NASCAR Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of NASCAR analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on NASCAR marketing mix, help the brand succeed in the market. Let us start the NASCAR Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
NASCAR Product Strategy:
The product strategy and mix in NASCAR marketing strategy can be explained as follows:
NASCAR is one of the most popular motorsport events in the USA. As a part of the product, NASCAR offers the physical location of Race Track and its associated experience as well. The aim of NASCAR is to create an enhanced experience for the people and at the same time generating revenues and profit for the locals and the sport. All races, tracks, events, merchandise, goodies etc are a part of its marketing mix product portfolio. Since 1948, NASCAR have offered around 100 racing tracks and has sanctioned more than 1500 races.
They have now ventured into countries like Canada, Mexico, Japan and are heading towards Europe too. Apart from this, they also have extended their product base by introducing merchandise division that offers products like shirts, hats and NASCAR posters. Recently they have ventured into e-sports as well through the iRacing series. The company has also ventured in Truck racing as a part of its diversification.
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NASCAR Price/Pricing Strategy:
Below is the pricing strategy in NASCAR marketing strategy:
NASCAR follow the pricing strategy of charging the tickets based on the race venue and prestige. This strategy has been implemented since their inception and is still working for them.
NASCAR’s pricing for admission basically depends on factors like the impact of the race within the city, pricing of races in similar markets and the venue as well as prestige associated with that race. The main aim of the NASCAR is to give their spectators' value worth of their money and they align their pricing strategy to this philosophy. Apart from tickets, sponsorships also are a part of the financial strategy on the NASCAR brand.
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NASCAR Place & Distribution Strategy:
Following is the distribution strategy in the NASCAR marketing mix:
NASCAR tracks are available across different cities in the United States. Some of the prominent tracks like Atlanta Motor Speedway in Georgia, Auto Club Speedway in California, Darlington Raceway in South Carolina.
Schedules for all events ensure that the races are conducted all over the country so that the popularity grips people nationwide.
NASCAR Promotion & Advertising Strategy:
The promotional and advertising strategy in the NASCAR marketing strategy is as follows:
Over the years, NASCAR has been able to develop a huge fan base who serves as the core strength to their promotion. As a part of the promotion process, NASCAR acknowledges the loyalty of its customers and provide special features to them. Their word of mouth is a huge promotion media for them. In the last few years, NASCAR has joined the bandwagon of digital promotion and has significantly increased its web presence by live streaming, blogging and providing quality content across different websites as well as social media platforms. They promote through local radio stations too. One important feature of their promotional strategy is they promote their merchandises too and even though they don’t contribute much to their profit, it acts as a marketing medium for them. Presence of global automobile brands like Chevrolet, Toyota, Ford etc. participating in the race events have helped the brand grow.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of NASCAR.
People:
NASCAR focuses at races at all the events which it organizes. People are an important aspect for the company as it is a source of entertainment for the crowd. Race drivers, crew, event organizers, medical backup etc. all come under the people strategy of NASCAR.
Process:
There are several business processes required to conduct successful race events of NASCAR. A timely schedule, proper logistics management, organizing the event with thousands of spectators, sales of tickets etc. are some areas where stream-lined business processes help the company perform.
Physical Evidence:
NASCAR race events, racing tracks and cars are the most important physical evidence of the brand. Apart from this, official merchandise, t-shirts, goodies etc. from race companies and the organization come under the physical presence of the brand. Hence this concludes the marketing mix of NASCAR.
About NASCAR:
The National Association for Stock Car Auto Racing is an US-based private company known widely for its stock car racing. Founded in 1948, it organizes national series like Monster Energy NASCAR Cup series as well as regional series like the Whelen Modified Tour. The company was founded by Bill France Sr. and currently its races are broadcasted over 150 nations.
NASCAR has become a very popular motorsport along with the likea of Formula 1. With a massive following, the race events are sponsored and have become a big business for car companies to showcase their car models and performances.
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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