Nascar Swot Analysis
Market Analysis of NASCAR
As noted from different articles about how NASCAR industry is functioning, this memo will examine the strengths and weaknesses of NASCAR, its website and further discuss environmental forces and finally present the marketing plan to attract females. Strengths of Brand Management
Fans’ Accessibility of NASCAR Drivers One major reason that NASCAR has been really successful in recent years is because of their loyal fans. In order to attract more fans each year, NASCAR market sport car races via fans’ favorite drivers, presenting racing drivers in a way that both casual and royal fans can connect, relate and develop special bonds. NASCAR drivers are known as “media savvy, fan friendly marketing machines.” Willingness …show more content…
One reason behind the success is how NASCAR is able to identify the changes that are needed to make in order to stay in top of business. When a college drop out, Brian France, took over as an CEO of NASCAR from his family, he had a vision of how 190 mph racing sport could potentially become a big money sports like football. Therefore, he started introducing changes. First, he borrowed the model that football and baseball were using and integrated into NASCAR. Strategic changes, such as, introducing different mix of new car brands (Toyota) into NASCAR along with bringing in drivers from F1 Racing and other minorities groups have further strengthened the brand of NASCAR and attracted fans from all over the world. Having different race teams, adding more tracks in different cities add additional flavors and grow the competitiveness of racing in tracks. Weaknesses of Brand …show more content…
For example, when tobacco companies were forbidden by the Federals from advertising at sports venues and during broadcasts, marketing departments at NASCAR quickly sought new sponsors such as Sprint, Coca cola, to keep their sport alive. If not, racing teams will have insufficient funds to compete. Marketing Plan for Attracting Females
Finding more Female Drivers
In order to attract more females NASCAR, there is an urgent need to find more female drivers competing in highest level. Car racing should not be limited by gender, even though there is a promising number of females in NASCAR today, adding more females drivers will catch the attention of female viewers and draw them into sports. Appointing Female NASCAR Ambassadors
More often than not, there are many female models taking photos during NASCAR races. However, one way to reach females’ market is in fact having current female drivers as the brand ambassadors and gets the message across to the rest of female population. They will help bridge and spread the knowledge of NASCAR. Create a Media Buzz in Social
As noted from different articles about how NASCAR industry is functioning, this memo will examine the strengths and weaknesses of NASCAR, its website and further discuss environmental forces and finally present the marketing plan to attract females. Strengths of Brand Management
Fans’ Accessibility of NASCAR Drivers One major reason that NASCAR has been really successful in recent years is because of their loyal fans. In order to attract more fans each year, NASCAR market sport car races via fans’ favorite drivers, presenting racing drivers in a way that both casual and royal fans can connect, relate and develop special bonds. NASCAR drivers are known as “media savvy, fan friendly marketing machines.” Willingness …show more content…
One reason behind the success is how NASCAR is able to identify the changes that are needed to make in order to stay in top of business. When a college drop out, Brian France, took over as an CEO of NASCAR from his family, he had a vision of how 190 mph racing sport could potentially become a big money sports like football. Therefore, he started introducing changes. First, he borrowed the model that football and baseball were using and integrated into NASCAR. Strategic changes, such as, introducing different mix of new car brands (Toyota) into NASCAR along with bringing in drivers from F1 Racing and other minorities groups have further strengthened the brand of NASCAR and attracted fans from all over the world. Having different race teams, adding more tracks in different cities add additional flavors and grow the competitiveness of racing in tracks. Weaknesses of Brand …show more content…
For example, when tobacco companies were forbidden by the Federals from advertising at sports venues and during broadcasts, marketing departments at NASCAR quickly sought new sponsors such as Sprint, Coca cola, to keep their sport alive. If not, racing teams will have insufficient funds to compete. Marketing Plan for Attracting Females
Finding more Female Drivers
In order to attract more females NASCAR, there is an urgent need to find more female drivers competing in highest level. Car racing should not be limited by gender, even though there is a promising number of females in NASCAR today, adding more females drivers will catch the attention of female viewers and draw them into sports. Appointing Female NASCAR Ambassadors
More often than not, there are many female models taking photos during NASCAR races. However, one way to reach females’ market is in fact having current female drivers as the brand ambassadors and gets the message across to the rest of female population. They will help bridge and spread the knowledge of NASCAR. Create a Media Buzz in Social