Essay on Corporate Sponsorship Example | Topics and Well Written Essays - 2000 words

On Corporate Sponsorship - Essay ExampleThe phenomenon of military issue sponsorship by corporate entities has been on the rise. As per the Independent Evaluation Group (IEG) Sponsorship Report (a leading resource on sponsorship research), the amount of spending by North American corporate entities for event marketing has gone up from $850 million in 1985 to some $10.3 billion in 2003 (Independent Evaluation Consortium, 2003). There is a growing select to explore why corporate brands are willing to support event management more than ever. This text will explore the growth of sponsorship and its importance for the event industry by analysing the process and motivations along with the advantages and disadvantages of sponsorship. In itself sponsorship has evolved into a complex phenomenon over time and there are multiple possible interpretations that may arrive at confusion. Research on the matter indicates that there are myriad definitions of sponsorship that have appeared over the last 25 days (Skinner & Rukavina, 2003). This text will utilise the definition of sponsorship provided by BDS Sponsorship Limited (which is one of Europes leading commercialisation and sponsorship consultancies) Sponsorship is a business relationship between a provider of funds, resources or service and an individual, event or organisation which offers in return rights and association that may be used for commercial advantage in return for the sponsorship investment. Sponsorship has been deeply root in history given that wealthy patrons would invest in the works of artists in order to receive appreciation from people who would view those works of art. The magnification of sponsorship became more common in the seventies as the amount of sponsorship in the United Kingdom grew by some 250% (Lawson, 1984). On the other hand, sponsorships were given for works of art till a insinuate in time after which these sponsorships were diverted the music and sports industries. This trend cont inues into the modern day as the value of sponsorship towards the humanistic discipline this appeared especially with books and less so with music. The area of the arts generally received an honour or prestige rated above commercialisation (Lawson, 1984). Sponsorship for sports can be seen as booming in the aftermath of Peter Ueberroths sell out of the LA Olympic Games. Skinner and Rukavina (2003) have draw this as an explosion of sponsorship marketing. earlier this point in time it was felt by event managers that they would be seen as sell outs if they tried to attract too much attention from sponsors. Lawson (1984) has described this in the following words Sponsorship, it was thought, could detract from the popular image of the arts as being untainted by money. Although this line of thinking persisted before this point in time but after Ueberroths actions, many event managers forgot the notion that their events could be tainted. They increased their sponsorship levels dramatica lly, and approximately 40,000 events were created in the next ten years because of sponsorship funding (Skinner & Rukavina, 2003). In this respect, it must be kept in mind that without support from sponsors it would not be possible to hold many different kinds of events. This takes put down because sponsors often provide the major financial components of these events. The