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Question: Marketers have identified a huge opportunity for organised players in the used car market. Currently, the pre-owned car market is 1.2 times the new car market in India, well below the 2.5 times that is typically found in mature markets. The organised used car sellers, which account for merely 15% of the overall pre-owned car space, have started seeing a dramatic rise in volumes. Mahindra and Mahindra’s First Choice and Maruti Suzuki’s True Value, are planning big time to expand their pre-owned car business. Despite a 15% market share in second-hand car sales,
the organised segment is the fastest growing with a 36% spike in FY2017, while the growth for the unorganised sector remained flat in the same period. There is an opportunity in this market which needs to be tapped; but with caution.
The unorganized sector is trying to understand what are these areas that they need to work upon as they are facing stiff competition from the organized players.
You have been asked to conduct a research to identify the target customer and understand the consumer needs towards pre-owned cars vs new cars and reasons, preferences for organized vs unorganized players, reasons for preferences, the prices that they would be willing to pay, the value-added services they would want and so on.
a. Describe the profile of your target customer for a pre-owned car. Will the profile of a target customer for a pre-owned car be the same as that of a new car? Why or why not?
b. For the primary data that needs to be collected towards this research, design a questionnaire covering all the research objectives that could be used towards a quantitative questionnaire-based survey.
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