1)NASCAR’s branding strategy was well organized and successful although they were affected by the economic recession. Their strategy was built on the fact of marketing the company by the use of sponsorships and co-branding with other companies. So they were intensively marketing the company which benefited the company in terms of positioning and financial status. As well this strength was the weakness of the company during the economic recession. The company succeeded in terms of differentiation , as it people always wait for watching the race and are anxious about .
Also the participation in Hollywood and films field added success and value to the company’s image. They achieved the fact of being differentiated by segmenting women as well, in order to reach wider fans. People were interested in Nascar and the company were profitable until the point of recession. The sponsors supporting Nascar were suffering in terms of financial status which affected Nascar negatively. The problem with Nascar that they were intensively depending on this marketing technique and not setting any alternatives that could’ve protected the company.
They should have done some advertising other than depending on sponsors, as for example using the internet media and other packages so that the audience could be motivated and go for buying the tickets. Also the drivers were always under pressure because of the fear of losing the race in order to not lose the sponsors and promoters. Another alternative they could have done in order to enhance marketing the company and isolating themselves against the recession is that introducing the telemarketing strategy by sending messages and developing specific database so that they will attract more people. )
Strategic SWOT Analysis The strengths Nascar had are the co-branding strategy they followed and the support they had from the sponsorships and partners. Also the fact of being differentiated in the terms of the race experience that people naturally like to live and sense it. The power of Nascar is also that they have a well known past. The weakness they had is that the drivers they involved and not of diverse different regions and this lead to conflicts in the consumers’ behavior and reactions. Also the timings of the races are inconvenient as many people can’t spend much of their time watching the race.
Nascar had some opportunities as the new car manufacturers participated with them and this can lead the company to achieve high top positions at that time. They also had the opportunity of choosing locations in which they could be international and reach the whole different regions and diversities. The threats that really set Nascar in a fearful situation is the economic recession and the money lost as they heavily are depending on sponsorships. Also the people watching races on television have been decreasing gradually.
The threat that plays an important role in the future of the company is that a lot of people hesitate about the safeties and precautions that Nascar has. 3)Some strategies are recommended to be done towards the criticisms that were held against Nascar. The threat of the company is the safeties that they offer for the drivers and people as a lot say that they are not taking the suitable actions. A lot of drivers died which made the company in a risky position. So they have to care much more in terms of protection and safety and achieve this image for the intended audience.
Also the company should become more involved in sustainability initiatives in ways tied to the branding strategy so that the company will be protected against any changes in the economy. Other than just focusing on marketing the company by sponsors they should be close to the customers in terms of being safe and promoting the image itself. This could be done by branding as by changing the slogan and logo or even the way of advertising. People should view Nascar as a company that’s perfect in several ways other than just races and the crowd. )Some strategies are recommended so that Nascar could be promoted to a next level of its progress. Timings of races should be more convenient to people and consume less time so people could be able to watch the race and go for buying the tickets.
As well they have to advertise it through several media other than showing the races on channels on the television. It’s important to reach more people in broad areas so that they could generate more profits. They have to concentrate on targeting much more fans from different nationalities and backgrounds so they can be an international brand vailable for people anywhere. To maintain the fans and even increase them they have to not only intensely use the sponsors and co-branding but also going for intense marketing in general , so that customers no more feel that it’s all about sponsoring and marketing the name of Nascar instead of entertaining and satisfying their needs and wants. Nascar should put in mind that the most important thing to achieve is customers’ satisfaction not only needs but wants that they even didn’t ask for yet.
Cite this NASCAR: A Branding Success
NASCAR: A Branding Success. (2016, Dec 25). Retrieved from https://graduateway.com/nascar-a-branding-success/