Marketing of Luxury Cars Depending on the Affinity - Literature review Example

Section A of the assignment has been based on understanding the conception of learning. Learning is a rational, logical and psychological procedure. Learning helps people to gain knowledge, vision and understanding of their surrounding and thus assists them in relating themselves with other factors in the environment. Learning also enhances the skills and the ability to use them in practical situations. Considering this aspect, the assignment intends to evaluate my learning skills and to enhance my learning abilities. Besides, it also describes about the importance of lifelong learning in one’s professional life. In order to analyze the learning style, four vital tests have been used which are Myers-Briggs test, Belbin test, Honey & Mumford test and VARK analysis. From the analysis of Myers-Briggs test I have found that I possess the ENFJ learning style. The results of Belbin test depict that in team environment I act as plant, resource investigator and shaper. On the other hand, the Honey & Mumford test depict that I am activist and pragmatist learner. Finally outcome, of VARK analysis suggest that I prefer visual and kinaesthetic learning style. The assignment also describes about the transferrable skill I possess and how these skills can be used in my career. The discussion in Part B of the assignment elaborates on the current market trends witnessed in relation to the luxury car market around the world. Contextually, it argues that despite the rise in the demand of luxury cars across the globe, the American car market has witnessed significant fall in the production of luxury cars. Additionally, America is considered to be the home of diverse culture, owing to which, the luxury car market in the nation can be observed as significantly influenced by the Hispanic population. Hence, marketers of luxury cars have currently been involved in attracting reasonable Hispanic population towards their respective luxury car brands. On the other hand, luxury car markets in the Middle East have been flourishing at much greater speed due to the rise in the level of disposable income as well as due to the improvements in the roadway transportation facilities. The findings obtained through this study further reveals in this regard that the marketing strategy related with luxury cars in America and the Middle East in years to come is quite likely to be strongly influenced by the affinity factor. Simultaneously, Customer Relationship Management (CRM) may also positively influence the marketing strategies of the luxury cars in both the regions, i.e. America and Middle East. According to the findings derived through the study, it can be argued that CRM activities practiced by the companies should be efficient and customer-oriented. Precisely, the most suitable CRM activities will help the automobile companies to gain competitive advantages over others, which shall ultimately facilitate sales turnover of the luxury cars in America and Middle East. Reflective Statement The report in Section A provided valuable knowledge regarding my preferable learning style. By conducting this project, I came to know about the type of learner I am. Initially, I had limited understanding about how different personality types can impact on learning behavior. I also had limited knowledge about different learning skills. Undertaking the assignment provided me the opportunity to analyze myself in a better way. I have used several analyses for recognizing my learning preferences. Each analysis had given me knowledge about learning strengths I possess along with my flaws. Therefore, this assignment helps me to better utilize my skills to the practical world. From the assignment I have also understood the significance of lifelong learning and transferrable skills. As a result, these skills helped me to choose my career path effectively. I desire to be self-employed and I am keen about expanding my family business globally. On the basis of Belbin’s personality test, I have found that I am a plant, resource investigator and shaper. These abilities can help me to enhance the business in the international context. One vital weakness I was able to identify during the assignment was that sometimes my feelings and sentiments lead over my rational judgment. Furthermore, at times I tend to reside on my individual interests. Therefore, I require overcoming these weaknesses for enhancing myself. The research that I had to conduct in Section B helped me in this regard quite significantly. For gathering adequate data to suffice the most suitable reasons on which the marketing of luxury depends in America and the Middle Eastern countries in Section B, have indeed paid off with respect to the postulation of a good contrast and comparison between the two countries. Initially, I was nervous and doubtful about my capabilities. I felt that whether I could be able to conduct the assignment as per the expectations of the university standards. My friends, professors and peers were of immense support when I was struggling to prepare a proper planning for the assignment. I started with compiling books and journals in order to acquire in-depth knowledge about the marketing environment of luxury cars in America and Middle East. Furthermore, these books and journals immensely helped me to update my knowledge about the marketing prospects of luxury products in particular economic conditions and provided me with valuable insights about American and the Middle Eastern luxury markets. The primary area of knowledge that I was able to ascertain from the assignment is the differences in the factors affecting the marketing of luxury cars in America and the Middle East. Through this assignment, i.e. section B, I was able to identify that luxury car segment across the world is primarily dominated by few major companies like Rolls Royce, BMW, Mercedes and Porsche among others. I also identified that passion for luxury cars has significantly mounted over the last few years not only in America and the Middle East but also in other global economies. On the contrary, the assignment illustrated that despite the global economic downturn, the demand for luxury cars in the Middle East has been consistently rising which have apparently expanded my knowledge regarding the behavior of luxury car markets which I suppose is not always as predicted and is dependent on various attributes. Stating precisely, the assignment helped in obtaining a better understanding of the economic and marketing aspects related with luxury car markets rendering adequate understanding regarding the linkage between external factors and market trends. Read More