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Sponsorship: A New Marketing Strategy Essay

1679 words - 7 pages

For many years sponsorship and sports marketing have been in existence and has now been greatly improved. Hardly can organizers of major events expect to receive some funds without expecting to give something back in return. A couple of years ago, sponsorship could be regarded has more charitable or charitable, but in recent years, that has changed significantly. In the business world there are two main basics of any successful business, the first one is a market, and the second is a demand or customers in this market. These two things at least will sustain any new business nowadays. Many fundamentals come will later in this manner as the market study, place, products, price, promotions, and lots which they improve any kind of business more for higher points. Some main ways of increasing the brand name of any service or product around the world are advertising, and sponsorship. The two companies I am going to discuss are two leading companies in the market the first is an airlines company Emirates, and the other is Red bull the leading energy drink company. Both companies are into sponsorships, and support a big number of team’s individuals in many sport fields, and they are gaining a lot of marketing successes through this strategy. In this essay I will be focusing on sponsorship, and how it is identified as strategic marketing opportunity through the event sponsored, financial gain of the sponsorship or loses, gaps in marketing research between in companies in choosing the right time, place, and who to sponsor in a relation to the profitability later on, also the evaluation of the traditional and digital media for the event sponsored, and the evaluation of the fit between the sponsor- event sponsored. All these through the explanation in the text will show clearly the marketing strategies of all the successful firms around the world.

Sports sponsorship is a marketing tool that is regularly used by companies to reach a wide audience on a global basis so as to be placed higher than their competitors and to create awareness as well as make a higher profit margin. Through this program, specific target audience beside potential customers are reached as it able to enter through quite effectively in the promotional mix and as such, is a significant method being used by many organizations. Nowadays, many new opportunities have opened up for companies to compete with one another in creating sponsorship deals that is both favorable to them as well as the sporting entities they get involved with. Many people in the marketing and business manner defined sponsorship. Some of them define it as a business agreement between two parties, others like investing in a sports entity (athlete, league, team or event) to support the organizational objectives. (In the portfolio of both companies, we can see that both were getting marketing advantage from sponsorship, and it is very important for although it costs billions of dollars but that will all return doubled or...

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