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Full Cost Pricing in the Global Auto Market - Research Paper Example

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From this research “Full Cost Pricing in the Global Auto Market,” it is clear that high tariffs, taxes and additional costs promoted by subsidies in the auto market, export of automobiles mean additional cost inputs into consumer prices while the price chain has affected the global auto industry.  …
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Full Cost Pricing in the Global Auto Market
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Drive -CO2 Table of Contents Illustrations 3 Introduction 4 Literature Review 6 Methodology 8 Findings and Analysis 9 Conclusion and Recommendations 15 References 16 Appendix 17 Illustrations Global Automobile Industry Value 5, 6 Age 10 Environmental Choice 11 Fuel Choice 11 Auto by Class 12 Global Auto Market Share 13 Competitive Landscape 14 Introduction Since introduction of Henry Ford’s Model T in the 1920s, and especially with the advent of television in the 1950s, the big automakers and their brand(s) have continued to capture the lion’s share of the car consumer market with traditional advertising models, based upon household surveys reflective of the one in the present market study, Drive–CO2: Global Auto Industry Report, 2010. In those times, such a Survey was an effective enough tool to generate market segmentation analysis of both consumer perception and preference. In regard to changes in the sector since the 1990s, and especially in response to the Kyoto Protocol, old measures of customer satisfaction have been enhanced with new questionnaire data related to GHG emissions reductions policy and regulatory compliance the product development and protocol of auto manufacturer factory to market operations and sales. Environmental prototypes and fuel efficiency options in vehicles are increasing annually according to policy measures, and ‘green’ product preference is reflected in consumer choice across the board. Historically, the auto manufacturer industry presented few problems for advertisers and marketers charged with the job of creating a synthesis between consumers and product line. The desire for autos by consumers of all adult age segmentations, and income levels has almost always superseded prohibition of price point, and despite impact to the industry in response to the economic downturn since 2008, and attendant national tariffs, taxes and regulatory issues as well as currency conversion destabilization, automobile exports continue as one of the primary mass consumer product segments of international trade (Datamonitor 2004, 2010). For manufacturers and distributors of autos and automotive products, there are now multiple outlets for selling vehicles through a number of different channels, and seemingly unlimited consumer and price information, furthered by density of online communications and direct sales. International conglomerates, auto manufacturers have been exceptional in meeting the flexible influences in global market shifts despite volatility of the market in general. Unlike other retail decision making models attributed to lower cost price points (i.e. groceries) where less than half of all buying decisions are made before the shopper goes into the store as shoppers are keeping their options open later into the decision process, auto shoppers tend to inform themselves advance of product selection, and with some external factors in mind (i.e. environmental impact). Shopper segmentation research tells us much about the nature of consumer interest in certain products over others, and the qualities attributed to class of products like autos. From model to fuel performance and price point, the lesser seen measures such as service and environmental impact are subject to a range of decision making influences and patterns, not always within the control of advertising nor reach of the retail marketing team. Instrumental to changes within national markets, global market research and analysis of the auto industry and its suppliers, nonetheless leaves out invaluable consumer insights as they impact the current state of the industry. In 2008, $1,681.1 billion was the global economy was contributory to the auto industry, with an increase of 18% since 2003 (Hoovers 2010). An economy of scale, the auto industry is capital intensive, with average revenue per employee of approximately (US) $2 million; making the sector quite central to the overall world financial picture and related sectors in purchasing and marketing (First Search 2010). Auto companies tend to rely upon extensive decentralized auto assembly at present, which contributes to competitive brand positioning in foreign markets. Hence, the foregoing Auto Report outlines the almost universal factors affecting competition between European car makers such as Daimler Benz, Renault and Volkswagen