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Marketing: Formula one and F1

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Marketing: Formula one and F1
Formula 1: Delivering the F1 Experience

1. Give examples of needs, wants, and demands that F1 fans and sponsors demonstrate, differentiating each of these three concepts. What are the implications of each on F1’s actions?
A lot of people, especially men, relieve their stresses through watching sports or playing sports. Through F1, fan and sponsors are able to relieve their stresses by meeting radical feelings such as fun, excitement and enjoyment. In addition, they want to fulfill their feelings by watching the world best cars racing with dynamic and unexpected incidents. Given their needs and wants, F1 provides their fans and sponsors a totally involving experience by allowing them to have abundant information of everything in the circuit at any time. Also, it gives fans and sponsors more fun and excitement by holding races in different places and different time.

2. Detail all facets of the F1 product. What is being exchanged in an F1 transaction?
F1 focuses on building the right relationships with right customers by providing customer the blend of live racing events, abundant media coverage, and compelling websites. On F1 official web site, fans can book their race tickets, flights, hotels, ground transportation easily. Also, they can easily get access to glut of information, entertainment and forum of such as in-depth news, driver bios, background information, photo gallery, and a merchandise store in its engaging and unofficial websites. Moreover, F1 can be seen live or tape-delayed in all over the world. Every unexpected incidents such as race crashes could be seen everywhere. In addition to the car race, F1 provide various shows by inviting celebrities so that more diverse people can enjoy F1 atmosphere. By providing such various services, F1 is accumulating a strong customer relationship and strong brand power for long-term sustainability. They are not only maintaining their current customers excited and interested but also are alluring potential
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