NASCAR Case Study
NASCAR has become an American household name that has successfully built their company by offering live racing entertainment, partnering with sponsors, marketing families, and capitalizing on branding by offering merchandise to consumers. Although NASCAR is highly prosperous, they could continue to increase their revenue and expand their achievements by insulating themselves from economic downtown, preforming a SWOT analysis, and by leveling criticism again them. NASCAR could have done several things differently to insulate them from economic downturn. NASCAR is incredibly successful because they have been able to capitalize on branding. The marketing strategy for NASCAR involves attracting massive crowds and establishing devoted fans based on the excitement, competiveness, and exhilaration that their sport offers. Numerous automobile sponsorships aid NASCAR in the success. The most important element to NASCAR’s effective marketing strategy was their ability to increase revenues by expanding their brand to include souvenirs, t-shirts, clothing, and various other items that represent the company along with the drivers, cars, and sponsors. This strategy has been prosperous for the most part however the economic downturn forced many sponsors to reduce their monetary sponsorship commitment or resign altogether. To reduce to risk of revenue loss based on the withdraw of sponsors, NASCAR should have focused on increasing their revenue by growing their already large fan base. It’s no secret that NASCAR fans are devoted. Majority of fans purchase NASCAR merchandise in addition to attending and viewing the races. By increasing the fan base, NASCAR would not increase ticket sales, they would also increase sales in NASCAR products.
NASCAR can take advantage of several chances to expand by preforming a SWOT analysis in order to identify their strengths, weaknesses, opportunities, and threats. One dominate strength includes NASCAR’s massive fan...
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