A Chinese automobile company Geely Auto aspires to enter the US market by setting up their manufacturing unit there and producing cars locally to give competition to their US and European counterparts
They have contracted an automobile consulting company to understand the factors on which the pricing of a car depends. Specifically, they want to understand the factors affecting the pricing of cars in the American marketing, since those may be very different from the Chinese market. Essentially, the company wants to know:
Which variables are significant in predicting the price of a car How well those variables describe the price of a car Based on various market surveys, the consulting firm has gathered a large dataset of different types of cars across the American market.