Explain the role and significance of sponsorship in marketing an event and identify the positive and negative impacts associated - Essay Example

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Management Name of the Student University Date Introduction In today’s globalised economy organizations are seen hugely dependent upon marketing. Every day the consumers are bombarded with messages regarding improved and new products and services. Traditional advertisements that are creating the buzz regarding how their products or services are better than that of their competitors or highlighting the features that would attract the customers are now turning to be ineffective and appear to be shear wastage of money…
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Explain the role and significance of sponsorship in marketing an event and identify the positive and negative impacts associated
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Download file to see previous pages The events provide the company with an opportunity of face-to-face interaction with the target customers who have grown and have become significant contributor towards the marketing communication program. Research studies have shown that about 22 percent of the total marketing budget is dedicated towards the sponsorship of events and activities (O'Connor, 2004). Sponsorship is defined as “the alignment of a brand with an activity in order to exploit the commercial potential created by the association, thereby positively impacting the brand image and/or sales amongst the sponsor’s target market, in order to attain marketing and corporate objectives” (Koekemoer, 2004, p. 456). In simple terms sponsorship can be defined as the provision of resources like equipment, people and money by an organization who acts as the sponsor, to the sponsoree or the beneficiary. As compared to the traditional advertising sponsorship acts as an alternative that provides opportunity for selling the product and services of the marketer and building brand image for the organizations. Sponsorship is a very powerful marketing tool. It has the capability to cut through the clutter, provide a unique opportunity to create relationship with the customers by producing emotional bondage with them and speak something rare as far as the business is concerned. This study focuses on gaining an in-depth knowledge regarding the role and importance of sponsorship and the negative and positive impacts it creates. Roles of Sponsorship The role that sponsorship plays can be understood from the objectives that the companies look for achieving through sponsorship. The success of sponsoring an event by the company is well defined by the objectives, evaluation of the end results and benefits that the organization enjoys. As per Andreff & Szymanski (2006), there are two types of objectives that can be classified as indirect and direct objectives. A dramatic change in the behavior of the existing and the new customers due to sponsorship is signified as direct objective. On the other hand indirect objective is signified by the increased visibility of the product and the brand, enhancement in the brand image and contact with the target segment. By accomplishing the indirect objectives the organization look for attaining growth in sales as the long term goal of the organization. Five significant principles of sponsorship objectives have been proposed by Jobber (2007). The objectives include gaining publicity, creating opportunities for entertainment, nurturing favorable company and brand association, enhancing the community relations and generating opportunities for promotion. Sponsorship provides an effective way to the organizations to promote their products, logos and brands; thus, providing opportunities for promotion. The company can use products like pens, sweatshirts and bags with their logos on them to create a wider recognition and retention among the audiences. Social responsibility is another reason that drives the company towards going for sponsorship. Companies engaged in sponsoring schools can create a socially responsible and caring image of the organizatio ...Download file to see next pagesRead More
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