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 Car Auto Racing) is a company conducting series of Stock Cars and truck racing in United States and functioning as an approving body for driving the guidelines for Stock Automobile Racing. The company was established in 1947, by "Huge Costs" France. NASCAR arrange Stock Car Racing events in United States with the presence of about 130000 viewers usually in 2005. It also relayed its events in about 150 nations. Stock Cars And Truck Racing by NASCAR is the 2nd largest spectator sport, with highest number 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 Solution consists of; 10% of the total revenue from television rights, approving charges i.e. $1-2 million per race, and licencing NASCAR brand name to companies.
NASCAR has a closed corporate culture with the non-interventionist method. This non collective method brings stress in the sport. The structure of Car of Tomorrow by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution, with an intention of safety for the chauffeurs, brought various stress among the stakeholders of the sport.
The communication audit, carried out in 2010, revealed that regardless of the reality that the service highly rely on the interactions between its stakeholders, there was no recognizable organisation communication strategy. (
The audit pointed out various lacking of NASCAR in terms of lack of internal combination, absence of fan management technique and absence of social and digital media of marketing.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution viewers was extremely loyal 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 decreasing rates of participation at racing tracks and rates of television audiences. This can put a considerable effect on its profits from sponsors, media rights, and from other sources of profits.
The business was rather effective till 2005 with its conventional marketing techniques, but quickly after 2005 the company begins dealing with numerous issues including decrease of its fan base. Numerous external along with internal factors are responsible for the decline. Internal factors include; inadequate investment in social media and other digital medias of.
Fan base of NASCAR made up of married males with a typical age of 47, which passes their fandom to their children and develop generational commitment. Other challenges for NASCAR includes the shift of its fans to other sports as they were improving their fan's experience enabling access to their broadcasts out of the houses through jumbo turns, Wi-Fi access, etc.
In SWOT analysis, strengths defined as company's qualities which are different from its rivals. These are business's core proficiencies on which company performance or business success based upon. Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help core proficiencies includes it has rights of determining guidelines as sanctioning body. Regulations and guidelines concerning professional stock car racing are dictated by NASCAR like if any team with needed abilities and resources can participate in races by following rules and regulations dictated by NASCAR. So NASCAR has monopoly it this aspect. Its strengths also includes that it has title of second biggest spectator sport in the United States with having more fortune 500 sponsors based in US. Its races were utilized to relay in more than 150 nations around the world with more than $56 million incomes. The primary sources of their incomes come from television rights, approving charges, sponsorship and licensing. It has longest season of 10 months and having ownership of three national series i.e. Outdoor camping World Truck Series, the Sprint Cup Series and the Nationwide Series. It has likewise big resource of fans and business sponsors. All the occasions of NASCAR are sponsored by corporates because of biggest brand name commitment of fans toward brand names marketed by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help. (See Appendix A).
Weak points of NASCAR includes its close culture which is non collaborative. Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis develops Cars and truck of Tomorrow without partnership so result is that motorists did not like that principle. It was also discovered that NASCAR had no effective strategy for organisation interaction.
NASCAR normally utilized to rely on traditional media sources like local paper for publicity of its sports. NASCAR also came to know from these traditional media outlets that sport was tough to cover. When sports fans were asked concerning popular celebrities and stars then NASCAR motorist was not found even in leading twenty actions.
Economic down turn was experienced in late 2000 which can be risk for NASCAR because if there is economic down turn then individuals would be having less return on investment. Economic down turn also results in increase fuel prices which also impacted NASCAR. Now if NASCAR make substantial financial investments in brand-new segments which are based on brand-new consumers then it might face unfavorable comments from its core fan base.
Porter's 5 Forces Analysis
Porter's 5 forces is a design that is used to evaluate market in which business is working. It helps in determining what are strengths and weak point of any specific market. It suggest that every market is different from one another. It is necessary to comprehend market in which company is working due to the fact that NASCAR's bottom line i.e. net earnings is heavily depends on this. There are 5 forces that are used to determine success, strength and beauty of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help business.
