This paper is aimed at analyzing the extent of sponsorship by indicating what has been spent and by whom with the aim of arming the readers with the relevant information in planning for sponsorship. Sports sponsorship is a golden opportunity for companies to market their products on a large scale. Whenever companies align their products with the value of the sport, the result is that the customers associate the success of the brand with that of the sports team that they sponsor. The linkage of brands and the emotional connection that the target consumers have for particular sports in one of the largest market places in the world can have a profound impact on the market share of those brands. Brands and corporations can have the power to leverage upon the sponsorship of certain sports with the goal of building a long lasting relationship with the customers. The emotional bond that sports enthusiasts attach to the sports can be transferred to a brand if the sponsorship is right. Such bonds are not usually temporary and in most cases last for a lifetime (Dobson & Goddard, 2001). This presents the corporations with the perfect opportunity to capitalize on those opportunities by building customer loyalty which may be the cure for surviving economic uncertainty in the long term. Discussion TV programming now encompasses a vast diversity in terms of coverage of sports events. There are many channels that are now dedicated entirely on sports. Studies that have been done on the Spanish population reveal that 70% of them watch news where about 20% is dedicated to sport which is the same amount of time dedicated to politics (Garcia & Rodriguez, 2002). It is no wonder that sports stars now enjoy the same level, if not more, of prestige as do the politicians. Olympic Games and world football are the two major events in the world that drive people in a frenzy. These events easily bring countries where they are being held to a standstill. The previous events and most recently the Olympics in Beijing, previous world football events like the recent world cup in South Africa are some of the examples of the enthusiasm that is attached to sports. The physiognomy of a country changes rapidly due to hosting an international event. The Olympics for example changes both the physical as well as the economic standing of the country it is held in. PricewaterhouseCoopers, an audit firm conducted a study in 2004 which placed the impact of the Sydney Olympics as having been 2.78% of Australia’s GDP in that year. The 1996 Atlanta Games also accounted for 2.41% of the American GDP. Professional football also has a profound impact on the GDP of a country. In Spain, for example, the industry accounts for 1.7% of the GDP and rises to 2.5% when in relation to the service sector. With such immense numbers both in terms of revenue and the attendance by the people, corporations see it as a perfect opportunity to market their products. Real Madrid, a football club in Spain, is one of the most reputable worldwide. The election of Florentino Perez as its president had a profound effect on the club. He is responsible for the success of what was referred to as the Galacticos era or the Galaxy players. These players were world class and they were brought in order to improve the image of the club. Perez referred to the club as being both a brand and content. The brand was built on the human resources who included the players, coaches and the management
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“Sports Sponsorship Paper Term Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/finance-accounting/56157-sports-sponsorship.
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