NASCAR SWOT Analysis
Here is a detailed SWOT analysis of NASCAR covering strengths, weaknesses, opportunities and threats.
NASCAR Strengths
- NASCAR stock racing has one of the highest TV ratings amongst all professional sports franchises in USA
- NASCAR has a high revenue of millions of dollars than due to excellent merchandising, branding and ticket sales
- The sports event has an association with top sponsors and global partners
- Leading automobile companies participate in the race events which are highly publicized
- The presence of F1 stars increased the popularity of NASCAR
- There are more than 1000 races organized at over 100 race tracks in US, Mexico, Canada and Europe
- Some popular Hollywood movies have promoted NASCAR race events as their primary theme, which shows the popularity of the sport
Above are the strengths in the SWOT Analysis of NASCAR. The strengths of NASCAR looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
NASCAR Weaknesses
- Unlike F1, the NASCAR races are primarily held in USA and Canada and has a limited global audience
- Various controversies regarding fuel consumption, emissions and pollution, and driver safety have affected the brand image of NASCAR
These were the weaknesses in the NASCAR SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
NASCAR Opportunities
- Global expansion with races across the world will bring its popularity to the same level as F1, and will allow foreign sponsors and manufacturers to get involved
- Switching to green fuel to make NASCAR environment friendly
- Association with international car manufacturers can ensure a higher visibility for the racing events
Above we covered the opportunities in NASCAR SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Read more about NASCAR
NASCAR Threats
- Threat from the aggressive expansion by F1 can affect the visibility of NASCAR
- High spending by the F1 manufacturers and high salary will attract the best NASCAR drivers to join F1
- Policies against motorsport and pressure from environmental organizations can impact its business
The threats in the SWOT Analysis of NASCAR are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
Hence this concludes the NASCAR SWOT analysis.
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About NASCAR
The table below gives the brand overview along with its target market, segmentation, positioning & USP
| NASCAR Overview | |
|---|---|
| Parent Company |
National Association for Stock Car Auto Racing, LLC |
| Category |
Auto racing |
| Sector | |
| Tagline/ Slogan |
- |
| USP |
High quality auto racing with a global audience |
| NASCAR STP | |
| Segmentation |
All auto-racing enthusiasts |
| Target Market |
Male in the age group 15-60 |
| Positioning |
High quality auto racing in USA and Canada |
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