These motorists can go versus NASCAR if they got better opportunity in terms of prizes and television exposure. If audiences enjoy other race automobiles and drivers more than NASCAR then audiences can shift to those other interesting cars and trucks and motorists. NASCAR could be having hazard from its 2 direct rivals that is Solution 1 and Moto GP.
If business shifts from one provider to another, the supplier power suggests the number of providers are available in market and what is the cost associated with supplier. Due to the fact that chauffeurs with required resources and skills are restricted, in this market there is supply monopoly.
In the case of NASCAR consumers are its viewers. Audiences can switch to other rivals quickly due to the fact that viewers will having low changing cost.
Hazard of Replacement
Alternatives are referred as alternatives. The replacements in this case can be other home entertainment indicates like audiences can shift to other sports. There are broad variety of replacements are available in this situation which recommends that danger of substitute is high.
Danger of New Entry
In the case of NASCAR hazard of new entry is low. They need to develop vehicles and racing tracks and also requires to pay hefty quantity to chauffeurs for changing.
As NASCAR is working in various markets so it requires to face different guidelines. It is likewise noted that NASCAR has dealt with increased examination regarding regulative. Every government has various top priority so NASCAR has actually to be prepared for it as concern can be shifted to other sector.
Financial factors consists of taxation rate, currency exchange rate, financial performance of that specific company, conditions of labour market, inflation rate and so on. If there is government intervention in the marketing and sales sector, fortunes of the NASCAR and its rivals can be affected. NASCAR can utilize capabilities of employees to create brand-new opportunities and improve existing opportunities.
Every society is various from each other. Each has various social worths and norms. It helps in comprehending concerning society and choice of clients. Social aspects includes customs, culture, attitudes towards particular product and services, demographics, standards, interests etc. It can be concluded that marketing through other means instead of traditional (i.e. newspaper) can be preferred in this society.
Technology has impact on practically every service. It includes development in company strategy. In this case of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution it can be noted that companies are heavily spending for research study and advancement. NASCAR should likewise deal with its media rights policy with Turner Broadcasting System.
Legal plays an essential role in every nation due to the fact that every nation has different legal conditions. Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help needs to be make sure that they protect their legal rights in every county so any company does not damage to its legal rights.
Environmental factors are likewise crucial for every service. NASCAR needs to make sure that its vehicles are not generating pollution more than appropriate level.
7 P's of Marketing
The products of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help in its product portfolio are; racing events tickets, racing tracks, sponsor's marketing, media rights, licencing NASCAR brand, approving rules for races and ad-space to business marketers throughout broadcast of NASCAR races. (Hanlon, 2018).
Pricing technique of NASCAR for its race events tickets is based upon the place and importance of the racing events. Together with race events tickets, NASCAR also charge various service charge to its stakeholders and earns revenue. For example it charged sanctioning fees of $1-2 million per race on average in 2005.
Marketing technique of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help is highly based upon its fan base. A strong fan base share its fandom with others and increase the number of viewers for NASCAR races. However, the business is not entirely trusted its fan base for its promotion and promote through regional radio stations too. The company has actually likewise embraced the retailing media of promo, in which the company offers merchandises with its logo design.
NASCAR have its racing tracks in numerous cities in United States. The most important tracks of NASCAR includes Atlanta Motor Speedway in Georgia, Vehicle Club Speedway in California and Darlington Raceway in South Carolina. It attempts to perform its races in most of the cities in United States to grasp across the country popularity.
Nestle individuals method is consisted of supplying better experience to its audiences, its fan base and to all of its stakeholders. Individuals are an essential aspect of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis A marketing method as its events are the source of entertainment for crowd. Its individuals method consists of efforts to provide much better experience to its Fans, Race Drivers, Team, Event Organizers etc., all of which come under individuals technique of NASCAR.
