CASE STUDY VERY ROUGH DRAFT
Evaluate NASCAR’s branding strategy in relation to its overall marketing strategy. Could NASCAR have done anything differently to insulate itself against the economic downturn? NASCAR has a very strong branding strategy in my opinion. They have utilized multiple strategies in order to be effective at establishing their brand: co-branding, brand awareness, differentiation, and emotion. Co-branding and partnering with other companies has been one of their methods since the start of their company. NASCAR realized a substantial growth in their early years when it partnered with automakers Ford, General Motors (GM) and Chrysler – known as the Big Three. In the late 1980s they broadened their reach when they branched out into the world of television and had their races televised. By the early 2000s they were able to negotiate detailed television contracts with FOX and NBC enabling the entire NASCAR season to be televised to the United States. CAN YOU VERIFY THAT? NASCAR was later able to sign another contract enabling them to provide their races to a viewing audience to a tune of 167 countries. Utilizing this outlet /form of marketing enabled them to increase their fan base extensively. NASCAR works hard to create brand awareness and as a result many companies choose to sport the NASCAR logo on their products because they realize the brand equity and they are loyal to the NASCAR brand. NASCAR fans are loyal for several reasons, one being because of the sense of community they feel when engaged with this sport. NASCAR recognized that sense of community and strives to increase that sense of community by establishing a link on their website dedicated to community. Fans can socialize online form emotional bonds. NASCAR’s brand is also personified through its drivers. Fans feeling connected to the drivers allow them to create a bond and that bond promotes the sport’s brand image. NASCAR has worked hard to differentiate its brand from other companies, and specifically from its racing competitors such as????? by implementing large, and very organized marketing campaigns, offering a human touch by making sure that the fans can connect with the drivers physically; advertising and sponsorship during the competition; cultivating connections within media and Hollywood; implementing a Drive for Diversity program; creating a joint venture with the entertainment subsidiary OCESCA with the goal of increasing its Hispanic fan base; implementing Chase for the Cup Series; co-branding with Harlequin romance novels as well as partnering with the rock band Three Doors Down and Cartoon Network. NASCAR takes advantage of emotional branding that comes naturally with this sport. Fans that follow NASCAR are so diligent because of their emotional connection to the brand. Connecting to drivers and experiencing the rush and the thrill of the race are two ways of emotional branding. The NASCAR online “community” also fosters the emotional branding, as well as accessibility to the drivers. Fan interest and support in NASCAR has declined as a result of the economic downturn in this company. NASCAR chose to react by cutting prices of tickets to its races, it also worked with hotels in the communities where the races were being held to reduce hotel rates, hoping to make it more affordable for race fans to attend. To help …. Perhaps reduce the amount of races in the season
Cut the costs at the concession stands
Offer sales/discounts on NASCAR promotional items found at the races
2. SWOT analysis for NASCAR at this point in its history. What opportunities are available for NASCAR to take advantage of given its many significant strengths?
Excellent brand awareness, brand equity and brand loyalty
Extensive Fan base
Ability to diversify and differentiate itself from competitors Green
Strong reliance on joint ventures
The France family holding the...
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