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

On Corporate Sponsorship - Essay utilisationThe phenomenon of event sponsorship by corporate entities has been on the rise. As per the Independent Evaluation Group (IEG) Sponsorship Report (a lede resource on sponsorship research), the amount of spending by North American corporate entities for event market has g unity up from $850 million in 1985 to some $10.3 billion in 2003 (Independent Evaluation Consortium, 2003). There is a growing need to explore why corporate brands are willing to support event forethought more than ever. This text will explore the growth of sponsorship and its importance for the event industry by analysing the work out and motivations along with the advantages and disadvantages of sponsorship. In itself sponsorship has evolved into a complex phenomenon all over time and there are multiple assertable definitions that may cause confusion. Research on the matter indicates that there are myriad definitions of sponsorship that have appeared over the last 2 5 years (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 services 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 rooted in history attached that wealthy patrons would invest in the works of artists in order to receive appreciation from people who would gather in those works of art. The expansion of sponsorship became more common in the seventies as the amount of sponsorship in the coupled Kingdom grew by some 250% (Lawson, 1984). On the other hand, sponsorships were given for works of art till a point in time after which these sponsorships were diverted the music and sports industries. This trend continu es into the modern day as the value of sponsorship towards the arts this appeared especially with books and less so with music. The area of the arts generally received an discover or prestige rated above commercialisation (Lawson, 1984). Sponsorship for sports can be seen as booming in the race of Peter Ueberroths sell out of the LA Olympic Games. Skinner and Rukavina (2003) have described this as an explosion of sponsorship marketing. Before 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 linguistic communication 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 another(prenominal) event managers forgot the impulse that their events could be tainted. They increased their spon sorship levels dramatically, and approximately 40,000 events were created in the next ten years because of sponsorship funding (Skinner & Rukavina, 2003). In this respect, it mustiness be kept in mind that without support from sponsors it would not be possible to hold many different kinds of events. This takes place because sponsors often provide the major financial components of these events. The