A number of company processes are needed to perform racing occasions in an efficient way. These processes include; proper schedule of time, arrangement for spectators, selling tickets, arrangement of area for sponsors, managing logistics and so on. These all procedures contribute I building NASCAR image, improving spectators experience and increasing fan base.
Most important physical evidences for the NASCAR includes the presence of its racing tracks, stock cars and racing events. Together with it, its merchandising brands consisting of tee shirts, caps, goodies and so on, likewise act as a physical proof for NASCAR.
Product Life Cycle Evaluation.
The racing events by NASCAR was presented on June 19, 1949. At the first phase competition for NASCAR was low, as the rivals drove the cars comparable to the vehicles driven by normal individuals.
The very first NASCAR based track, particularly the Darlington Raceway track, was initiated in 1950 in South Carolina. After the growth of racing tracks the company moved towards transmitting 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 regional Sport popular company into one with global fan base. He initiated a brand-new age of financially rewarding sponsorships and television contracts for NASCAR.
The maturity duration for NASCAR began with the efforts of William France Jr., with the company having wide variety of income sources. The company has about 500 sponsors with broadcasting its events in about 150 nations. The company has large number of tracks in the majority of the cities of United States.
The significant causes of decline consist of the monetary crisis of 2008, which increased the expense of showing up at tracks for viewers due to increasing fuel prices, and the shifting of its fan base towards other sports.
The marketplace segmentation of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help can be divided into 4 sections; 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 presence of its tracks in various states and cities in United States, and the television broadcasting of its events in different countries. The business has 23 tracks in about 20 states of America and has television broadcast through numerous Medias i.e. TNT, ESPN, ABC and Fox, in about 150 countries.This huge geographical segmentation provides the business regional in addition to global fan base.
The demographic segmentation of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help is likewise highlydiverse based upon the gender, income and age of the customer. To increase the demographic section of its market NASCAR should modify its marketing methods to attract more age groups and lower its prices to enter in the market sector with a low typical earnings.
NASCAR has a fan base with a loyalty. NASCAR fans view it compulsive to purchase tickets and see the races when in a week. NASCAR has tried to increase the quality of its racing by presenting stage racing, they likewise have actually attempted to lower rates and make the occasion more practical by presenting live racing.
Behavioural segmentation of NASCAR is based upon the behaviour of fans in terms of seeing the race live on the television or by going in the occasions. Currently, the fans choice is towards watching the race at home on tv rather than going, as the consumer experience at NASCAR tracks is not beneficial as well as costly.
One of the prospective target audience of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis was Hispanics; the young and growing population of United States. The market segment has excellent possible for NASCAR as the population was growing at a higher rate and it was expected to end up being thrice after forty years and the segment has increasing wealth rate with about $1 trillion of wealth in 2014. The segment shows affinity with vehicle culture, but require a more focused marketing towards inviting the sector towards racing.
Kids are also one of the potential target market section for NASCAR, as they are more connected socially than other groups. Creating fan base among kids can offer a prospective boost in the variety of fans for racing due to their connection. Kids invest most of their times in playing and utilizing smart devices video games. Car racing video games established by Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help can be a prospective source of getting attention of kids towards NASCAR track racing. Nevertheless, NASCAR's digital functions related to kids are not capable of acquiring the attention. NASCAR requires more attention towards customizing and improving its digital features to draw in the kids target market.
This big expenditure makes the sector potential for NASCAR marketing method of increasing its fan base. The market segment thinks about NASCAR as a company lacking in creating a multiculturalism atmosphere. NASCAR should take various steps to enhance the experience of Generation Y customers in its events.
5 C's of Marketing
5 C's of marketing assists in taking choices regarding marketing.
It requires to make PESTLE analysis in order to comprehend climate or context in which NASCAR is working. PESTLE means political, economic, social, technical, ecological and legal and is stated above.
Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help is an auto racing company with having USP of high quality vehicle racing with a worldwide structure. Its sector is sports group and events.
