NASCAR: A BRANDING SUCCESS
1. 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 is very successfull to promote its brand name by using multiple marketing enterprises in its branding strategy. NASCAR uses its brand drivers for determining its branding strategy. NASCAR emphasizes four brand drivers for its branding strategy. First one is awareness. When we look at the NASCAR’s overall marketing strategy, it uses television as a strategic initiative for increasing accessibility of itself. In the meanwhile, it uses same strategic initiative for increasing awareness to support its branding strategy. The second one is differences. NASCAR always tried to be different among its competitors. And also it believes that differentiation brings new audience for it. The third one is emotion which means that brand NASCAR establishes a bond between itself and its fans. This brand driver supports NASCAR’s brand equity and brand loyalty. The fourth one is about co-branding which is very important for NASCAR to increases its profits and brand image. Even it increases its value for fans which is delivered by NASCAR. NASCAR’s most important action for protecting itself against the economic downturn is to cut its ticket prices. This action gains favor both sides which are NACSAR’s itself and its fans. 2. Conduct a strategic 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? Strenghts: Brand loyalty, Emotional branding, The NASCAR experience,Live performance,The worldwide TV broadcast,Sponsorships and Partnerships,Accessibility to NASCAR and its drivers.Weaknesses: Loss of sponsors,Driver diversity,Dictatorship approach in the management level.Opportunities: New sponsorships,New automakers.Threats: Economic recession,Demand for...
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