NASCAR SWOT Analysis

NASCAR SWOT ANALYSIS 5

NASCARSWOT Analysis

NASCARSWOT Analysis

NationalAssociation for Stock Car Auto Racing is a body that is family ownedwhich functions in the sanctioning and governing of car racingevents. A popular body that was rated among the top most attendedsporting events in the world, NASCAR faced a decline in theattendance translating to a drop in the overall performance of thebusiness venture. This situation called to attention the board toreview some of the aspects of the company to seek interventionsconcerning the decline.

TheSWOT Analysis

Strengths:

  • NASCAR is a family owned business and over the years, the leadership has been passed through the lineage. This attribute shows that the history and progress of the company is well known by the current holders of office who have either seen personally, or have the direct reports and experiences from the parents with regard to the development and state of the business.

  • In addition, family ownership pushes the family members to work hard towards maintaining the Legacy.

  • Secondly, NASCAR has been providing sanctions for races for quite a long time and the popularity gained is key to its growth.

  • With its massive revenues, this venture was also financially strong with the ability to expand and improve the racing events and other services for the Fans.

Weaknesses:

  • Family ownership proved to be a weakness especially when collaboration was essential and at times this led to tension with the collaborating entities hence the company was deemed non-synergistic.

  • In addition, the marketing methodology used was quite outdated and the use of current media and communication technology was not in use hence advertisement was not maximized.

  • The NASCAR facilities also were not as enticing as other sports which came out as more competitive, access to commodities such as food was a problem in the tracks and there were no patrons to guide the fans on the events that were taking place.

Opportunities:

  • Throughout the growth of NASCAR a host of favourable chances were present including the introduction of better customized race cars, improving fan attendance through the award of prizes and free tickets as well as collaborating with other bodies in an effective manner.

  • In addition, this company could have exploited the chance to change some of the repetitive norms like the design of the cars as well as reaching out to people who had no background of car racing since childhood as well as uplifting the faces of the drivers who have an impact on the fans.

  • Social and digital media evolution could have been utilized earlier to ensure that a vast population has been reached with relevant information and in a manner that could create interest.

Threats:

  • A wide range of threats faced include the rise of other sports which were more engaging to the fans and were well advertised.

  • The worst threat however was the economic downfall which led to the sponsors pulling out from NASCAR coupled by the inability of a significant number of fans to afford attending the events.

  • Furthermore, other sports were able to bring out stars from diverse background who could be admired by the fans.

Theproblems or issues in NASCAR

  • Fans access to the NASCAR facilities especially in the track, fans obtaining the optimum services for the money paid, ability to interact with the race drivers, poor advertisement from the company and lack of motivation to the fans for example through award of prizes and free tickets to regulars.

References

Gregory,S. (2010, April 26). NASCAR:A Once Hot Sport Tries to Restart Its Engine.Retrieved from Time:http://content.time.com/time/magazine/article/0,9171,1982299-2,00.html#ixzz0mIvFABKt

NASCARPR. (2010, August 17). Historyof NASCAR.Retrieved from NASCAR:http://hometracks.nascar.com/nascar_101/history_of_nascar