Collaborations includes distributors, suppliers and alliances of NASCAR. NASCAR utilized to get pay check of around $15 million every year from Turner Sports. NASCAR had to get approval from Turner Sport if it desire to develop its Facebook page, twitter account or even mobile application.
The customer of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution are its viewers. They target customers 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 children and create generational commitment.
The direct rivals of NASCAR are Formula 1 and Moto GP. Groups typically represents sponsors in NASCAR and the medium of marketing is drivers. Therefore it can be said that chauffeurs and race cars are competitors. These motorists can break Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Help if they improved opportunity in regards to rewards and television direct exposure.
1. Developing and Maintaining Facebook Page.
One of the potential target markets segments for NASCAR is Hispanics which is the growing population sector of U.S.A. however unfortunately NASCAR had actually been not able to draw in the this targeted sector. It must establish a Facebook page including the information relating to the races and the areas of tracks to make the consumer helpful about the core operations of NASCAR.
2. Developing and Upgrading Accounts of Secret Drivers.
NASCAR drivers has a low star power as compare to players of other sports. Its ranks 7th in terms of star power (see Case Exhibition). The significant reason behind it is that, the racers primarily play in groups and are unable to construct an essential account and keep a close contact with fans. The poor contacts with fans result in less tourist attraction of viewers towards the racers and a low star power. Star power is an important aspect for drawing in audiences towards tracks and towards tv. The star power for the motorists at NASCARA could be improved by creating and upgrading accounts of key chauffeurs by NASCARA itself. This would get rid of the requirement of requiring motorists to preserve their accounts and would lead to increasing fans attention towards NASCARA motorists.
3. Establishing New Games and improving current games for kids.
In order to draw in these kids, NASCARA must improve its current racing games by presenting personalization in the cars i.e. altering colours, selection of speed, introducing group racing in the game, utilizing better graphics related to the racing tracks and introducing various levels in the game. All these adjustments in the existing video game would supply better experience to kids.
In addition to it, NASCAR must likewise construct brand-new games connected to racing like kids racing with kids characters as drivers, animation racing with racing between different cartoon characters with a choice of picking the favourite cartoon character for the kids. These methods would make it possible for the company to draw in one of its possible target sections.
4. Introducing multiculturalism at events.
NASCAR occasions are made up of fans with really couple of cultural variety, due to cost of arrival in events, making it unappealing for the clients viewing sport occasions as social occasions i.e. Generation Y customers. As the Generation Y customers are a potential target market for NASCAR, for that reason the company must take certain measures to attract this potential target market.
5. Improving Client Experience at Tracks.
NASCAR needs to work on facilities and amenities at tracks due to the fact that on the race day viewers got dissatisfied. Viewers have lots of expectations from Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Analysis due to the fact that in exact same industry other business are supplying better services than NASCAR. IF NASCAR don't work on this issue then its fans might shifted to its rivals.
Marketing spending plan made on the basis of the above methods for the duration of 5 years from 2011 to 2015, shows the cost related data for the marketing methods. (See Appendix B). It can be seen that method 5 of enhancing customer experience at tracks would need greatest initial financial investment and expense and method 4 of introducing multiculturalism will require least expensive initial investment with least expensive even more each year cost. The business ought to prioritize the resource allowance on these strategies on the basis of its available resources and the possible advantages which the strategy would offer.
NOTE: The values about cost are presumed on rational basis due the lack of figures and truths associated with cost in the event study. Inflation rate of United States is presumed to be 10%.
On the basis of deep analysis of the internal and external factors of Organizational Support For Employees Encouraging Creative Ideas For Environmental Sustainability Case Study Solution triggering the decrease of television viewership rate and participation rate at tracks, the above marketing techniques are suggested to NASCAR to increase its fan base in long run. These methods would deal with internal aspects like bad consumer experience at tracks, inadequate social media marketing, incapable digital medias like video games, absence of culturalisms at tracks etc., in addition to with external factors like shifting of fans towards other sports, demographical modifications in America and altering family life designs.