How consumers approach the buying decision of cars during economic crisis - Term Paper Sample
During the economic crisis, consumers have little money to spend as a result of reduction in the circulating currency. The car price, durability, fuel consumption, and cost of service influence the car buying decision during economic hardships. Consumers end up basing their car buying decisions on other factors apart from luxury and prestige. This paper will discuss the impact of consumer approach in the car buying decision during the economic crisis.
The consumer approach assumes that consumer buying decision depends on the product characteristics and benefits derived from the products. According to Madalina (2012), many consumers based their car buying decision on factors like cost and fuel consumption, during the 2008 economic crisis. This is because consumers were more sensitive to price than standard. Madalina’s analysis suggested that many people change their car buying decision rule from characteristic features to contributory factors and effectiveness of the car. In addition, his study indicated that the Audi Company had a decrease in car sales compared to its competitors, with a marketing strategy that accounted for rebates. This shows that car manufacturers should consider consumer preference in different economic conditions. The car manufacturers and marketers should identify factors that affect the consumer buying decision to keep the competitive advantage, through customer satisfaction.
In conclusion, consumer approach is the most appropriate method for the car manufacturers to keep up a competitive advantage during the economic crisis. The concept can help them find the interests of the consumer, so make them an opportunity to influence the car buying decision through consumer satisfaction. Car manufacturers and marketers should consider the user preference in making the manufacturing and marketing policies. Additionally, this essay has identified that the user preferences changes with variations in the economic conditions.
We've found a few interesting resources that you might use when writing your essay.
- They write essays and term papers from scratch for students.
- Guide how to write an essay from expert.
- Affordable essay writing service for students.
- 5 paragraph essay writing guide.
- Custom paper writing service for students.
- Very good resource about writing essays
- Legit academic writing service WriteForce is affordable for all students.