Abstract
The case illustrates the NASCAR’s (The National Association for Stock Car Auto Racing) business strategy and growth since its initiation. The company initiated the business activities in 1930 as an entrepreneurial business. Over the period of time, the business grew in size and profits, pursuing the simpler market strategy of attracting the racing lovers to the NASCAR platform and reaching out to the households through television. This strategy offered the company great profits for a long period of time.
However ,in the recent period, with the aging Baby boomers, new technological advancements, rise of the Gen-X ears and Gen-Years, social media and new racing models, the company has started facing low sales in the market, particularly due to low brand connecting with the customers and low emphasis on the customer interaction with the brand through social media channels. Moreover, the company is facing low sales because the preferences and the way to interact with the brand in the current market is different as from Baby boomers.
In addition to this, other problems like cultural integration, strategic planning and technological incorporation in the business model has posited great challenges for the company to purse and sustainits position in the existing market and attract new diverse customers.
Keywords: Leadership, Market research, Social media, Marketing strategy, Strategic planning, Technological advancement, Diversity, Customer experience.
Leading a Marketing Transformation in a time of crisis Harvard Case Solution & Analysis
Introduction
NASCAR is a car racing sport operating in US. The company started its operations in 1930, as an entrepreneurial business. Over the period of time, the company increased its span in the market by collaborating with different sponsors like GM and Ford. It also collaborated with the track providers to increase its market penetration in the American market.
Since the US market has great affinity towards racing sports, the company has enjoyed great sales and revenues in the period from 1930 to 1990mainly due to great media coverage, high population interest, increased number of sponsors mainly due to rising graph of sport affinity and lastly due to the increased numbers of star driver sin the market. This gave NASCAR a great period of growth and continuous success.
However, in the current period, the company has stared facing low sales and revenues mainly due to aging target population (Baby boomers), changing customer behavior and interest, shifting market trends towards technologically smart viewership and emergence of new strategic models. Such changes has posited the challenges for the company to shift from its existing market and business plan to a new plan in order to attract, sustain the new and existing customers respectively, while elevating its offering by incorporating the shift in consumer behavior and market trends.
In order to address these issues, NASCAR has established four options that can help the aligning profits to rise again in the market, these options are (1) Use of digital and social media for marketing and generating brand awareness (2) Targeting the next generation (3) Improving the NASCAR driver power (4) Improving the consumer experience at the NASCAR events. The Pros and Cons of each option are discussed in the case that will allow the company to deeply understand the implication of each option for the success of the business in the long term..........
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