2. What market strategy is NASCAR using to reach its target markets
http://www.nascar.com/
http://en.wikipedia.org/wiki/NASCAR
To determine the market strategy NASCAR is using to reach its target markets, you can follow these steps:
1. Conduct research: Start by gathering information about NASCAR's target market and their goals. You can refer to their annual reports, marketing campaigns, press releases, and other official resources that provide insights into their target audience.
2. Define the target market: Understand who NASCAR is trying to reach. Typically, NASCAR's target market consists of race fans, automobile enthusiasts, sports enthusiasts, and younger demographics interested in racing and automotive culture.
3. Analyze marketing tactics: Look into NASCAR's marketing initiatives and campaigns. This includes analyzing their advertising efforts across various channels such as television, radio, print media, social media, and digital platforms.
4. Sponsorship and partnerships: NASCAR often partners with various brands and sponsors, leveraging their reach and brand affinity to engage with their target market. Identify the different sponsors and partnerships to understand how they contribute to NASCAR's market strategy.
5. Personalization and fan engagement: NASCAR aims to engage its target market through personalized experiences, interaction, and fan engagement initiatives. Research their efforts in providing exclusive access, events, and opportunities for fans to connect with the sport and drivers.
6. Social media presence: Observe NASCAR's social media activity to understand their approach to engaging with their target market. Look for their presence on platforms like Facebook, Twitter, Instagram, YouTube, and Snapchat, and analyze their content, engagement levels, and follower demographics.
7. Track audience feedback: Monitor feedback from NASCAR's target market through surveys, social media comments, reviews, and other channels. This can provide insights into the effectiveness of their marketing strategies and help identify potential areas of improvement.
By following these steps and analyzing the available information, you can get a better understanding of the market strategy NASCAR is employing to reach its target markets.