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Sports Sponsorship

Many factors influence whether companies choose to become involved in sports sponsorship. The key factors in the decision making process are cost, the likelihood of product image enhancement resulting in increased sales, and the likelihood of a significant amount of positive media exposure. Sports sponsorships provide corporate sponsors with a myriad of benefits that can be used to market and promote a company's products and services.

The benefits of sponsorship include signage at sporting events, local or national media coverage, promotional opportunities before and after the event, and the opportunity to entertaining clients and prospective customers by inviting them as VIPs to sponsored events. Other benefits of sponsorship can include access to on-site hospitality tents or skyboxes; the opportunity to meet athletes or teams in person, and possibly even the opportunity for sponsors and their VIP guests to participate in a pro-am type event. Another benefit is the ability to reach a specific demographic or target market. For example, sponsors of golf tournaments may be targeting a different demographic than corporate sponsors of the X Games. Similarly, corporate sponsors of professional tennis such as insurance companies are trying to reach a different target market than the sponsors of stock car teams. In each case, a potential corporate sponsor is able to carefully study the demographics of the typical fan, as well as the ratings the event has received in the past and make an informed decision about whether to become a sponsor.

There is prestige associated with being close to celebrity athletes. For example, according to USA Today, Anna Kournikova, who has never won a WTA tennis tournament, earns approximately $15 million a year in endorsements and royalties. Kournikova also demands and receives up-front cash personal appearances at any number of events, including certain invitational tennis tournaments. In tourname...

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Sports Sponsorship. (1969, December 31). In LotsofEssays.com. Retrieved 08:22, February 18, 2019, from https://www.lotsofessays.com/viewpaper/1698586.html