as they attempt to attract consumer preference from ‘foreign’ automakers like Ford, Nissan and Toyota. Not mentioned within the research, is the phenomenon of merger that has de-territorialised ‘national’ brand identification as an aspect of market segmentation; as seen in the acquisition of U.S. based car manufacturer Chrysler and its distribution operations by Fiat of Italy. The Global Auto Industry Report, 2010 is a market research mission intended to provide primary research toward interpretation of the current state of the auto market, and especially in regard to priority service options. Shifts within the market are also factored into the decision making model, and the Survey captures data on environmental product prioritization, and fuel type. The study promises to provide a foundational resource toward further questions pertaining to both consumer and product segmentation and sets the framework with key questions that might be advanced by in-depth preference, product and service information, through integrated and hierarchical correlations over time. Fiscal information is implied within the methodology, as price ‘value’ is rendered as a dependent variable, but with no additional external information about actual costs. Literature Review According to the European Automobile Manufacturer’s Association Industry Report (ACEA), 2010 ‘Demand for transport is expected to increase and vehicle technology will play an important role in moving people and goods efficiently. But ultimately, solutions which are truly effective and sustainable will require more than things like drive concepts, better aerodynamics, telematics solutions and advanced electronics’ (p. 59). Cooperative action by stakeholders is according to ACEA, the most ‘effective and efficient long-term mobility policy’ toward building a sustainable operations management policy framework for the future. The Association’s model includes environmental, fuel efficiency, infrastructural, innovation, research and development, and regulatory interests intended to support the auto manufacturer sector in response to current and forthcoming legislation. Key stakeholders are represented in the European Commission, national and regional governments, and infrastructural energy and road works, as well as the automotive industry and its suppliers. Auto manufacturers employ an ‘operating system’ as the key concept in market analysis and this systems approach to chain management of materials and logistics corresponds well to suppliers whom have long applied the ‘Six Sigma’ approach to manufacturing excellence. The Auto Analysis Report is dedicated to adherence to such an operations management framework, and addresses the potential of such framework through consideration of the Study’s data toward incorporation into actual inventory reporting as a method of directing factory to market decision (Galloway L et al., 2007, Heizer J and Render B., 2003, Slack N et al., 2000). Specific benefits in linking market knowledge with operational logistics are many, and include improved speed to market, more accurate hypothesis testing, increased revenue and more efficient spending. In the future, if the Survey is implemented with in-depth analysis of consumer market segments in the UK, and product availability in terms of target market, recommendation of channel marketing could be considered. Corporations often employ PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental) or SWOT (Strengths, Weaknesses, Opportunities, Threats) analyses for better understand a company’s overall operational and market strategy. In order to achieve sustainable growth, the insights from the SWOT often include inventory reporting toward substantiation of immediate and short-term solutions, sales and marketing needs in its ‘total’ operating system. Operating systems typically now include an interface between decentralized inventory control systems in the various regions, and accountability at manufacturer headquarters. Rationale behind systems integration in the past two decades has promoted density in research data of all kinds, including tracking data from Product Chain Management (PCM) and Value Chain Management (VCM) as cost analysis and logistics contribute to information within well designed inventory control networks. Key internal management involvement in inventory control and tracking system includes mechanisms for global and regional marketing, sales and marketing research units. Every aspect of operating system can be put into a unified platform; align brand strategy with retail strategy; and overall product to market execution. Integration of inventory management systems offers much to sales representatives in that customer service requests are met with immediacy, and applicable market analysis is readily translated into best-of-class shopper insights and category management methods and technologies toward better service knowledge and training. Building