Market research about Porsch Essay
Market research about Porsch
Porsche Market Research Report RMIT University | Market Research | Sem C 2012 3 I. Executive Summary Currently, a number of people in Vietnam can afford luxury brand name cars such as Audi and BMW. Despite the fact that car outlay in Vietnam are three-times higher than its original price, demand seems not have any deduction. The research objective of this research is tounderstand about the Vietnamese target segment of Cayenne Porsche, their buying motives and usage, which require both the qualitative and quantitative information. The three research objectives we follow including:
Customer’s? perceptions? create? a? relation? between? their? needs? and? the? cars, some factors customers consider before purchasing a car including? the? image? of? car? related? to? customer’s? image? of? success,? their? characteristics? and? the? current? trend? in? the? market and the occasions customers can use the car affect and the way they take care of it can affect their buying decision. Thus we used the combination of the online focus group discussion, the experiment survey, the secondary data analysis and the depth interview in order to get the needed information.
Firstly, some introductory information and backgroundof Porsche Company are presented. Then the secondary research and literature review which include the Industry overview as well as Company overview, the Sale and market and the Customer trend would provide the greater understanding interrelated components about the auto market. Next, the Qualitative research is taken place with the use of Online Focus Group Discussion (getting the responses from luxury car’s? users? on? the? website? Otofun),? the? Secondary?
Data analysis and In-depth? interview? which? together? give? the? group? a?greater? understanding? about? the? luxury? car’s? target? market,? their? purchase decisions and usage. Besides that, the Quantitative research is activated with the conduction of the experiment survey, dealing? with? the? statistic? in? order? to? generalize? our? findings? and? understand? more? about? the? luxury? car? brands’? consumer? trend and experiences. After collecting data, the group works with the SPSS software to transfer the information found from the survey and interview and then? export? chart,? graph? and? data? tables? in? order? to? get? the? result? (the? output)? and?interpret? them.?
Finally,? the? group’s? members will appraise data collected and formulate the conclusion for the information researched and evaluated in each stage of the research, in order to answer the research questions as well as provide short-term and long-term recommendations for the Cayenne product line to get the competitive advantage in the market. Porsche Market Research Report RMIT University | Market Research | Sem C 2012 4 II. Introduction and background Over the last 60 years, the Porsche Holding Salzburg is the largest and most successful specialty automaker business company in Europe.
Today, Porsche’s roster is quite wide-ranging and now even contains a luxury sport car, the Cayenne. Porsche Cayenne was elected? by? MotorTrend? to? be? the? “SUV? of? 2011”.? Absorbed? by? latest? Porsche’s? design,? Cayenne? attracts? attentions? by? the? look? of Safety, Elegance and Gentlemen. According to AutoVina, experts said that Cayenne, with high class, appropriate internal forces and latest? engine? V6,? is? a? SUV? that? best? suit? with? Vietnam’s? transportation? circumstances,? while? still? serve? the? needs? of? class? clients.
The research study is conducted to find more opportunity in Vietnamese luxury car market, specifically understanding deeply Vietnamese customer as the key to ensure further growth in Vietnam. III. Secondary research and literature review 1. Industry Overview Vietnam is considered as one the countries that has the fastest developing economy. Since 1986, Viet Nam moved from planning economy to free trade and this policy brought the fastest development in Vietnam economy, ranking in the Asia area. In 2007, Vietnam had also joined the World Trade Organization and this milestone opened the new era for Vietnam economy and trade.
Since then, many importers appeared and put a step onto the automobile market which was just in the initial stage. Despite the high rate of trade deficit, decreasing purchasing power and rocketing inflation, the luxury car sales has still risen. Besides, limiting the loan rate and increasing interest policy from Central Bank would not actually influence the Vietnam luxury automobile market. According to Mr. Laurent Genet, the CEO of Automotive Asia – official? Audi? importer? in? Vietnam:? “Our? target? customers? are? the? ones? who? do? not? have? financial? concerns”.? For? them,? a? car? is? the? reputation,? social? position? and? investment. ”?
Following this sustainable tendency, many luxury automobile importers are extremely optimistic about this fresh but potential market. 2. Sales & Market Developing economy, increasing population and improving standard of living are main factors which help rocketing Vietnam Car sales in? recent? years.? According? to? the? latest? report? of? the? Vietnam? Automobile? Manufacturers’? Association? (VAMA),? sales? in? September/ 2012 increased by 9%, reaching 7660 vehicles nationally. However, the majority of businesses, forecast that by the end of the year, the market will only consume less than 95,000 vehicles.
