Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution and Analysis
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help (National Association for Stock Cars And Truck Vehicle Racing) is a company conducting series of Stock Car racing in United States and acting as a sanctioning body for driving the guidelines for Stock Automobile Racing. The organization was established in 1947, by "Big Expense" France. NASCAR set up Stock Cars and truck Racing events in United States with the existence of about 130000 viewers usually in 2005. It likewise relayed its occasions in about 150 countries. Stock Cars And Truck Racing by NASCAR is the second largest spectator sport, with greatest variety of sponsors. It has about 500 sponsors contributing billions of dollars in its revenue. The other sources of income for Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis includes; 10% of the overall earnings from tv rights, approving costs i.e. $1-2 million per race, and licencing NASCAR brand to companies.
NASCAR has a closed corporate culture with the non-interventionist technique. This non collaborative technique brings tensions in the sport. The structure of Cars and truck of Tomorrow by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help, with an intent of security for the chauffeurs, brought various stress among the stakeholders of the sport.
The communication audit, carried out in 2010, revealed that regardless of the fact that the business extremely count on the interactions between its stakeholders, there was no recognizable business communication technique. The industry's target consumers, instructions and goals were all unidentified.
The audit pointed out various doing not have of NASCAR in terms of absence of internal combination, lack of fan management strategy and lack of social and digital media of marketing.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help audiences was highly faithful to the sport and the brands related to the NASCAR, making it appealing for sponsors and business marketers.
The company is presently facing the issue of declining rates of presence at racing tracks and rates of television audiences. This can put a considerable effect on its earnings from sponsors, media rights, and from other sources of earnings.
The company was quite successful till 2005 with its traditional marketing techniques, however quickly after 2005 the business begins dealing with different problems including decrease of its fan base. Several external as well as internal aspects are responsible for the decline. Internal aspects include; inadequate financial investment in social media and other digital medias of.
Fan base of NASCAR comprised of married males with an average age of 47, which passes their fandom to their youngsters and produce generational commitment. Other obstacles for NASCAR includes the shift of its fans to other sports as they were improving their fan's experience permitting access to their broadcasts out of the houses through jumbo turns, Wi-Fi access, and so on.
NASCAR core competencies includes it has rights of determining guidelines as sanctioning body. Rules and policies relating to expert stock car racing are determined by NASCAR like if any group with needed abilities and resources can enter into races by following rules and policies dictated by NASCAR. All the events of NASCAR are sponsored by corporates because of greatest brand commitment of fans toward brands promoted by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help.
Weak Points in SWOT Analysis are thought about as external aspects. Weaknesses includes the elements that stops company to carry out at required level of efficiency. Weaknesses of NASCAR includes its close culture which is non collaborative. They have non-interventionist technique. They typically utilized to form rules and other required procedures without intervention of others which results in bad collaboration. NASCAR develops Car of Tomorrow without cooperation so result is that motorists did not like that principle. As this is racing sport so covering of sports by media is also challenging. It was also discovered that NASCAR had no efficient method for service communication. If it took place off track, they don't know how to handle issue. Inadequate business communication leads to that they don't have clear direction for their long term objectives. They do not understand that where they want to see this sport in future.
NASCAR usually utilized to rely on traditional media sources like regional newspaper for promotion of its sports. NASCAR also came to understand from these conventional media outlets that sport was tough to cover. When sports fans were asked concerning popular celebs and stars then NASCAR driver was not discovered even in top twenty responses.
Economic down turn was experienced in late 2000 which can be risk for NASCAR since if there is financial down turn then people would be having less return on financial investment. Economic down turn likewise results in boost fuel costs which also impacted NASCAR. Now if NASCAR make significant investments in brand-new sections which are based on brand-new consumers then it may deal with negative comments from its core fan base.
Porter's Five Forces Analysis
Porter's 5 forces is a model that is used to evaluate industry in which business is working. It helps in identifying what are strengths and weak point of any particular industry. It recommend that every industry is different from one another. Because NASCAR's bottom line i.e. net revenue is heavily depends on this, it is important to understand industry in which company is working. There are 5 forces that are used to recognize profitability, intensity and appearance of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution company.
This force indicates ability of competitors. Groups usually represents sponsors in NASCAR and the medium of marketing is chauffeurs. It can be stated that drivers and race automobiles are rivals. These motorists can break NASCAR if they got better opportunity in regards to prizes and television exposure. If audiences take pleasure in other race vehicles and drivers more than NASCAR then audiences can shift to those other intriguing cars and drivers. NASCAR might be having threat from its 2 direct rivals that is Solution 1 and Moto GP. They require to create competitive advantages for motorists so they do not move to other competitors.
