NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
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Case Study SWOT Analysis Solution
Case Study Description of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version
Spanish translation of "NASCAR: Leading a Marketing Transformation in a Time of Crisis." It is February 2011 and Brian France, CEO of NASCAR (the National Association for Stock Car Auto Racing), is facing a crisis. In the last five years, attendance at weekend NASCAR races has fallen 22 percent and television viewership has declined 30 percent. Key marketing sponsors have recently left the sport. At the same time, the U.S. economy was only beginning to recover from an economic recession that had an adverse impact on the sport of auto racing as a whole. Some leaders within NASCAR counseled Brian that these trends in attendance, viewership, and sponsorship stemmed from the recession and that NASCAR should continue with business as usual. But Brian sensed that the industry needed fundamental change and that he, as CEO of NASCAR, was the one that must lead this change. With Brian at the helm, NASCAR embarked on an unprecedented amount of qualitative and quantitative research to assess the strengths and weaknesses of the entire industry. At the center of this research was the NASCAR consumer. Highly engaged, enthusiastic consumers were at the heart of an industry business model that had been successful for decades. But in 2011, marketing within all of NASCAR needed to transform, as it was clear that consumers were disengaging with the sport. As the consumer research results unfold, Brian and leaders within NASCAR must make tough choices and set priorities. The case focuses on four key areas in which decisions need to be made by NASCAR leadership: digital marketing and social media, targeting the next-generation NASCAR consumer, enhancing the star power of NASCAR drivers, and enhancing the consumer experience at NASCAR events. Focus group videos offer students a customer-centric deep-dive into these challenges. At its heart, this is a case about great leadership and transforming marketing throughout an entire industry.
Swot Analysis of "NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version" written by Eric T. Anderson, Vasilia Kilibarda includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Nascar Brian facing as an external strategic factors. Some of the topics covered in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version case study are - Strategic Management Strategies, Leadership, Market research, Social platforms, Strategic planning and Sales & Marketing.
Some of the macro environment factors that can be used to understand the NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version casestudy better are - – cloud computing is disrupting traditional business models, geopolitical disruptions, there is increasing trade war between United States & China, challanges to central banks by blockchain based private currencies, central banks are concerned over increasing inflation, customer relationship management is fast transforming because of increasing concerns over data privacy, wage bills are increasing,
banking and financial system is disrupted by Bitcoin and other crypto currencies, supply chains are disrupted by pandemic , etc
Introduction to SWOT Analysis of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Nascar Brian, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Nascar Brian operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version can be done for the following purposes –
1. Strategic planning using facts provided in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version case study
2. Improving business portfolio management of Nascar Brian
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Nascar Brian
Strengths NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Nascar Brian in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version Harvard Business Review case study are -
High switching costs
– The high switching costs that Nascar Brian has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Successful track record of launching new products
– Nascar Brian has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Nascar Brian has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Training and development
– Nascar Brian has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Cross disciplinary teams
– Horizontal connected teams at the Nascar Brian are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Analytics focus
– Nascar Brian is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Eric T. Anderson, Vasilia Kilibarda can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
Learning organization
- Nascar Brian is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Nascar Brian is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Low bargaining power of suppliers
– Suppliers of Nascar Brian in the sector have low bargaining power. NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Nascar Brian to manage not only supply disruptions but also source products at highly competitive prices.
Sustainable margins compare to other players in Sales & Marketing industry
– NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version firm has clearly differentiated products in the market place. This has enabled Nascar Brian to fetch slight price premium compare to the competitors in the Sales & Marketing industry. The sustainable margins have also helped Nascar Brian to invest into research and development (R&D) and innovation.
Operational resilience
– The operational resilience strategy in the NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
Organizational Resilience of Nascar Brian
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Nascar Brian does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Digital Transformation in Sales & Marketing segment
- digital transformation varies from industry to industry. For Nascar Brian digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Nascar Brian has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Strong track record of project management
– Nascar Brian is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Weaknesses NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version are -
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, in the dynamic environment Nascar Brian has struggled to respond to the nimble upstart competition. Nascar Brian has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Need for greater diversity
– Nascar Brian has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Nascar Brian is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
High bargaining power of channel partners
– Because of the regulatory requirements, Eric T. Anderson, Vasilia Kilibarda suggests that, Nascar Brian is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
No frontier risks strategy
– After analyzing the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, it seems that company is thinking about the frontier risks that can impact Sales & Marketing strategy. But it has very little resources allocation to manage the risks emerging from events such as natural disasters, climate change, melting of permafrost, tacking the rise of artificial intelligence, opportunities and threats emerging from commercialization of space etc.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Nascar Brian has relatively successful track record of launching new products.
Low market penetration in new markets
– Outside its home market of Nascar Brian, firm in the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Workers concerns about automation
– As automation is fast increasing in the segment, Nascar Brian needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, it seems that the employees of Nascar Brian don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Nascar Brian supply chain. Even after few cautionary changes mentioned in the HBR case study - NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Nascar Brian vulnerable to further global disruptions in South East Asia.
High operating costs
– Compare to the competitors, firm in the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Nascar Brian 's lucrative customers.
Opportunities NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version are -
Lowering marketing communication costs
– 5G expansion will open new opportunities for Nascar Brian in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Sales & Marketing segment, and it will provide faster access to the consumers.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Nascar Brian can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Better consumer reach
– The expansion of the 5G network will help Nascar Brian to increase its market reach. Nascar Brian will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Nascar Brian to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Leveraging digital technologies
– Nascar Brian can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Nascar Brian in the consumer business. Now Nascar Brian can target international markets with far fewer capital restrictions requirements than the existing system.
Loyalty marketing
– Nascar Brian has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Sales & Marketing industry, but it has also influenced the consumer preferences. Nascar Brian can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Manufacturing automation
– Nascar Brian can use the latest technology developments to improve its manufacturing and designing process in Sales & Marketing segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Nascar Brian is facing challenges because of the dominance of functional experts in the organization. NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Learning at scale
– Online learning technologies has now opened space for Nascar Brian to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Low interest rates
– Even though inflation is raising its head in most developed economies, Nascar Brian can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Nascar Brian to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Nascar Brian to hire the very best people irrespective of their geographical location.
Threats NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version are -
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Nascar Brian can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version .
Consumer confidence and its impact on Nascar Brian demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Stagnating economy with rate increase
– Nascar Brian can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Nascar Brian with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
Environmental challenges
– Nascar Brian needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Nascar Brian can take advantage of this fund but it will also bring new competitors in the Sales & Marketing industry.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Nascar Brian business can come under increasing regulations regarding data privacy, data security, etc.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
High dependence on third party suppliers
– Nascar Brian high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Nascar Brian needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version, Nascar Brian may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Sales & Marketing .
Increasing wage structure of Nascar Brian
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Nascar Brian.
Regulatory challenges
– Nascar Brian needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Sales & Marketing industry regulations.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Nascar Brian will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
Weighted SWOT Analysis of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Nascar Brian needs to make to build a sustainable competitive advantage.
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