At the same time, VAMA statistics has just announced that in the first nine months, sales were down 38% compared to the same period last year. One of the biggest recognizable reasons is due to the? government’s? contradictory? policies,? which? is? rises? in? fees? and? taxes? policies.? According to VietnamNet, at least nine types of taxes and fees have been imposed on car owners which narrows the automobile sales. Do Huu Hao, Chair of the Vietnam Automobile Engineering? Association,? former? Deputy? of? Industry? has? recently? stated? that? “If?
Vietnam? does? not? make? a? breakthrough? in? its? policies,? its? automobile? industry? will? never? be? able? to? develop”. Porsche Market Research Report RMIT University | Market Research | Sem C 2012 5 3. Customer Trend Referring? to? “Personal? Finance? Monitor”? of? Nielsen in 2011, Hanoi people adore luxury product such as sport car or mobile phone…? and? easily? got? attracted? by? them.? They? willing? to? pay? high? price? for? lavish? products? and? believed? that? purchasing? and? consuming them are economic investment. As studied in the International Marketing Review written by Lien Le Monkhouse, Bradley R.?
Barnes,? Ute? Stephan,? (2012),? Hanoi? people? can? be? reflected? as? the? kind? of? person? who? highly? appraise? “saving? face”,? and? consequently? have? high? insights? of? the? “extended? self-component”? as? well? as? “the? conspicuousness? dimension”? of? luxury.? Dissimilarly, the Saigonese only bought things when needed. They think high-class? goods? are? for? boasters,? and? they’d? just? spend? on? necessary instead of boasting purposes.
Accordingly, Vietnamese consumers? are? aware? of? the? financial? crisis? yet? it’s? easier? for? high- end name brands to attract northern clients; and for southern clients, enterprises should differentiate business strategies and products to meet all demands. Nowadays, a numberofpeople in Vietnam can afford luxurybrand name cars such as Lexus and BMW. Despite the fact that car outlay in Vietnam are three-times higher than its original price, demand seems not have any deduction. In? their? journal? “Business? Strategy? Series”? (2009),? the? authors stated? that,? for?
Trends,? “there are differences in trends these days. People want safety, fast, sexy, but economical cars”.? Therefore,? “Efficiency”? becomes? one? of? the? newest? major? trends.
The second run-up? is? “to? personalize? your? style”.? For? example,? men?who love speed and sport conventionally dream about a top-gun car at least once in their life. The third run-up? is? “Safety”,? and? “making? cars? more? safety”? is? a? permanent? trend? (like? Lexus’s? pre-collision). Last but? not? least? is? “Entertainment”,? because? everybody would be so pleased as they have a bottle of wine chilled in the mobile refrigerator inside their luxury car.
IV. Problem statement Marketing problem Research Question Research Objectives Hypothesis What Vietnamese market segment should be targeted? (Target segments) Will customers choose the Cayenne? How do the answers to above questions differ depending on demographic group (age, income), psychological (social class, lifestyle and spending on household) and behavioral (benefits and usage rate)? Who are the best prospects?
To measure purchase intentions, their lifestyle and perception in order to find out is there a relation between their needs and the car HO: Having Luxury cars is independent from monthly income over 36 millions. H1: Having luxury cars is associated with monthly income over 36 million VND. HO: The people with high social class do not feel the luxury car fulfills the need to enjoy life. H1: The people with high social class feel the luxury car fulfills the need to enjoy life and make the enjoyable life more completed. Porsche Market Research Report RMIT University |
Market Research | Sem C 2012 6 How and Why do they purchase a luxury car? (Buying motives) How the performances of Porsche Cayanne affect people? Which factors will customers consider most when choosing a type of car except the budget (the interest or family benefits)? What extent do customers think a luxury car is a status symbol for successful Vietnamese people? What can be the channels they get information? What can be the proper time in their life they consider to buy a luxury car? Will the opinions of their friends/colleagues affect them?
To measure the purchase intentions. Understand what factors affect the purchase decision, the reasons and time a customer will buy a car. Also to determine how and what a customer consider before making the purchase. Ho: Different age groups have the same opinion about the statement that? “luxury? cars? create? good? impressions? on? others” H1: Different age groups have different opinions about the statement that? “luxury? cars? create? good? impressions? on? others” Ho: On? average,? people? do? not? agree? with? the? statement? that? “Luxury car is a symbol for successful of most Vietnamese customer.
