Corporate sponsorship has been taking centre stage on many occasions, especially in recent times where it has been discovered as a powerful tool for promotion and marketing. This power can also be referred to as the key importance that has several perspectives, which are based on the stakeholders they affect…
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A general analysis of the importance of corporate sponsorship in events to the audience reveals that the audience is often in a position to gain, but these gains can be both positive and negative for the parties involved. On the positive perspective, there is issuance of presents and gifts that corporate sponsors often bring with them to woo and reward the audience into and for attending the sponsored event. This is a crucial aspect in that the audience gets to interact with what the corporates have to offer in terms of services and goods through their attendance and sponsorship. Moreover, it offers the corporate an opportunity to market and promote their products, services to the society thereby tapping into potential markets. However, some of these corporates take advantage of the audience to run entertainment events or, in some cases, competitions. These competitions, which are held as raffles only indulge members of the audience, and they serve to entertain the audience and provide a sense of reality in their interactions. However, this is not fully beneficial for the audience in that some institutions bring out their goods or services in the form of prototypes that they would like to test for the first time. The application of this strategy is usually to the disadvantage of the audience in that any side effects that come to be, only affect the audience, who are usually not informed. However, in some noble cases, the audience is notified of new products by the institution in question, which serves to their benefit in that they engage in a rare feat. Engaging in an event or getting to be part of the unveiling of a new product or service, although as a test product, is a crucial aspect for an audience as it serves as first-hand experience to cherish. Moreover, the service or product is usually free of charge, which means it works for all parties involved in terms of creating an image, as shall be seen later. Altogether, there remains discord towards the benefits and damages of sponsorship towards audiences and their wellbeing. The importance of corporate sponsorship can also be analysed from the perspective of the
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