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Transcript of NASCAR project
-Airs on popular TV stations, resulting in TV money
-A famous NASCAR driver Dale Earnhardt died, which grew interest in the sport
-NASCAR has 8 tracks in the US
-Dale Earnhardt Jr. was not doing well but people had faith in him so they kept watching SWOT Analysis Weaknesses Demographics Psychographics -Fans did not have people to go with because their friends or family were losing interest, which made them lose interest
-Bad cell reception made people not want to attend
-Became too expensive with the economy
-Manufacturers and mechanics were expensive and hard to afford
-People were losing interest Geographics Buying Behavior SWOT Analysis Opportunities -New sponsorships such as Budweiser
-Helping other companies by using NASCAR to promote their product SWOT Analysis -Football is the number 1 watched and attended program over NASCAR
-Costs too much to get cars into race
-Losing younger audience because of recession Threats SWOT Analysis Generation Y Apple Characteristics
easy access to technology
always searching for the next best thing
Between 15 and 35 years old
Population about 71 million
More ethically and racially diverse than two previous generations
More involved in family decisions Inside Track:Refueling the Business of NASCAR Men: 62.4% Women: 37.6%
18-24: 12.5% 45-54: 20.8% 65+: 13.6%
White collar: 39.4% Blue collar: 30.1%
$50,000+ salary: 55.9% $100,000+ salary: 19.8%
Own residence: 74.7% Rent Residence: 21%
The typical NASCAR fan will be a man, between the ages of 45-54, have a white collar job producing a salary of $50,000+, and a home owner. http://www.matchstickstrategies.com/meeting-millennials-5-characteristics-that-define-your-new-customers/ In the past 12 months NASCAR fans have participated in the following activities:
Power boating: 10.2%
Attend a country music concert: 11.3%
Attend a monster truck event: 2.2%
It would be more typical that the average NASCAR fan went camping, fishing, hunting, golfing, or to a country music concert in the past 12 months. NASCAR fans who live in he following regions:
The typical NASCAR fan would resign in the South. http://www.thefreedictionary.com/NASCAR
Is the head of stock car racing, and one of the most popular sports watched and attended. http://www.answers.com/topic/nascar#ixzz2KLDGr3Im 66% of NASCAR fans are willing to pay more for a sponsor's product.
NASCAR fans are 15% more likely to buy a new car within the next year.
NASCAR fans are also 32% more likely to have spent more than $500 on athletic clothes last year.
They are also 39% more likely to buy a satellite radio subscription. New target market: Generation Y
Gen Y Tech savvy Draws the people of the generation to watch NASCAR Benefits Most watched and attended sport Broadcasted on TV and to 150 other countries. Brand loyalty fans 10 Marketing functions: Market Planning Pricing Selling Promotion Product/service Management Market information management Sponsorship Apple would be the Primary Sponsor.
choose color of car
logo on hood Driver mention sponsor during interviews. Social Networks Specific Sponsorship- Carhartt http://ezinearticles.com/?How-to-Implement-a-Business-Strategy-in-Your-Organization&id=4458498 You can currently buy NASCAR event/race tickets online at the NASCAR website or various other ticket websites such as Ticketmaster and Stubhub. You may also purchase tickets at the ticket office at the venue. Carhartt sponsors NASCAR because of the type of clothing line it is, and their "passion for tough competitors on the track." Carhartt specifically sponsors Matt Kenseth. http://www.carhartt.com/webapp/wcs/stores/servlet/SponsorshipDetailView?langId=-1&storeId=10051&catalogId=10101&sponsorshipId=1 Gen Y like Apple Facebook page or follows on twitter Apple offers rewards
example: discounted ticket price, 15% off Ways in which Carhartt sponsors Kenseth, is by giving him the opportunity to rep their apparel and give him discounts on the apparel as well. NASCAR often has promotion deals on their online superstore. They also have sweepstakes and giveaways to promote their services. claim reward at track NASCAR has a 5 year new market plan with 5 goals:
Build star power for individual drivers
increase targeting among children and college-age consumers
attract a multicultural fan base
use more social-media strategies
improve the racetrack experience for fans In the picture to the side, there is a chart shown for ticket prices ranging for different areas for a NASCAR race at Homestead Miami speedway. Celebrities Financing NASCAR wants to improve its attendance. Brian France is committed to improving the company, and often makes goals to reach these improvements. • Take data and analyze the information to come up with financial forecasting and budget projections
• Figure out what went right, and what went wrong in order to comprehend and deliver budget projections
• Have an analysis of the financial state of the company and can explain to a customer what it is that needs to be accomplished
• New business opportunities or extensions should be given to the company occasionally in order to keep moving forward with the process of the business http://nascar.teamworkonline.com/teamwork/jobs/jobs.cfm/Accounting-and-Finance?supcat=1393 NASCAR doesn't really have similar competition. Its competition would be the NFL, MLB, concerts, events, motor cross, Monster truck rallies, and snow cross. NASCAR gathers information on its competitors by watching its events and pointing out problems so that their own customers will have the ultimate experience. Constant advertisement These are ways in which NASCAR keeps up-to-date on their financial status, and what they can do to improve their company. Channel Management Placement Thanks for Watching! :) Created By:
Annalise Floody Special Thanks to Mr.Sroda for teaching us these marketing skills and being a wonderful teacher! Most tracks are located in the south where a majority of the fans are located. Most race cars are manufactured in the US. Toyota is the first international car company to make a race car. From there the cars are taken by truck to the different NASCAR events hosted in the US. Distribution Logos are strategically placedon the car and worn by the drivers NASCAR distributes by having multiple race tracks in various places to outreach to more customers and giving out it's best product. Black car, red outlining, and white apple to draw in contrast colors Commercial NASCAR is a great way to spend time with family and friends on a long weekend or week off from other priorities. Refreshments and necessities are always sold at NASCAR events making it an extremely enjoyable experience. Whether you are familiar with the ways of the sport or not, it would be ridiculous if you didn't want to see the energy and speed which is brought by tons of drivers. NASCAR is not only a sport.....but a way of life. NASCAR creates a commercial promoting their newest car, the Apple car. The closing statement would encourage the viewers to like the Apple and NASCAR pages of Facebook or follow on twitter. iTunes Apple can advertise NASCAR on iTunes. Instead of albums at the top, NASCAR information about discounts would scroll through. Before the race begins, celebrities drive a car of their choice around the track. Celebrities would help with pit crew duties. The commercial would run on TV stations most watched by Gen Yers