” H1: On average? people? agree? with? the? statement? that? “Luxury car is a symbol? for? successful? of? most? Vietnamese? customer”? Ho: Customers still buy a luxury car irrelevant with the characteristics with which they describe themselves. H1: Customers do not buy a luxury car irrelevant with the characteristics with which they describe themselves Ho: It is not important to have my car the newest car in the market that few people owns it. H1: It is important to have my car the newest car in the market that few people owns it Ho: Family? members’? opinions? do? not? affect? the? decision? making? of? choosing a car H1:
Family? members’? opinions? affect? the? decision? making? of? choosing? a car How do customers use a luxury car? (Usage) What can be the perceived benefits they like when using the car in terms of speed, upgraded safe systems? In what kind of occasion they prefer having a luxury car (business and travelling? ) To determine customers’? lifestyle and usage. Understand the ways customers use the car about. Measure Ho: Consumers do not think that it is important to upgrade the new technical developments. H1: Consumers think that it is important to upgrade the new technical developments.
Ho: The job requirement is not the purpose for buying the car (mean <=3) H1: The job requirement is the purpose for buying the car Porsche Market Research Report RMIT University | Market Research | Sem C 2012 7 the relationship between the car which helps to reflect their prestige. H0: Customers do not like to travel by their luxury car H1: Customers like to travel by their luxury car V. Methodology 1. Qualitative 1. 1 Online Focus Group Discussion (OFGD) We raised online focus group on Otofun. net forum because we can easily find people who have ability to own a car or have knowledge about car from the famous car forum.
In Online focus group, respondents can feel free to express any their opinions without embarrassing or awkwardness due to undirected discussion. Many current users of luxury car brands in the forum were happy and willing to respond clearly to our topic after only some hours since we have posted it. We received nearly 120 comments from nearly 15 members of this forum. So, we got many detail and clear information from that sharing. Some respondents in the forum that even actively give us their mobile number for discussing their deeper information since they think their opinions, ideas cannot be completely reflected through the online comments.
However, some people merely answer what was asked by us (the topic owner), so it is quite difficult to expand the information and ask more questions and? because? they? are? seem? “lazy”? to follow the topic. One more problem with OFGD is besides some members who are willing to help us, some them do not answer the questions and just joke around about the topic. Question Similarities Differences Evaluation Q. 1: Why do you want to choose a luxury car brand? Their? image’s? improvement when choosing luxury car brand. Belief? in? car’s? safety? and? quality? based? on? the brand reputation and long-term business establishment.
Most respondents believe that consuming a luxury? car? is? a? way? for? them? to? “highlight”? their social position to surrounding people and show their success. So, if they have enough money, they actually choose a luxury car brand to purchase, especially business people. Q. 2: How do the family factors affect your car purchase? – Not concentrate much on the family factors. – When choosing a luxury car brand, people tend to focus on the Some respondents who are married and have children see family factors as a small or medium concentrated factor because they can have more than a car which can be separately used for family factor and.
Briefly, most respondents do not think the family factors affect completely their luxury car brand consuming. Most of them tend to be affected by other individual factors. Porsche Market Research Report RMIT University | Market Research | Sem C 2012 8 individual image or personal factors individual factors. Q. 3: What do you think about “Cayenne”? Porsche brand? Cayenne style and design is more appropriate to elder people, who are more than 40 years. Most young wealthy people may not choose Cayenne although it is a luxury and unique car? brand.? They? think? Cayenne’s? design? is? not fashionable and sporty for young drivers.
So when people purchase a luxury car, they do not only focus on the image of car brand, but also the design, style and performance of specific car to fit to their style. 1. 2 Secondary Data Analysis Secondary? data? is? used? for? “Fact? finding”? purpose? to? understand? clearly? about? the? reason explaining the behavior of consumers who owns a car, explain the outcome of quantitative resources and estimate the market potential or target segment for Cayenne car line of Porsche. TNS, AC Nielsen and International Marketing Review are high authority, as these three legal market research agencies.? These? companies’?
major function is to provide the research about the market. We will also use famous online newspaper such as Vnexpress and Vietnamnet for searching the updated news. Moreover, it must be accurate, objective, right time and cost benefit. 1. 3 In-depth Interview Depth interview is an effective interview that allows researchers to discover high amount of information needed about customer behavior. Here, the team conducted depth- interviews with 6 people who own Luxury cars to know more about their consumption and usage. These people are full-time manager positions, around more than 35 years old, already married and working at different areas such as Airlines, Baking, Medical science and Auditing & Logistics. On average, their estimated gross income is above 30,000USD.
