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Effect of luxury cars on the uk market - Essay Example

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The total global sales of premium luxury and entry luxury sports and saloon cars are presently of the order of about 1.5 million units every single year (Shende, 2014). The standard markets for luxury cars in the world today are the USA, Germany, the United Kingdom and Japan…
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Download file to see previous pages In other markets, especially those in the South Eastern Asia region make significant sales of other types of luxury cars too (TATT, 2010).
However, these markets are always limited to the sum total volume of sales by the overall size either of the industry or by the local conditions of the market and other preferences (Shende, 2014). Consequently, the market for luxury cars generally is presently undertaking some sort of social change with some of the luxury car brands seeming to be less remote. The brands are also seen to be less varied and at the same time less exclusive with the quality, that they have in improving lives (TATT, 2010). As a result, the increment in the competition between different car makes has intensified the relevance of brand identity (Shende, 2014).
As the standards of the product continue to go up, the customer’s perceived image of the car brand plays a major role in making the buying decision. Some of the luxury cars such as the BMW, Lexus and the Mercedes- Benz are bound to develop some values and characteristics that are seen to reflect the ever-changing social values (TATT, 2010). The values then influence the buyer’s emotions, so that the brands maintain their positions in various world regions of the global market (Shende, 2014).
In the past several years, the research into the customers’ perception and their behaviors in the luxury car industry has been driven by a couple of researchers all over the world (Shende, 2014). There is very little literature both in writing and in softcopy means that document any research done concerning customer perception of luxury cars. Most of the work is focused on the loyalty of the consumers and that of brand switching (ANURIT, NEWMAN & CHANSARKAR, n.d.).
The key research that has been made has focused on the low priced segment ranges of cars rather than the luxury car segment in which any choices between the choice of individual potential buyers and brand image concept play a big ...Download file to see next pagesRead More
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