the quantification of Retail Operations Inventory (ROI) into the process from the start reinforces the overall systemization of the auto industry from a market research perspective is that it is intended to rapidly activate and operationalise shopper insights with the goal of building better customer loyalty and partnerships in supply. Every aspect of operating system can be put into a unified platform; align brand strategy with retail strategy; and overall product to market execution. Methodology The Survey is meant to offer actionable, revenue-producing, differentiated consumer-centric data from which solutions might be fostered. As a result, the foregoing report on consumer and industry segmentation in the auto manufacturer sector targets, albeit limitedly, differentiated and integrated reporting. Market analyses of this sort are essential to finding solutions to trends in a context of a global consumer market influenced by a wide variety of indicators. Effective precision is aggregate to both national and regional economies, and independent variables such as age are especially important within the current moment as external elements within the policy sphere, for instance, can greatly change the industry’s ‘establishment’ in ways that were once not thought possible. Aspects such as class and innovation in performance are now directly linked to externalities like environmental offsets within the market. Consumers are savvy to this, and now insist on a range of possibilities that were only recently incorporated into the auto chain as ‘sustainable’ strategic market incentives. Previously the industry generally viewed analyses as an instrument for dissemination of baseline sales criteria, by which dissemination of fiscal data was considered to be of high-value, yet other primary and secondary data was considered to be entirely outsourced commodity unrelated to internal operations. Review of the manufacturers and their sales franchises indicates much has changed based on responsive research, and internalisation of such methods. Findings and Analysis The findings of the report are based on the survey instrument outcomes generated from interview of twenty five (25) respondents. Due to the size of the limitations of sample size and source (i.e. adult auto shoppers), significance is mostly contributory to independent variables like age, and little to do with the micro response factors determined through elements that would be most effectively analyzed through ranking, rather than single multiple choice response. In short, the response panel looks at priority preference, but not from a hierarchical perspective that would offer variation toward statistical dispersion readily depicted by way of histogram diagrams. Similarly, cluster diagrams also do not capture significance, as the correlative sample size is too small to render significance as a larger sample, and especially a snowball sample application might provide the research. Time is not a factor in the analysis, which delimits the investigation to date, rather than interpret the market through findings over time toward longitudinal analysis that would provide basis for line graph charts and other matrices utilized for annual financial, investment or sales representations. Much of the data is dependent upon product features, yet not at all correlative to actual products, as the survey query is does not adequately examine depth in terms of product segmentation and consumer choice. In short, randomness is very high despite the brevity of the survey, and far more rigorous approach to data collection on the market, the specificities of price point comparison, and product levels might contribute to the development of an apt study of the global auto market, and especially in the UK where diversity of product is high. The questions pertaining to environmental prototypes and consumer preference in the area of fuel options are the most effective and interesting point(s) in the sample. Correlated to division of age of informant, the research outcomes reveal that both the sample’s mean and median are proximate between the ages of 33-34, and external data on this consumer segment shows a high degree of interest in ‘green products,’ and especially GHG emissions reductions options that include electrical, gas, and mixed options. Service discussion as it correlates to environmental options and fuel efficiency would highlight the actual progression of consumer responsiveness to products subject to regulatory compliance by way of warranty. Results from those interactions should ground decision making further, as consumers report on their actual experiences with ‘green’ models. Age: a. 18 ‐ 24 b. 25 ‐ 29 c. 30 – 34 d. 35 ‐ 39 e. 40 and above a. 1 b. 1 c. 13 d. 8 e. 2 5. To you how important are environmental friendly cars? a. Very important b. Important c. Don’t care d. Not important e. Not important at all a. 20 b. 3 c. 2 d. 0 e. 0 