The exact numbers are not revealed. These people are open-minded to share their thoughts during interviews. Some of them have more than 2 luxury cars. One team member has a close relationship with these people, hence they are very willing to help us. In fact, all respondents use car to drive to work every day because they believe it can create a good image in front of their customers and business partners.
In other hand, when asking about the perceived benefits they like most when using a luxury car, every respondents agree that the personal convenience and comfortably they received from their luxury car are much more valuable than just for showing off. Furthermore, most interviewees think Cayenne product category is suitable for their age. However, respondents said the style of Cayenne is classical and powerful, it may suit with someone in high-class but classic in style. These Porsche Market Research Report RMIT University | Market Research | Sem C 2012 9 opinions help researchers in discovering the potential targeted Vietnamese customers for Cayenne product line.
Finally, most respondents shared that they would like to try a new brand for the next time purchasing car. Thus, researchers need to focus and catch opportunities from those potential customers in order to make them become their customer. It is undeniable that thanks to the interviews, our team had more knowledge to modify the survey questionnaires and provide proper explanation for the outcome of quantitative research. 2. Quantitative research 2. 1 Survey This project utilized survey as data collection tool, and chose cross sectional study as survey method.
To generalize unknown problem and relevant data, survey is considered as the most sufficient due to its? “quick,? inexpensive,? efficient,? and? accurate? means”? (Zikmund & Babin 2011). In addition, cross sectional study helps to find out the in-need representational information about the chosen market- car? industry? in? general? and? Porsche’s? market? in? particular? (respondents’? attitude? and? behaviors)? at? a? single? point? in? time.? Data? collection consisted of personal interview and self-administered questionnaires (mail survey). Collecting information via conducting survey is indisputably to have several forms of errors.
To preserve the quality of the survey, before starting to launch the actual interview, the team had gone through the pretesting process with classmates and asking for lecturer’s? advices.? The? corrected? final? interview questionnaire contains 11 structured and 1 unstructured questions (see Appendix 1), which are happened to be all straightforward (undisguised questions). Since each team member individually contacts every participant, we could explain them any confusing questions hence it ensures that the survey has been done by the right target segment and since we individually contact them, they realize the seriousness of our work and more willing to put effort in answering the questions.
Therefore it significantly helps us eliminate respondent error. 2. 2 Sampling The interview process was administered to a broad range of potential target segment (n=104). Compound interviews were planned with respondents in order to produce more in-depth data collection and opportunities for complement. It took us one week to complete? the? survey? process,? as? each? member? contacts? with? their? parents’? friends? who? already? own? a? car? or? request? our? RMIT? friends’? parents to complete the survey.
For the purpose of diminishing random sampling error, we mostly focused only on people who already have car, high income and have credible social status. For example questionnaires had been sent to qualified and high-positioned employees of Vietsov Petro Ltd, Trustbank and Indo China airlines. 2. 3 Instrument: Data collection consisted of personal interview and self-administered questionnaires (mail survey). As it provides many advantages such as geography flexibility, low cost, standardized questions and time-consuming, we can collect the relevant data from targeted respondents.
Generally, there are 7 sections containing 12 small questions in this questionnaire. All the questions are diverse, spreading from simple-dichotomy, determinant-choice questions to filter questions and likert scale. Section Iis filter questions in order to identify respondents who meet sample criteria. This section collects data? about? respondent’s? situation? whether? they? own? or? Porsche Market Research Report RMIT University | Market Research | Sem C 2012 10 desire to have a car. Section II and III apply simple dichotomy and determinant choice to collect information about respondents’? demographics such as gender, age, kids and income.
This can be seen as using Funnel Technique which requiring general information before leading to more specific questions. In Section IV, semantic differential scale is used to help illustrating the comparison of respondent’s? attitude? towards? Porsche? and? one? other? brand.? Based? on? this? part,? a? further? image? profile? made? from? the? comparison between Porsche and another brand will be built up. From section V, Likert Scale is applied. These questions are vital to the survey as they gather information about purchase motivations from different perceptions, usage purposes and personal image.