The supplier power shows the number of suppliers are offered in industry and what is the cost related to supplier if business shifts from one provider to another. Because chauffeurs with needed skills and resources are restricted, in this market there is supply monopoly.
This force is regarding to customers that is it simple for consumers to shift to other items. Then consumers are less most likely to change, if there is more switching cost is associated. When it comes to NASCAR consumers are its viewers. Audiences can change to other rivals easily since viewers will having low changing expense.
Risk of Alternative
Substitutes are referred as alternatives. The substitutes in this case can be other entertainment means like audiences can shift to other sports. So there are large range of alternatives are available in this circumstance which recommends that threat of substitute is high.
Hazard of New Entry
In the case of NASCAR risk of new entry is low. They need to develop vehicles and racing tracks and likewise requires to pay large quantity to drivers for changing.
It can not be concluded from case study that there would be change in resource allocations. NASCAR had actually got gain from lower taxation policies which leads to increasing in profits. So they made heavy financial investments in the research and development. As NASCAR is working in various markets so it needs to face different guidelines. It is also kept in mind that Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis has actually dealt with increased analysis concerning regulative. Every federal government has different priority so NASCAR has to be gotten ready for it as concern can be moved to other sector.
Economic factors consists of taxation rate, exchange rate, economic performance of that particular company, conditions of labour market, inflation rate etc. Fortunes of the NASCAR and its rivals can be affected if there is government intervention in the marketing and sales sector. NASCAR can take advantage of abilities of staff members to produce new opportunities and enhance existing chances.
Each has different social worths and norms. It assists in understanding concerning society and preference of clients.
Innovation has impact on almost every company. It consists of innovation in organisation method. In this case of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis it can be noted that business are heavily investing for research study and development. NASCAR ought to likewise work on its media rights policy with Turner Broadcasting System.
Since every country has various legal terms and conditions, Legal plays a crucial function in every country. Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis requires to be make sure that they safeguard their legal rights in every county so any business does not hurt to its legal rights.
Ecological elements are also crucial for every service. Since generally federal governments do not permit those business which can damage to environment. These ecological factors consists of laws relating to pollution, environment change, safe waste disposal, policies regarding insurance etc. NASCAR requires to ensure that its cars and trucks are not generating pollution more than appropriate level.
7 P's of Marketing
The items of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis in its item portfolio are; racing events tickets, racing tracks, sponsor's marketing, media rights, licencing NASCAR brand name, sanctioning rules for races and ad-space to business online marketers throughout broadcast of NASCAR races. (Hanlon, 2018).
Pricing strategy of NASCAR for its race occasions tickets is based upon the venue and importance of the racing occasions. Together with race occasions tickets, NASCAR likewise charge numerous service charge to its stakeholders and makes income. For example it charged sanctioning costs of $1-2 million per race typically in 2005.
Marketing method of NASCAR is highly based upon its fan base. A strong fan base share its fandom with others and increase the number of audiences for NASCAR races.
NASCAR have its racing tracks in numerous cities in United States. The most important tracks of NASCAR consists of Atlanta Motor Speedway in Georgia, Vehicle Club Speedway in California and Darlington Raceway in South Carolina. It attempts to perform its races in the majority of the cities in United States to comprehend nationwide popularity.
Nestle people method is comprised of providing better experience to its audiences, its fan base and to all of its stakeholders. Individuals are a crucial aspect of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help A marketing strategy as its occasions are the source of home entertainment for crowd. Its people method consists of efforts to offer much better experience to its Fans, Race Drivers, Crew, Event Organizers and so on, all of which come under people strategy of NASCAR.
Several company procedures are required to perform racing events in an effective way. These processes include; proper schedule of time, plan for spectators, offering tickets, arrangement of space for sponsors, handling logistics etc. These all processes contribute I constructing NASCAR image, enhancing viewers experience and increasing fan base.
Crucial physical proofs for the NASCAR includes the existence of its racing tracks, stock automobiles and racing occasions. Along with it, its merchandising brands consisting of tee shirts, caps, goodies and so on, also act as a physical proof for NASCAR.
Product Life Cycle Assessment.