6. What type of fuel consumption you prefer for your car? a. Electric b. Petrol c. Gas d. Mix a. 2 b. 9 c. 14 A third factor in the Survey’s findings is the class of automobile that would be advanced through analysis of brand models. Existing environmental and fuel efficiency models might also be addressed through further segmentation of the ‘class’ question. Development of the survey through intensive investigation of attributes will offer a range of insights not captured through traditional segmentation categories driven by price and economy to luxury scaling. Why customers prefer size and type has much to do with income (also not discussed here), but the salient inquiry in this service-centric survey does little to define those priorities from a consumer perspective, even in regard to an analysis of product features that might benefit from statistical coordination. At present, the survey does not provide substantial evidence in this direction, and therefore, coefficient analysis on coordinates is entirely meaningless. 7. Which of the following type of car you would prefer to buy? a. Mini b. Super mini c. Sports d. 4X4 e. Luxury f. Family g. Economical h. Others a. 4 b. 5 c. 5 d. 1 e. 1 f. 4 g. 4 h. 0 Finally, data generated on consumer preference in brand of vehicle within the Survey is best understood in comparison with global market data on company market share. According to the findings in the survey, the statistical break-down in preference basically reflects the overall picture of the market’s manufacturer segmentation, yet with more focus on European models. The Survey addresses a national consumer economy participant as a member of the EU market. Comparative data from two sources is nevertheless proximate, with Industry Analysis paralleling the Survey’s data, or distinguishing Toyota as the leader over Volkswagen (Datamonitor 2009, and Hoovers 2010) The Survey performs on target, despite the limited selection of manufacturer brand names. Competitive Landscape KEY: Best of Group. Companies listed are Top Competitors. www.hoovers.com Key Numbers Volkswagen Daimler Ford Motor General Motors Annual Sales ($ mil.) 150,754.0 113,113.9 118,308.0 104,589.0 -- -- Employees 368,500 256,407 198,000 217,000 -- -- Market Cap ($ mil.) 20,207.8 51,950.9 40,368.0 265.0 -- -- Profitability Volkswagen Daimler Ford Motor General Motors Industry2 Market3 Gross Profit Margin 12.91% 19.22% 17.33% (7.27%) 17.92% 28.77% Pre-Tax Profit Margin 1.20% 0.40% 5.44% 98.00% 2.74% 8.48% Net Profit Margin 0.91% (0.81%) 4.96% 100.10% 1.65% 5.53% Return on Equity 2.7% (2.1%) -- -- 5.5% 10.1% Return on Assets 0.6% (0.5%) 3.2% 92.1% 1.2% 1.5% Return on Invested Capital 0.9% (0.7%) -- -- 1.4% 4.4% Valuation Volkswagen Daimler Ford Motor General Motors Industry2 Market3 Price/Sales Ratio 0.19 0.52 0.33 0.00 0.43 3.29 Price/Earnings Ratio 28.82 (64.52) 6.47 (0.01) 22.68 24.10 Price/Book Ratio 0.57 1.38 (7.37) (0.01) 1.40 6.38 Price/Cash Flow Ratio 1.59 4.10 2.85 (0.02) 5.26 20.41 Operations Volkswagen Daimler Ford Motor General Motors Industry2 Market3 Days of Sales Outstanding 20.23 29.65 247.48 26.57 76.50 34.66 Inventory Turnover 5.7 4.3 16.1 9.7 9.1 8.1 Days Cost of Goods Sold in Inventory 64 84 23 38 40 45 Asset Turnover 0.6 0.6 0.6 0.9 0.7 0.3 Net Receivables Turnover Flow 18.0 12.3 1.5 13.7 4.8 10.5 Effective Tax Rate 27.7% 329.5% 5.1% -- -- 37.9% Financial Volkswagen Daimler Ford Motor General Motors Industry2 Market3 Current Ratio 1.12 1.14 2.45 1.13 1.43 1.33 Quick Ratio 0.9 0.8 2.4 0.6 1.2 1.2 Leverage Ratio 5.02 4.26 -- 6.41 4.39 7.13 Total Debt/Equity 2.20 -- (16.94) 0.74 1.96 1.37 Interest Coverage 1.56 -- -- 17.74 39.94 17.33 Per Share Data ($) Volkswagen Daimler Ford Motor General Motors Industry2 Market3 Revenue Per Share 356.51 96.92 35.50 218.60 74.75 7.60 Fully Diluted Earnings Per Share from Total Operations 2.38 (0.64) 1.93 -- 1.22 1.08 Dividends Per Share 1.93 0.60 0.00 -- 0.00 0.25 Cash Flow Per Share 43.18 12.37 4.16 (33.66) 6.15 1.22 Working Capital Per Share 27.94 6.58 26.11 13.62 15.18 0.64 Long-Term Debt Per Share 125.40 32.48 38.88 11.12 34.21 4.06 Book Value Per Share 119.59 36.85 (1.61) (149.28) 23.09 3.91 Total Assets Per Share 600.59 125.79 57.20 272.59 101.43 27.90 Growth Volkswagen Daimler Ford Motor General Motors Industry2 Market3 12-Month Revenue Growth (7.6%) (18.0%) (19.1%) (29.8%) (17.4%) 31.9% 12-Month Net Income Growth (79.8%) -- -- -- -- (27.7%) 12-Month EPS Growth (80.0%) -- -- -- -- (50.0%) 12-Month Dividend Growth 7.2% (70.6%) -- -- -- -- 36-Month Revenue Growth 0.1% (19.6%) (9.6%) (20.4%) (4.1%) 14.3% 36-Month Net Income Growth (29.6%) -- -- -- -- (5.6%) 36-Month EPS Growth (21.9%) -- -- -- -- (14.7%) 36-Month Dividend Growth -- (25.4%) -- -- -- -- Conclusion and Recommendation Due to the high tariffs, taxes and additional costs generated by subsidies in the auto market, export of automobiles means incorporation of additional cost inputs into consumer sticker