Cadillac for More Than 50 Term Paper

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The annual income of those who purchased Cadillac verifies from 74K to 134K, with average annual income of $110,000. The biggest part of Cadillac purchases have annual income of 98-109K, most of them are 64-66 years old and have 12-14 years of education.

Age

Household income

74-85K

86-97K

98-109K

110-121K

122-133K

Age

Years of education less then 12

12-14years

15 and more

The situation with owners of other luxury brands is different. The average income of BMW purchasers is $14,288,00; average income of Mercedes and Lexus purchases is $186,773,00 and $154,404,00 respectively. The education level is higher as well, which corresponds to the higher income if compared to Cadillac owners. The average number of studied years for BMW owner is 16,1; for Mercedes it's 17,5 and for Lexus it's 15,8. This data means that typical owners of BMW and Lexus have a Master or Bachelor's degree and typical owners of Mercedes have Master or post-graduate degrees. it's important to note that among owners of BMW, Mercedes and Lexus there are no persons who have 10 years of education. For BMW this indicator is higher is than 12 years; for Mercedes it's higher than 14 years and for Lexus it's higher than 12 years. Such statistics shows that these cars are more likely to be purchased by upper middle class representatives who have Bachelor's or Master's Degrees.

Making a conclusion I would like to say that today Cadillac is losing one of the most important segments of luxury car market - customers who are younger than 50 years old, which is very important.

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it's also important to note that BMW which stands for the market segment with the biggest amount of purchases among the younger group of customers: 40-51 years old has is represented by customers, 50% of whom have similar incomes to Cadillac purchasers. But the choice of these people is evident: they are often ready to pay more for a fancier and better-looking car than less for "old-fashioned" and unpopular classics. If such tendency will continue Cadillac's sale's may decrease considerably as with a rather stable price policy it can lose a big number of customers who would pay the same price for European or Japanese luxury cars. As Cadillac's and Lincoln's statistics (age, income, year of education) are quite similar we can say that under a very good marketing and promotion policy Cadillac can rely on growing number of customers from those are potential purchasers of Lincoln, as these cars have much more in common than Cadillac and BMW for example. Cadillac should also pay more attention to design of new fancy models such as sport-type cars similar to Mercedes SL. Such models are very popular among younger customers and they are likely even to spend more if they get a "better" American car with better design and technical characteristics than BMW for example. Today it's also important to note that high fuel consumption is a very important factor in purchasing a car today; and high MPG of Cadillac is that….....

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