Sponsership In Event Management

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Sponsership
Sponsership is a common and widespread opportunity to fund an event. It is a great way to create a relationship or partnership with an organization or company that can last for years. Event managers and marketers are usually actively engaged in tasks such as identifying potential sponsors, preparing Sponsership proposals and managing their ongoing relationships with sponsors, as event Sponsership is a large part of modern event management. Sponsership is said to be one of the most powerful media now used to communicate and form relationships with stake holders and target markets (Grey and Skildum- Reid, 2003).

The IEG defines Sponsership as ‘a cash and/or in-kind fee paid to a property (typically a sport, entertainment, event,
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Sponsership is the most obvious form of this commercialization (Mason and Cochetel, 2006). At the same time, Sponsership has become very important stream of revenue for festivals and events of varying types. For events that tend not to receive any public funding, such as music festivals, sponsorship is a particully important supplement to ticket revenue (Getz, 2002). This is particaly true of the growing area of ‘Popular music’ festivals that attract young and relatively homogenous audience (Oakes, 2003) examples of such festivals are Samhain festival, electric picnic and oxygen, they have many sponsors as for they have a strong target market and created a brand image which has become extremely affective causing it to generate more revenue for the…show more content…
Festivals create ‘product’, enliven a destination, animate static attractions and promise a glimpse into the authentic culture or a place. Meanwhile, for festivals, tourist audiences create new forms of demand, box office income and means of widening their repute. There is abundant evidence show countless festivals are marketed as tourist attractions and generate sizable flows of tourist numbers and associated revenue (Getz, 1991; O’sullivan and Jackson, 2002). In recent decades, as sponsorship has become an important part of brand management strategies, and as festivals and events have become increasingly the focus of Sponsership investment, the question as to why companies sponsor events has stimulated a great deal of research enquiry. Studies have concluded that companies sponsor events for a number of identifiable reasons: to increase or develop product or corporate awareness, to drive sales or to develop market position. Good reasons for company’s to sponsor events are because the brand name is going to reach a larger audience and a smaller scale then mass
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