Oleg Korenok () (Department of Economics, VCU School of Business) George E. Hoffer () (Department of Economics, VCU School of Business) Edward L. Millner () (Department of Economics, VCU School of Business)
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This paper analyzes market share changes in automobile and light truck submarkets. We find that new product, as measured by restyling, represents the most consistent, dominant determinant of demand. On average a ten percent reduction in relative price would yield only one-tenth the market share impact of a restyling. Alternatively, one would have to double one’s relative advertising expenditures to match the impact of a restyling. Several demand determinants not previously modeled, including rebranding and warranty curtailments, were detrimental to domestic manufacturer market shares. Safety appliance adoptions and changes in vehicle reliability had minimal impact on demand.
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Paper provided by VCU School of Business, Department of Economics in its series Working Papers with number
0903.
Length: 24 pages Date of creation: Sep 2009 Date of revision: Publication status: Forthcoming in Journal of Business Research Handle: RePEc:vcu:wpaper:0903
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