NASCAR is a huge racing company that has taken over the racing industry. NASCAR obtains a brand equity that no other company in the racing industry can match. Brand equity displays how much a product’s value increases because of the NASCAR logo (Ferrell & Hartline, 2014). NASCAR’s brand is seen on many commercials, apparel, and race cars around the nation. Also, NASCAR’s sponsors experience a substantial increase in sales when their logo is placed on the NASCAR racecars. Companies such as Tide, M&M, and Wonder use these race cars to target customers by displaying attention catching images all over the car (Levin, Joiner, & Cameron, 2001). NASCAR’s brand has evolved over the last decade even with their competition Indycar going through their rebuild. Also, not only has NASCAR built their brand off of their sponsors but also off of their promotional opportunities. These promotional opportunities include races, concerts, and in restaurants. For example, Denny’s launched a promotional opportunity when they debuted …show more content…
Security is a major problem in this industry, especially with cars traveling speeds above 200 mph. Also, NASCAR faced environmental criticism due to the amount of gas they use per car. Also, NASCAR suffered an economic downfall during the recession. Large companies who sponsored NASCAR could no longer afford to sponsor which was bad news for NASCAR. Also, their T.V. ratings dropped, even on the big name races such as the Daytona 500. With the T.V. viewing per race decline, NASCAR began to notice a drop in their race ticket sales (Ferrell & Hartline, 2014). Customers could not afford to purchase tickets to the races due to the recession. However, after the recession, NASCAR saw the light at the end of the tunnel. Their comeback success is targeted around the fact that their competitors are weak in the industry. Customers would rather watch NASCAR over Indycar