These questions help figure out what really? drives? respondent’s? attitude? and? behavior. Moreover, understanding exactly their lifestyle, desire, and purpose? may? help? the? researcher? take? a? closer? step? towards? respondent’s? mind? then? form? a? better? strategy.? The questions are standardized, short and simple with specified structure that would avoid complexity and ambiguity. Besides, there are also multitude of? options? which? may? avoid? ‘leading’? questions? and? making? assumptions. VI. Survey Result 1.
Actual Sampling The sample size of survey questionnaire is 104 people. However, since we only want to choose the people who already own a car, there are 100 people reach this standard since other 4 people merely intends to buy a car. As aforementioned, our team aims at individuals who have a high possibility to possess a car, therefore the percentage of respondents owing a car counts for 96% of sample size. The survey result also reveals that the proportion of people has the income from 36 million VND to above 63million VND counts for65 %of total respondents and only 14. 56 % of them earns lower than 16 million VND per year.
Since it can be unreasonable that people earning 16 million VND cannot own a car, but the reason could be they are RMIT students who cannot purchase a car by themselves, but their families have strong financial power so they already drive cars as a main vehicle. 2. Resul t analysis Research objective 1: Customer’s? perceptions? create? a? relation? between? their? needs? and? the? cars Question 1: Do the monthly salary affect the need of having luxury cars? HO: Having Luxury cars is independent from monthly income over 36 millions. H1: Having luxury cars is associated with monthly income over 36 million VND. Porsche Market Research Report RMIT University |.
Market Research | Sem C 2012 11 Results Firstly, the bar graph shows that most of the respondents have a car ownership. These cars are mainly from many popular car brands, namely Audi, Acura, Toyota, Mercedes, Ford, BMW, Chrysler, Lexus, Chervolet, Nissan, etc. In contrast, there is a small percentage of 4. 81 not available, presenting for those did not answer the filter question. However, in overall, the study has met the quota of 100 respondents, having cars, as it shows a wide range of the car brands. Toyota seems to bethe most preferable brand since ittakes themost proportion sincethe graphs represents the highest percentage of 27.
88 is gained by those, owning Toyota cars. The runner up is Ford with 10. 58%. The line chart represents the respondents, having monthly income above 36 million VND mostly have an ownership every kinds of cars, from middle cars such as Subaru or Kia to high-class cars such as BMW and Audi. For example, based on the chart, respondents, owning either BMW or Lexus or Mercedes or Honda that have the income above 63 million have lesser respondents, compared to those driving Toyota. Furthermore, those using either Audi or Acura have an income under 16 million.
Thus, it strongly supports for the statement that luxury cars independent from monthly income over 36 million. Secondly, based on this Chi-square test, even though there were more rich people own luxury cars than low income level people (21/67= 31% rich people own luxury cars; 7/36=20% average low income level people own luxury cars); this difference is not statistically significant according to the chi square test (test statistics = 1,675, degree of freedom= 1, p-value=0. 196 >0. 05). Therefore, it can be concluded that it do not reject H0. On the other words, having luxury cars is independent from monthly income over 36 million. Explanations.
Porsche Market Research Report RMIT University | Market Research | Sem C 2012 12 It can be explained that the desire to own a car can be affected by many other factors, such as whether it is relevant to the customers’? characteristics or fit with job requirement (referred to the next objective) therefore even people who have high income still do not choose a luxury car. In addition, there is a noticeable problem here, which is about the respondent error since the income is a sensitive question so some of them have the tendency to choose a higher range than the actual income or vice versa.
Question 2: How do the people with high social class feel the luxury car fulfills the need to enjoy life? Ho: The people with high social class do not feel the luxury car fulfills the need to enjoy life. H1: The people with high social class feel the luxury car fulfills the need to enjoy life and make the enjoyable life more completed. Results The bar chart indicates that the group of people with high social class also mostly disagrees with that idea, counting for more than 12. 5% even though the amount of people who agree also counts a certainly high rate which is around 8%. Based on the Car-fulfill-life.
Crosstabulation, most of the high social class respondents agree that luxury car could not help fulfill their need to enjoy the life. This difference is not statistically significant according to the chi square test (test statistics = 1,771, degree of freedom= 1, p-value=0,183 >0,05). Therefore, we do not reject H0. It can be said that the people with high social class do not feel the luxury car fulfills the need to enjoy life. Explanations From the data collected, the car purchased is compatible with the owner’s? living? standard.?