The racing occasions by NASCAR was presented on June 19, 1949. At the first stage competition for NASCAR was low, as the rivals drove the vehicles similar to the automobiles driven by regular people.
The very first NASCAR based track, particularly the Darlington Raceway track, was started in 1950 in South Carolina. After the growth of racing tracks the business moved towards broadcasting its races on tv in 1979.
In 1972, William France Jr., became the president of NASCAR and n about 3 years, he changed NASCAR from a local Sport popular company into one with global fan base. He initiated a brand-new age of rewarding sponsorships and tv agreements for NASCAR.
The maturity duration for NASCAR began with the efforts of William France Jr., with the business having vast array of earnings sources. The company has about 500 sponsors with broadcasting its occasions in about 150 nations. The business has large number of tracks in most of the cities of United States.
The decline in the business's offerings began after 2005 with typical participation rate per race declined by 22% from 2005 to 2010 and television viewership rate declined by 30% from 2005 to 2010. The major reasons for decline include the monetary crisis of 2008, which increased the cost of arriving at tracks for viewers due to increasing fuel rates, and the shifting of its fan base towards other sports.
The market division of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis can be divided into 4 segments; Geographic, Demographic, Psychographic and Behavioural. (Dutta, 2018).
The geographical division of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Solution is based upon the geographical existence of its tracks in different states and cities in United States, and the television broadcasting of its events in various countries. The company has 23 tracks in about 20 states of America and has tv broadcast through numerous Medias i.e. TNT, ESPN, ABC and Fox, in about 150 countries.This large geographical division provides the business local in addition to global fan base.
The demographic segmentation of NASCAR is likewise highlydiverse based upon the gender, earnings and age of the customer. Its current fan base is majorly comprised of male married fans with a typical age of 47 years and an earnings around $30-50 thousands. Nevertheless presently NASCAR is attempting to increase its target audience to the young growing population and kinds also. To increase the market section of its market NASCAR must revise its marketing methods to bring in more age groups and lower its prices to go into in the market sector with a low typical income.( htt1).
NASCAR has a fan base with a commitment. NASCAR fans view it compulsive to purchase tickets and see the races when in a week. NASCAR has attempted to increase the quality of its racing by introducing stage racing, they also have actually tried to lower costs and make the occasion more practical by introducing live racing.
Behavioural segmentation of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis is based upon the behaviour of fans in regards to watching the race live on the tv or by going in the occasions. Presently, the fans choice is towards watching the race in the house on television rather than going, as the client experience at NASCAR tracks is not beneficial in addition to costly. This choice makes the rates for attendance lower than the rates for television viewers. NASCAR has to alter the behaviour of its fan base by presenting qualitative services at its tracks.
One of the prospective target market of NASCAR was Hispanics; the young and growing population of United States. The market sector has terrific prospective for NASCAR as the population was growing at a greater rate and it was expected to end up being thrice after forty years and the sector has increasing wealth rate with about $1 trillion of wealth in 2014.
Kids are also one of the potential target audience sector for NASCAR, as they are more connected socially than other groups. Developing fan base among kids can provide a possible boost in the variety of fans for racing due to their connectivity. Kids invest the majority of their times in playing and utilizing mobile phones video games. Car racing video games developed by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis can be a possible source of gaining attention of kids towards NASCAR track racing. Nevertheless, NASCAR's digital features connected to kids are not efficient in getting the attention. NASCAR requires more attention towards personalizing and improving its digital features to draw in the kids target audience.
This substantial expenditure makes the sector potential for NASCAR marketing strategy of increasing its fan base. The market sector thinks about NASCAR as a company lacking in developing a multiculturalism environment. NASCAR ought to take numerous actions to improve the experience of Generation Y consumers in its occasions.
5 C's of Marketing
5 C's of marketing helps in taking choices concerning marketing.
It requires to make PESTLE analysis in order to understand environment or context in which NASCAR is working. PESTLE means political, economic, social, technical, ecological and legal and is mentioned above.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution is a vehicle racing company with having USP of high quality automobile racing with a global structure. Its sector is sports team and events.
Collaborations consists of distributors, suppliers and alliances of NASCAR. NASCAR utilized to get pay check of around $15 million annually from Turner Sports. NASCAR had to get approval from Turner Sport if it want to produce its Facebook page, twitter account or even mobile application.
The consumer of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution are its audiences. They target clients with having age of 15-60 years. Fan base of NASCAR comprised of married males with a typical age of 47, which passes their fandom to their youngsters and create generational loyalty.
