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Viability of the Automobile. Executive Summary First, I will present the
viability of the automobile, considering the demand cost ...
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Submitted by ymmot on November 7, 2006
Category: Business
Words: 2255 | Pages: 10
Views: 309
Popularity Rank: 30,838
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Executive Summary
First, I will present the viability of the automobile, considering the demand cost, market conditions, and economic conditions in this executive summary. Next, this paper will examine automobiles in several perspectives: product pricing, cost, market structures, and economic forecast. With that said, the demand costs are relative to many other factors such as income, cost of substitutes and compliments, exchange rates, unemployment, and other economic indicators. The market conditions are realized by looking at economic indicators such as the price of oil, the strength of the dollar, unemployment, and GDP. It also deals with equilibrium, which is (October 2005) now an excess supply of automobiles causing fancy sell tactics such as 0% financing, employee dealer pricing, and lots of free upgrades. These are measures taken from the downward pressure on price, to help equalize supply and demand of automobiles. This is the demand cost of automobiles to the US market. I have noticed quite a change in economic conditions as well, such as substitutes and complements price changes and the introduction of hybrid powered automobiles.
Product Pricing Component
In terms of the product pricing component automotive sales are reflected by several factors such as the current high cost of gasoline (compliment), the availability and price of bus tickets and taxi’s (substitutes), and the utility use of automobiles to the immediate consumer and need to get around town for personal or professional use. Additionally, the demand for automobiles in the short run is to some extent elastic, because the purchase of new vehicles can often be delayed. Additionally, when the consumer demands a specific automobile (make and style) this is an example of demand elastic, because there are so many substitutes. See Table 5 in Appendix A to see estimated price elasticities of demand for a variety of consumer goods and services. Over the long run, the demand...
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