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Nascar's Marketing Strategy

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NASCAR’s branding strategy, in relation, to their overall marketing strategy, since the three-year economic downturn NASCAR is starting to show improvement (Ferrell & Hartline, 2014). A look at NASCAR’s external environment could help in determining if anything different could have been done to insulate NASCAR against the economic downturn (Ferrell & Hartline, 2014). The external environment includes all external factors like competition, economic growth and stability, political trends, legal and regulatory issues, technological advancements, and sociocultural trends (Ferrell & Hartline, 2014). Most organizations face four basic types of competition which include brand, product, generic, and total budget competitors (Ferrell & Hartline, 2014). …show more content…

Product competitors compete in the same product class, however, the products are different in features, benefits, and price (Ferrell & Hartline, 2014). NASCAR’s product competitor would be the Indy Racing League the product difference is their racing cars (Ferrell & Hartline, 2014). Generic competitors very different products that solve the same problem and satisfy the consumer’s needs (Ferrell & Hartline, 2014). The generic competition for NASCAR would be small locally owner raceways (Ferrell & Hartline, 2014). Finally, total budget competitors are those that compete for the limited financial resources of the same consumers (Ferrell & Hartline, 2014). NASCAR’s only true competition for total budget resources is the Indy Racing League (Ferrell & Hartline, 2014). The lack of competition with other viewing options and more exciting races has lead to an increase in viewership (Ferrell & Hartline, 2014). NASCAR signed a comprehensive television contract with FOX and NBC which enabled the televising of all the NASCAR races to 167 countries (Ferrell & Hartline, …show more content…

Attendance and television ratings continue to be poor of NASCAR and this year NASCAR is losing three of their more popular driver (Caildwell, 2017). In 2018, the NASCAR series will no longer have the important demographic of Dania Patrick, Matt Kenseth, or Dale Earnhardt Jr (Caldwell, 2017). These are very well known drivers who have made NASCAR a lot of money with their celebrity status (Caldwell, 2017). NASCAR is now looking to the younger drivers to step off and pave the way for a new generation of NASCAR (Caldwell, 2017). Hopefully, NASCAR has learned from the last economic downturn and find a way to make NASCAR successful again (Ferrell & Hartline, 2014). In doing so, NASCAR will have to stay above their breakeven point to be profitable (Ferrell & Hartline, 2014). NASCAR will have to cut cost, which could mean more employees losing their jobs (Ferrell & Hartline,

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