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The Advantages of Sponsorship for Businesses - Term Paper Example

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This paper discusses the capabilities and limitations of sponsorship. The paper considers the brand image is reinforced through the association created by sponsoring the entity, the company's brand position becomes much clearer in the minds of its target consumers…
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The Advantages of Sponsorship for Businesses
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Download file to see previous pages Another benefit of sponsorship is its ability to provide extensibility and more exposure to the sponsor (Pope, Voges, & Brown 2009). This is especially true in sponsoring individuals. In cases where companies sponsor individuals such as athletes and celebrities, the individual carries the company trademarks in most of its major appearances. As the company sponsors events, the reach of the event through its own marketing campaign would provide extendibility to the brand. If the event is targeted to the company's main consumers, through the advertising materials and publicity the event would generate, the benefits from the exposure of the sponsoring brand could be enormous.
Sponsorship is cost-effective by nature. This is because, with the amount of cash or in-kind support the sponsoring brand provides to the sponsored entity, the effect is leveraged in many different ways (Dees, Bennett, & Villegas 2008). These ways could include extendibility and greater brand exposure as previously stated; most especially if the target audience that the sponsored entity can reach is in line with the company's target consumers (Cornwell 2008). The multiplying effect of association with the sponsored entity can usually accomplish more than the objectives that are primarily identified by the company by using sponsorship as an IMC tool.
Incorporate social responsibility events, the involvement of the brand creates a perception of the brand's personality, which is part of the overall brand image of the company. If the company's actions are philanthropic by nature, this could bring goodwill within the community, which leads to a positive attitude toward the brand (Close et al 2006). Even if the event is not a CSR or cause-related by nature, the involvement of the brand in different events through sponsorship could create some presence among the community. ...Download file to see next pagesRead More
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