From IndyCar’s standpoint there are multiple external factors that impact the organizations marketing strategies. One of these factors is competition, NASCAR in particular should be considered the most extraneous variable because of their fan base. Since IndyCar is global, international fans know more about the organization’s brand impacting IndyCar’s marketing efforts to be recognized nationally. On the other hand, this creates an advantage for IndyCar because it has a more diverse roster compared to NASCAR. This creates both opportunities and threats because the rise in popularity for a driver in IndyCar. These opportunities can involve more sponsors, brand imaging, increase in fans, and overall an increase in revenue. The popularity of a …show more content…
The IndyCar as a brand has a worldwide fan base following their brand. This gives them the ability to adapt to the market by developing a strategy that will draw a wider variety of consumers especially in the U.S. Whereas, a weakness I would recommend IndyCar convert to a strength is the fact that IndyCar is fairly new to the market. To create this weakness into a strength, Indy should develop relationships with the media and sponsors. Between 2002-2009, IRL fell short on sponsors and advertisement (Ferrell & Hartline, 2014, p.442). If they were to concentrate and focus only on marketing ideas, events, and promotional sales, I believe IndyCar’s weakness of marketing would be converted to a strength. As mentioned above, IndyCar has an advantage over NASCAR because they possess a global market compared to NASCAR. IndyCar has higher international fan based compared to NASCAR. They also offer different elements to open-wheeled racing, for example, on road courses, geographical areas, and offer a variety of activates (festivals events). In addition, IndyCar offers a diverse driver roaster with drives like Patrick and Castroneves. This advantage should be used in their favor to gain more recognition in the U.S, inspiring anyone to become an Indy