Marketing Mix for U.S.A car market Chery Cars China Essay - 3

Marketing Mix for U.S.A car market Chery Cars China - Essay Example The state based automobile manufacturing company of China, Chery International was founded in the year 1997 with an investment capital of RMB 3.98 billion. The Chinese state owned firm has grown rapidly over the years and presently has a production capacity of around 900,000 engines, cars along with 450,000 transmissions. The product portfolio ranges from passenger and commercial vehicles along with minivans. The company follows a highly modernized approach towards the production of automobiles in all its facilities and provides a strong focus on quality and innovation. With the passage of time, the Chinese firm has successfully penetrated into multiple markets in home and abroad (Cherryinternational.com-1, 2013). The automobile market in the US is one of the largest in the world and is interesting the home turf for 13 automobile manufacturers. Every major automobile manufacturing brand ranging from European, Japanese, Korean or Indian has presence in the US automobile market (selectusa.commerce.gov, n.d.). On a statistical note, the top 10 automakers manufacture 80% of the world’s automobiles, 90% of which is sold in the US markets. Talking in depth about the US auto market, it has to be stated that the market is dominated by the multiple global brands. General Motors is presently the leader in the US market. Other popular and prominent auto brands in the US market are Ford, Toyota, Daimler, Honda and Nissan. As of the current times, it needs to be highlighted that the US auto industry is starting to attain the pre-crisis growth levels. Auto sales in the year 2013 in the US were pegged at 15.6 million vehicles, which is a significant 7.6% increase as compared to 2012. For the year 2014, it is being expected that the US auto industry is supposed to attain a sale of around 16.1 to 16.5 million vehicles (Woodall and Klayman, 2014). It can be said that the marketing mix comprises of