The direct rivals of NASCAR are Solution 1 and Moto GP. Teams normally represents sponsors in NASCAR and the medium of advertising is chauffeurs. Therefore it can be stated that motorists and race automobiles are competitors. These drivers can go against Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution if they got better chance in regards to rewards and tv exposure.
1. Establishing and Keeping Facebook Page.
One of the potential target audience segments for NASCAR is Hispanics which is the growing population section of USA but sadly NASCAR had been not able to bring in the this targeted section. In order to attract the young growing generation the NASCAR should market by using social media like Facebook. It needs to establish a Facebook page consisting of the info relating to the races and the places of tracks to make the customer useful about the core operations of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis. It ought to also upgrade its Facebook page on day-to-day basis to provide information about its approaching events. This would make the target audience segment more helpful about the business and would lead to attracting large fans base.
2. Developing and Updating Accounts of Secret Drivers.
NASCAR motorists has a low star power as compare to players of other sports. Its ranks 7th in terms of star power (see Case Display). The major reason behind it is that, the racers mostly play in groups and are unable to construct a crucial account and keep a close contact with fans. The bad contacts with fans lead to less tourist attraction of viewers towards the racers and a low star power. Star power is an essential aspect for drawing in audiences towards tracks and towards tv. The star power for the chauffeurs at NASCARA might be enhanced by producing and upgrading accounts of essential motorists by NASCARA itself. This would eliminate the requirement of requiring motorists to maintain their accounts and would lead to increasing fans attention towards NASCARA motorists.
3. Establishing New Games and improving existing video games for kids.
In order to draw in these kids, NASCARA ought to improve its present racing games by introducing customization in the cars and trucks i.e. changing colours, selection of speed, presenting group racing in the video game, utilizing better graphics related to the racing tracks and presenting numerous levels in the game. All these adjustments in the existing video game would supply much better experience to kids.
In addition to it, NASCAR ought to also construct new games related to racing like kids racing with kids characters as motorists, cartoon racing with racing between different animation characters with a choice of selecting the preferred animation character for the kids. These techniques would make it possible for the company to bring in among its possible target segments.
4. Introducing multiculturalism at occasions.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution occasions are consisted of fans with very few multiculturalism, due to expense of arrival in occasions, making it unsightly for the consumers perceiving sport events as social occasions i.e. Generation Y customers. As the Generation Y customers are a possible target audience for NASCAR, for that reason the company needs to take certain steps to attract this possible target audience. It needs to adopt strategies to draw in the clients far from the tracks location with different culture. The technique to do so could be providing special discount rates on tickets or complimentary tickets to viewers coming from a particular distance or from another state. It would increase cultural diversity of the fans and would make Generation Y consumers more pleased.
5. Improving Customer Experience at Tracks.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis ought to deal with facilities and amenities at tracks because on the race day audiences got dissatisfied. Viewers have lots of expectations from NASCAR because in very same industry other business are providing better services than NASCAR. Then its fans may moved to its competitors, if NASCAR don't work on this problem. According to fans there were not sufficient centers were readily available as compare to other sports providers. NASCAR ought to make sure that it supply appropriate centers that includes cleaned washrooms, comfy seating plan. They should also provide WIFI services and ease of access of charge card throughout that track. It ought to be also make sure that there suffice jumbo turns placed at all required places. There must be likewise food stalls that provide quality food to viewers. In this way audiences will be having enjoyable experience at the day of occasion. (See Appendix B).
Marketing Spending plan.
Marketing budget plan made on the basis of the above methods for the duration of 5 years from 2011 to 2015, reveals the expense related information for the marketing methods. It can be seen that method 5 of enhancing client experience at tracks would need greatest preliminary investment and cost and technique 4 of introducing multiculturalism will require most affordable preliminary investment with most affordable further per year cost.
NOTE: The worths about cost are presumed on logical basis due the lack of figures and truths connected to cost in the case study. Inflation rate of United States is assumed to be 10%.
On the basis of deep analysis of the internal and external aspects of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis triggering the decline of television viewership rate and attendance rate at tracks, the above marketing methods are advised to NASCAR to increase its fan base in long run. These techniques would cope with internal factors like poor customer experience at tracks, insufficient social media marketing, incapable digital medias like video games, lack of culturalisms at tracks and so on, as well as with external elements like moving of fans towards other sports, demographical modifications in America and altering domesticity styles.