Market Analysis of NASCAR

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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 to Change

NASCAR has operated as a family owned business venture, however, now it has become a multi billion car racing business. 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 Management

Inability to Keep Royal Fans
NASCAR is gradually losing the interest of racing fans because of their inability to bring competitiveness edge from drivers. Even though cars are getting faster and faster each year,...
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