Marketing Factors And New Vehicles Sales: A Correlative Exposition

Abstract

This research appraised marketing factors affecting the sales of new vehicles. It was intended to determine the effect of price, brand attributes and product qualities on the sales potentials of new vehicles. The study adopted cross-sectional survey design. Primary data were obtained from car dealers through structured questionnaire. The data obtained were analyzed and interpreted using descriptive statistics while hypotheses testing were done using multiple linear regression in the Statistical Package for the Social Sciences (SPSS 23). The findings of the study revealed that price, brand attributes and product qualities have significant positive effects on the sales potentials of new vehicles. Hence, the study recommended that vehicle dealers should recognize price as an important determinant of customers’ patronage of new vehicles and do whatever they can to make the purchase and maintenance cost of new vehicles as well as the cost of spare parts affordable for customers in order to encourage them to purchase new vehicles over used ones; manufacturers of vehicles should consistently integrate more valuable brand attributes such as design, reputation and value to new vehicles in order to make them more attractive to customers contemplating to buy vehicles amidst competition from used cars; and the quality of new vehicles should consistently be improved by upgrading their durability, engine efficiency, fuel optimization and spare parts availability so that potential buyers will be enticed to purchase new cars instead of used ones.