From? the? bar? chart? in? Q1,? successful? businessman with high monthly income above 36 million tends to own a luxury car brand. However, on the other hand, a luxury car somehow does not really take high position in their perception of life fulfillment. This can be explained that the Vietnammese high-class? people’s? perception? is? quite? different? to? the? general? materialism? tendency among Vietnam society. According to ThanhnienOnline article, the real global billionaires do not really stick with materialism containing luxury car, house….. as common thinking of many Vietnamese people. To those people, car is only a mean of transportation, not a demonstration of their richness and success.
This tendency also affects a part of VietNam high-class people and gradually forms a different perception among those successful and wealthy people. Recommendations As what have been proved, there is a gradual changing in Vietnam high-class customers which may put luxury car sales at risk. Taking this in consideration, Porsche should launch campaigns focusing on different aspects of luxury car image such as quality, durability, Porsche Market Research Report RMIT University | Market Research | Sem C 2012 13 service and loyal customer incentives.
A luxury car does not only bring a high-class outlook and position but also provides the best quality and many other beneficial incentives. Porsche must demonstrate that it deeply understands this insight, that it knows the car is not just a vehicle, it sticks with successful moments in their career and with happy moments with their families. By recognizing and conducting? strategic? plans? on? time,? Porsche? may? affect? targeted? customer’s? perception? and? change? their? behaviour? in? more? positive ways. Research Objective 2: Some factors customers consider before purchasing a car including the image of car related to their image of success, their characteristics and the current trend in the market.
Question 1: How customers evaluate Porsche compared to other three competitors (BMW, Audi & Mercedes Benz)? Results To clarify, the study has been conducted through the use of ranking Porsche, presented by the red line in the graph and other brands, including BMW, Audi and Mercedes, presented by the blue line, for each of 9 attributes, namely performance, safety, luxury brand image,? driver’s? image,? prestige,? elegance,? desire? of? the? updated? edition? of? car? model? (desirable),? uniqueness? of? car? accessories and level of equipment. The value in the graph has been calculated to the mean for each attribute.
Overall,? the? graph? figures? out? Porsche? is? believed? that? the? car? can? be? raised? the? car? driver’s? social? status? which? is? representative of luxury? brand? image,? driver’s? image,? prestige? and? elegance.? To? illustrate,? the? attribute, gaining the highest mean is the image of the driver with the mean around 4. 8, compared to other brands with the mean around 4.
Thus, there is a significant gap between Porsche 3. 6 3. 8 4 4. 2 4. 4 4. 6 4. 8 Other luxury brands Porsche Porsche Market Research Report RMIT University | Market Research | Sem C 2012 14 and one of the other car brands, which is 0. 8. Moreover, in the comparison of prestige, there is a magnificent gap between these car brands which is 0. 2.
This is because the red line gains around 4. 4, while the blue one is approximately 4. 6. However, in the comparison of desirable, Porsche is underestimated with the mean near 4. 1, whereas, the other one is approximately 4. 6. This can be explained that there is not much updated version of Porsche Cayenne in recent years. Besides that, most Vietnamese customers are a bit interested in SUV market, not quite much as other foreign market.
This can be proven that not much Cayenne models are available in Vietnam much, for example, Cayenne S, Cayenne S Diesel and even Cayenne Turbo S. Explanations: In the social image comparison, all the participants of OFGD agree that current Cayenne models raise the image of the driver.? This? also? supported? for? the? question? no.? 2? that? different? age? groups? have? same? opinion? about? the? statement? “luxury? cars make good? impressions? on? others”.??
The graph shows there is no much difference between Porsche and the other brands towards performance, safety, uniqueness of car accessories and level of equipment. This can be explained that the cars chosen for the comparison are premium cars. Based on both OFGD and in-depth interviews, most of the participants acknowledge that premium cars have to meet the certain requirements about safety, performance, its uniqueness of the accessories and the high level of equipment.
Recommendations: It is recommended that press releases for the updated version of Cayenne should be widely introduced to be launched. This is because this is the opportunity that can enhance the brand awareness of Porsche, especially Cayenne model.
Question 2: Do the customers in different age groups similarly care about the impression they have from other people while driving a luxury car? Ho:? Different? age? groups? have? the? same? opinion? about? the? statement? that? “luxury? cars? create? good? impressions? on? others” H1:? Different? age? groups? have? different? opinions? about? the? statement? that? “luxury? cars? create? good? impressions? on? others” Results Firstly, based on the graph, the age groups that have been surveyed includes under 24, 24-under 34, 34-44, 44-under 54, 54-under 64, and 64 and above.
Subject: Luxury vehicle,
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 17 February 2017
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