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 - – increasing inequality as vast percentage of new income is going to the top 1%, increasing transportation and logistics costs, wage bills are increasing, technology disruption, increasing household debt because of falling income levels, customer relationship management is fast transforming because of increasing concerns over data privacy, supply chains are disrupted by pandemic ,
there is increasing trade war between United States & China, cloud computing is disrupting traditional business models, 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 -
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.
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.
Superior customer experience
– The customer experience strategy of Nascar Brian in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
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.
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.
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.
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.
Ability to recruit top talent
– Nascar Brian is one of the leading recruiters in the industry. Managers in the NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Diverse revenue streams
– Nascar Brian is present in almost all the verticals within the industry. This has provided firm in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Highly skilled collaborators
– Nascar Brian has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Ability to lead change in Sales & Marketing field
– Nascar Brian is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Nascar Brian in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
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.
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 -
Increasing silos among functional specialists
– The organizational structure of Nascar Brian is dominated by functional specialists. It is not different from other players in the Sales & Marketing segment. Nascar Brian needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Nascar Brian to focus more on services rather than just following the product oriented approach.
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 cash cycle compare to competitors
Nascar Brian has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
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.
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.
Capital Spending Reduction
– Even during the low interest decade, Nascar Brian has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
Products dominated business model
– Even though Nascar Brian has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version should strive to include more intangible value offerings along with its core products and services.
Skills based hiring
– The stress on hiring functional specialists at Nascar Brian has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
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.
Aligning sales with marketing
– It come across in the case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version can leverage the sales team experience to cultivate customer relationships as Nascar Brian is planning to shift buying processes online.
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.
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.
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.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Nascar Brian can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Developing new processes and practices
– Nascar Brian can develop new processes and procedures in Sales & Marketing industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing 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.
Using analytics as competitive advantage
– Nascar Brian has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study NASCAR: Leading a Marketing Transformation in a Time of Crisis - Spanish Translation, Spanish Version - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Nascar Brian to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
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.
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.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Nascar Brian can use these opportunities to build new business models that can help the communities that Nascar Brian operates in. Secondly it can use opportunities from government spending in Sales & Marketing sector.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Nascar Brian can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Nascar Brian can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Nascar Brian can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
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.
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.
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 -
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 .
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.
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.
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.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Nascar Brian in the Sales & Marketing industry. The Sales & Marketing industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
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.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Nascar Brian.
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 .
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Nascar Brian in the Sales & Marketing sector and impact the bottomline of the organization.
Technology acceleration in Forth Industrial Revolution
– Nascar Brian has witnessed rapid integration of technology during Covid-19 in the Sales & Marketing industry. As one of the leading players in the industry, Nascar Brian needs to keep up with the evolution of technology in the Sales & Marketing sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
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.
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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