represent a change of pace in their life or to show that they've reached a personal milestone.

According to a study published in The Journal of Marketing, there are two different types of motivations that drive consumers to purchase goods, including vehicles. These two motivations are hedonic and utilitarian. Whereas utilitarian motivations are more focused on positioning the consumer as smart and responsible, hedonic motivations are more focused on self-promotion, and elevating them to a higher class on the social scale.

Thus, those who buy luxury cars more more likely crave social status and material wealth, as opposed to utilitarian cars which consumers buy out of necessity.

The luxury car company needs to maintain their brand reputation and quality to attract these customers. They pay close attention to how people react to the company and may stay away from vehicles that come from businesses that don't align with their personal or professional values.$\huge{Hope\;it\;helps\;u}$

Answer 2

Answer:

$\huge\mathcal{\fcolorbox{lime}{black}{\pink{Answer}}}$

Explanation:

The luxury car market accounts for 6 percent of automobile sales in the United States, resulting in a small but highly lucrative segment. Companies looking to increase their luxury vehicle sales at auto shows need to understand the factors that drive luxury car buyers in this sector. This information gives live marketers the insight they need to create customized messaging capable of converting luxury buyers.Luxury brands have a higher perceived value compared to other companies. Consumers are willing to pay higher prices for a vehicle when they feel that the price reflects the value that they're getting in return. Some luxury vehicles are functionally identical to lower-priced models, but the details and the way the car is positioned makes the difference.

Effective marketing can elevate a vehicle brand's perceived value and make it more desirable for luxury buyers looking to maximize their investment in an automobile purchase.

Status Symbol

A luxury car can act as a status symbol for the buyer. Companies that want to convey they are successful may have employees drive around in luxury vehicles when they visit client sites. A common story surrounding luxury vehicle purchasing is the mid-life crisis. The customer wants a new, high-class car to represent a change of pace in their life or to show that they've reached a personal milestone.

According to a study published in The Journal of Marketing, there are two different types of motivations that drive consumers to purchase goods, including vehicles. These two motivations are hedonic and utilitarian. Whereas utilitarian motivations are more focused on positioning the consumer as smart and responsible, hedonic motivations are more focused on self-promotion, and elevating them to a higher class on the social scale.

Thus, those who buy luxury cars more more likely crave social status and material wealth, as opposed to utilitarian cars which consumers buy out of necessity.

The luxury car company needs to maintain their brand reputation and quality to attract these customers. They pay close attention to how people react to the company and may stay away from vehicles that come from businesses that don't align with their personal or professional values.

$\huge{Hope\;it\;helps\;u}$