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Should Red Bull keep on investing in the Formula 1 Championship for next year?
Pages 12 (3012 words)
When televisions became popular in households and events were aired live on televisions, organizations found it useful to associate their brands with these events through sponsoring them.
The increasing trend of marketing through sponsorships of events is visible to everyone. Around 15 years ago less than 25 percent of events had some sort of corporate support and involvement but today this percentage has increased to 80 percent (McDowell, 1999). These events are an easy way through which an organization can communicate their messages to the customers. Red Bull is a soft drink company that is using sponsorships as a way to market its soft drink. Red Bull sponsors Formula 1 racing events all over the world. They also have many sports teams that take part in sporting events. Red Bull Racing is a Formula 1 racing team that is owned by Red Bull. The company also owns another racing team in Formula 1 known as Scuderia Toro Rosso (Formula 1.com, 2008). The company also sponsors other extreme sport like snowboarding and wakeboarding. The marketing technique of Red Bull is well known and it is known to work for the company. Associating the brand with extreme sports also communicates a brand image of the product to the consumers. This is one great advantage of sponsorships of events. Sponsorships of events actually communicate with consumers in a better way than conventional marketing (Meenaghan, 1991). Therefore the efficacy of marketing through sponsorships of events is well established. ...
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