Research on the Connotation, Influencing Factors and Promotion Strategy of Automobile Brand Premium

Abstract

With automobile sales, market share also tends to stabilize. The growth rate of automobile sales is gradually decreasing. At the same time, the goal of maintaining high profits for automobile manufacturers is difficult to achieve only by "car production." As a component of brand equity, a brand premium has become essential for automobile manufacturers to improve profitability—the direction of development. Currently, the connotation and influencing factors of brand premium are still controversial in academic circles, and there are few particular kinds of research on brand premium in the automobile sales market. This paper takes the automobile industry as the research object and profoundly explores the concept and influencing factors of brand premium. On this basis, it proposes targeted suggestions for automobile manufacturers to improve their brand premium capabilities to encourage Chinese automobile manufacturers to achieve faster transformation and upgrading of industrial structure.