prices. The price chain has definitive influence on the global auto industry, and operational strategies directed at expansion of innovative prototypes. This is especially true of ‘full cost pricing’ in result of environmental offset options or requirements, and in spite of the growing demand for these products, innovation precedes economy and consumers are aware of this upon survey. Since the crisis, some national economies are deeply affected by externalities related to cost inflation to those markets. To this end, Survey instruments may only capture momentary insights into the current state of affairs. The Auto Report acknowledges this discrepancy and foresees that service-centric models might be well advanced by furtherance of data collection efforts on consumer interpretations of policy, and understanding of corporate obligation to meet those measures within their customer service offerings. If the general direction of global industries is toward building better models for sustainable growth through responsible product applications and innovations, knowledge about the research and development processes that go into forging new market strategies should be underscored within the decision making model of the survey so that business might be intelligent enough to understand the steady growth potential of the auto sector globally. References Auto Industry Competitive Landscape, 2010. Hoovers. Available at: http://www.hoovers.com Automobiles Industry Profile: Global. Datamonitor, Mar2010, p1, 33p, 18 Charts, 13 Graphs. New York. Available at: http://www.datamonitor.com Brown S et al., 2000. Strategic Operations Management. Oxford: Butterworth Heinemann. European Automobile Manufacturers’ Association, 2010. Available at: http://www.acea.be/ Galloway L et al., 2007.Operations Management in Context. Oxford: Butterworth-Heinemann. Automobile Industry Report. First Search. Available at: http://www.firstresearch.com/Industry-Research/Automobile-Manufacture.html Global Auto Dealers: Industry Profile, 2004. Datamonitor. New York. Available at: http://www.datamonitor.com Global Automotive Retail, 2010. Datamonitor. New York. Available at: http://www.datamonitor.com Heizer J and Render B., 2003. Operations Management. New York: Prentice Hall. Slack N et al., 2000. Operations Management. Pitman Waller D L., 1999. Operations Management — A Supply Chain Approach. New York: Thompson. Appendix Sample questionnaire, charts and/or tables QUESTIONNAIRE Age: a. 18 ‐ 24 b. 25 ‐ 29 c. 30 – 34 d. 35 ‐ 39 e. 40 and above a – 1 b-1 d- 13 c- 8 e-2 1.While buying a car which of the following factor will influence your purchase most? a. Quality b. Price c. Durability d. Brand e. Re‐sell value f. Company service a - 19 b - 2 c - 0 d-0 e - 4 2. Which additional feature or facilities you prefer with the car? a. Warranty b. Trade ‐ in c. Free service d. Drive away insurance e. None a - 1 B - 2 c - 20 d - 1 e - 1 3. Which paying method will you prefer while buying car? a. Instalments b. Cash c. Pay monthly d. Cash and instalment a - 10 b - 5 c - 5 d - 5 4. What type of warranty you prefer with the car? a. 2 years b. 3 years c. More than 3 years a - 0 b - 0 c -25 5. To you how important are environmental friendly cars? a. Very important b. Important c. Don’t care d. Not important e. Not important at all a -20 b - 3 c - 2 d -0 e-0 6. What type of fuel consumption you prefer for your car? a. Electric b. Petrol c. Gas d. Mix a - 2 b - 9 c - 14 7. Which of the following type of car you would prefer to buy? a. Mini b. Super mini c. Sports d. 4X4 e. Luxury f. Family g. Economical h. Others i. a - 4 b - 5 c- 5 d - 1 e - 1 f - 4 g - 4 h - 0 8. When buying a car how much do you think will consider brand? a. Very important b. Important c. Don’t care d. Not important e. Not important at all a - 9 b - 9 c – 3 d. – 3 e - 1 9. While buying a car, which brand you will prefer most? a. BMW b. Audi c. Ford d. Mercedes e. Toyota f. Nissan g. Renault h. Volkswagen i. Other (specify) a - 3 b - 3 c - 2 d - 3 e - 3 f - 2 g - 2 h - 7 i 10. Which car manufacturer’s advertisement influence you most? a. BMW b. Audi c. Ford d. Mercedes e. Toyota f. Nissan g. Renault h. Volkswagen i. Other (specify) a – 3 b-3 c - 2 d - 4 e - 2 f -3 g -4 h - 4 i-0 11. How much do you consider re‐sell value of a car? a. Very important b. Important c. Don’t care d. Not important e. Not important at all a - 17 b - 5 c -2 d - 1 e -0 f - 0 12. Which brand you think offers the best re‐sell value? a. BMW b. Audi c. Ford d. Mercedes e. Toyota f. Nissan g. Renault h. Volkswagen i. Other (specify) a - 3 b - 2 c -3 d - 4 e -2 f - 2 g - 2 h - 4 i 13. How much would you consider Trade in (returning old car for a new model with a minimal additional charge)? a. Very important b. Important c. Don’t care d. Not important e. Not important at all a - 18 b – 3 c - 2 d - 2 e - 0 THANK YOU FOR YOUR CO‐OPERATION Read More
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