Question

the corporate objectives associated with sponsorships and partnerships in the sport industry. These objectives are:

1. Increasing awareness

2. Influencing public perception

3. Establishing associations with particular market segments

4. Becoming involved in the community

5. Building goodwill

For each of the objectives listed above: Explain how a sponsorship or partnership opportunity could help achieve that objective. • Provide an example of a company that has used/could use a sponsorship or partnership to achieve the objective.

Answer 1

Answer:

The sponsorship or partnership with the sports industry helps achieve the following corporate objectives:

1. Increasing Awareness: the corporates which have a marketing strategy to sponsor or take partnership in sports brands can increase the awareness of their product by making their product visible to the customers of the sports brand and attracting the customer towards their products in the market.

2. Influencing public perception: the corporates which choose marketing strategy to sponsor or take partnership in sports brands can influence the public by shaping their opinion towards their product in the market with the help of the media coverage and reputation of the sports brand.

3. Establishing associations with particular market segments: the corporates by choosing a partnership with the sports industry can connect with the sports-related market segments. They can increase their contacts and customer leads by spreading their business scope.

4. Becoming involved in the community: taking partnership in the sports industry of any foreign country can help the corporates to get involved in the new community and make visibility in the new market.

5. Building Goodwill: taking sponsorships or having a partnership in the sports industry majorly helps in creating goodwill and reputation in the market. For example sports like American Football which is the most popular sport in the USA and already has a reputation in the US Market. So any corporate making sponsorship of the American Football game will create goodwill in the market.

Example of the company: Nike, Inc.

Nike products have achieved their objectives by sponsoring the sports industry. They have sponsored US athletes apparel and footwear to build goodwill and reputation in the US market and all over the globe.

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