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Critically analyse the corporate sponsorship/brand development nexus in contemporary professional sports businesses. Use a sport of your choice to illustrate your argument - Essay Example

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Sports sponsorship has grown to become a credible and significant dimension of brand marketing given that it represents a long-term investment in…
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Critically analyse the corporate sponsorship/brand development nexus in contemporary professional sports businesses. Use a sport of your choice to illustrate your argument
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Extract of sample "Critically analyse the corporate sponsorship/brand development nexus in contemporary professional sports businesses. Use a sport of your choice to illustrate your argument"

Download file to see previous pages The paper also explores the nexus between corporate sponsorship and brand development of sport teams and its impact on diverse aspects of company’s brand equity. The paper seeks to gain deeper appreciation of how companies exploit sponsorship within sport events as a strategic tool within their marketing program. Corporate sponsorship remains one of the fastest growing modes of marketing communication and has come to occupy an integral component in the survival of sports team.
Companies have globally enhanced their investment in sport sponsorship and corporate spending, which has reached €72.6 billion and is rising each year, in which football remains the most heavily sponsored sport. The global spending on sponsorships has ballooned in the past three decades, from $2 billion in 1984 (during Los Angeles Olympics) to $48.6 billion in 2011. The initial, one-off, philanthropic donation obscured by intricate agreements that tie a corporation and it associates to a long-term reciprocal relationship. The contemporary professional sports industry is a multi-billion dollar industry. In the case of football, revenue derived from broadcasting companies has transformed the economics of football. The bulk of the money has been utilized to improve product development, especially in creating enhanced stadium experience.
Sport sponsorship is a distinct component within an integrated market communications approach and influences the behaviour of the target audiences. Sports sponsorship represents a marketing tool, which is frequently employed by companies to reach a broad audience on a global platform, while generating awareness and high profit margins (Bennett, Henson, and Zhang 2002, p.174). Sponsorship has grown to become a progressively crucial element of the company’s marketing mix, with the bulk of corporations actively seeking sponsorship in a move to avert the clutter linked to more conventional marketing communications. The ...Download file to see next pagesRead More
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