Published by MBA Skool Team, Last Updated: October 07, 2021
SWOT analysis of NASCAR analyses the brand by its strengths, weaknesses, opportunities & threats. In NASCAR SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like NASCAR to benchmark its business & performance as compared to the competitors. NASCAR is one of the leading brands in the sports teams and events sector.
The article below lists the NASCAR SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the NASCAR SWOT Analysis:
For NASCAR, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of NASCAR looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of NASCAR :
1. NASCAR stock racing has one of the highest TV ratings amongst all professional sports franchises in USA
2. NASCAR has a high revenue of millions of dollars than due to excellent merchandising, branding and ticket sales
3. The sports event has an association with top sponsors and global partners
4. Leading automobile companies participate in the race events which are highly publicized
5. The presence of F1 stars increased the popularity of NASCAR
6. There are more than 1000 races organized at over 100 race tracks in US, Mexico, Canada and Europe
7. Some popular Hollywood movies have promoted NASCAR race events as their primary theme, which shows the popularity of the sport
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the NASCAR SWOT Analysis:
1. Unlike F1, the NASCAR races are primarily held in USA and Canada and has a limited global audience
2.Various controversies regarding fuel consumption, emissions and pollution, and driver safety have affected the brand image of NASCAR
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in NASCAR SWOT Analysis:
1. 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
2. Switching to green fuel to make NASCAR environment friendly
3. Association with international car manufacturers can ensure a higher visibility for the racing events
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of NASCAR are as mentioned:
1. Threat from the aggressive expansion by F1 can affect the visibility of NASCAR
2. High spending by the F1 manufacturers and high salary will attract the best NASCAR drivers to join F1
3. Policies against motorsport and pressure from environmental organizations can impact its business
There are several brands in the market which are competing for the same set of customers. Below are the top 4 competitors of NASCAR:
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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