The automotive industry has been rapidly evolving over the past few decades, with a growing focus on fuel efficiency, environmental sustainability, and technological innovation. With increasing competition among manufacturers and a changing consumer landscape, it has become more important than ever to understand the factors that drive consumer demand for cars. In recent years, there has been a growing trend towards electric and hybrid vehicles and increased interest in alternative fuel sources such as hydrogen and natural gas. At the same time, traditional gasoline-powered cars remain dominant in the market, with varying fuel types and grades available to consumers.
For the given dataset, as a Data Analyst, the client has asked How can a car manufacturer optimize pricing and product development decisions to maximize profitability while meeting consumer demand?
This problem could be approached by analyzing the relationship between a car's features, market category, and pricing, and identifying which features and categories are most popular among consumers and most profitable for the manufacturer. By using data analysis techniques such as regression analysis and market segmentation, the manufacturer could develop a pricing strategy that balances consumer demand with profitability, and identify which product features to focus on in future product development efforts. This could help the manufacturer improve its competitiveness in the market and increase its profitability over time.