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Marketing Psychology Assignment | Issues with NASCAR

   

Added on  2020-05-16

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Running head: ISSUES WITH NASCARIssues with NASCARName of the studentName of the universityAuthor note
Marketing Psychology Assignment | Issues with NASCAR_1

1ISSUES WITH NASCARQuestion: 1The key issues being identified in this case is the depreciation in the loyal customer baseof the NAACAR. With the reduction in the customer base and viewership of NASCAR, thesponsorships and other sources of income are also being negatively impacted for them. Anotherissue being identified is the incompatibility of the board members of NASCAR in adopting thechange in the current market scenario. This is leading to the fact that NASCAR is trailing behindother major sporting events in terms of viewership in the global market. For the sporting eventssuch as NASCAR, viewership is the key source of surviving in the market due to the reason that,the more will be the viewership, the more will be the popularity and sponsorships (Greene et al.,2014). In the case study, it is being stated that, marketing communication audit is being initiatedin order review the current communication strategies of NASCAR, however, there are variousother deeper issues being identified in the audit. One of the deeper issues being identified is theineffective fan management strategy and it further lead to the gap with the existing customers(Goldsmith & Walker, 2015). Another issue being identified is the defensive approach of them inview to the crisis management. This is also having negative impact on their business operationdue to the reason that, the current sporting scenario is much more intensely competitive and thus,it is important to have offensive marketing strategy to stay ahead in the completion. Question: 2The demographics of the fan segment of NASACR are both the younger and adult agegroups. This is due to the reason that, the adult age groups are the loyal customer segment ofthem who have started to follow NASCAR at their younger age. On the other hand, the younger
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