Value perception is a very important tool that can be used to understand the needs and wants of young singles. As the name suggests, value perception is how the customer values a product based on its need or want. This is an important metric that helps buyers decide if a product is “worth” the price. In the case of family sized cars, young singles do not have a need for vehicles that offer large amounts of passenger space, large engines and high safety ratings. For this reason, they perceive the value of family sized cars to be lower than, say, sports cars.
For family cars, it doesn’t matter much depth or breath the product line has because the basic concept behind these vehicles remains the same. The change in luxury grade or engine power may attract some customers from a different market segment but these cars cater to a very specific market segment. The addition of extra features may attract young singles if they are looking for a car that is more spacious than cars they would normally prefer. Furthermore, family cars do not offer much brand recognition and aggressive design. These two factors are usually taken into consideration when young singles purchase vehicles because they want to display their tastes and financial stability. At this stage in life, many young singles are doing well with their career and start looking for a partner, and for this reason, want a product that will represent their personality and tastes.
The younger generation also tends to do much more research when buying products that require a large investment. They don’t solely rely on advertisements that claim a certain standard of quality or reliability. This means that they will look for product reviews online to further understand their product and decide whether it fits their personality. Therefore, brand names are an important factor in making these decisions as long as the vehicle is positioned to attract young customers.
Price is also an important factor for younger customers because they have just started their careers and can’t spend large amounts of money on vehicles but still want high value products. Family sized cars can’t offer the features that these buyers need and for this reason price will be irrelevant in this case. In other words, pricing will only matter for cars positioned to attract young buyers; vehicles not in this segment will not matter much to the buyer.