Declaration of Authenticity



Effectiveness of sponsoringCompany XEffectiveness of sponsoringDeclaration of AuthenticityWe the undersigned declare that all material presented in this paper is our own work or fully and specifically acknowledged wherever adapted from other sources. We understand that if at any time it is shown that we have significantly misrepresented material presented here, any degree or credits awarded to us on the basis of that material may be revoked. We declare that all statements and information contained herein are true, correct and accurate to the best of our knowledge and belief. This paper or part of it have not been published to date. It has thus not been made available to other interested parties or examination boards.Place, DateAbstract/Management SummaryThe paper addresses these points by compiling, examining, and critically evaluating the available literature.Table of contents TOC \h \u \z Declaration of Authenticity3Abstract/Management Summary4Table of contents5Theoretical Framework6Sponsoring process model6Initial decision7Types of sponsorships7Tiers of sponsorship8Exclusivity9Portfolio9Roster10Asset pricing10Duration of the contract11Target audiences11Consumers11Employees12Shareholders12Objectives12Brand awareness12Brand image13Goodwill and brand loyalty13Generating leads and sales13Engagement14Measurement and evaluation14Subsequent decisions14Renewal15Termination15New partnership15 IntroductionTopic and ContextIn the past three decades, sponsorship has grown into an important marketing communication tool by various companies (Amoako, 2012). Chebli and Gharbi (2014) highlighted that many corporates now consider sponsorship an effective way of building brand image through a popular event or brand. Statistics indicate that global sponsorship investment was approximately $1 billion in the 1980s, and by 2018, the figure had grown to $65.8 billion (Guttmann, 2019). Accordingly, corporate sponsorship has become more effective today due to widespread mass media and social media. Such media platforms make it possible for the sponsored events and activities to gain more publicity other than the primary audience (Kim et al., 2015). In addition, despite the economic slowdown in the past century, corporate sponsorship was projected to increase by 5% annually (Nuseir, 2020). However, the projected growth was halted by the onset of the Covid-19 pandemic in 2020, which significantly reduced sponsorship spending by large corporations (Dastisheh & Raju, 2020). Nonetheless, in 2021, the economic conditions are gradually resuming normally, and more firms are increasing their sponsorship spending.Furthermore, sponsorship as a marketing communication tool is different from other marketing strategies such as advertising. Friedman (2021) pointed out that advertisements primarily persuade potential clients to purchase a definite brand by sharing specific information about a particular commodity or service. On the contrary, sponsorship does not directly share messages to promote the product; instead, the company financially sponsors a specific event that attracts the targeted audience (Lucas, 2014; Friedman, 2021). Corporates sponsor groups, trade shows, events, or charity foundations to enhance their competitive advantage and achieve specific business objectives (Renard & Sitz, 2011). Besides, the scope of sponsorship varies, and it may entail sponsoring a speaker or VIP room, education programs, audio-visual equipment, banners, or an international lounge (Wakefield, 2012). An example of one of the most popular types of sponsorship is sports sponsorship, where firms pay teams playing in major leagues for their logo to appear on the sports uniforms or jerseys (Nuseir, 2020). Wakefield (2012) further explains that sponsoring local causes such as local charity events enables the sponsoring brand to reach particular local audiences.Furthermore, there are several reasons why companies should engage in sponsoring activities. Kim et al. (2015) established that customers are more likely to develop a positive attitude towards a brand that supports their favorite activities or events. Concurrently, companies may want to engage in sponsoring activities as it helps in building brand awareness. Amoako (2012) highlighted that sponsorship activities with in-kind commodities might be more cost-effective in building brand awareness than a traditional advertisement. It guarantees the company the right audience for its products. Subsequently, brand awareness helps the company drive sales, thus increasing profitability (Chebli & Gharbi, 2014). In addition, Lucas (2014) established that strategic sponsorship activities enable the company to reach out to more audiences through word-of-mouth marketing. Sponsoring events also helps small companies that cannot afford expensive media advertisements to acquire more media exposure through the sponsored event (Kim et al., 2015). Therefore, sponsorships benefit both the sponsored brand or event and the sponsor.Additionally, many firms measure the effectiveness of their sponsoring activities by quantifying their output. The output quantified, in this case, includes the traffic generated on-site, media coverage, television or web audience, visibility of the logo, and the number of public engagements (Meenaghan, 2013). Accordingly, the firm would tie the mentioned output to the set objectives and evaluate if those objectives were met. For example, in assessing if the sponsorship activity met the aim of enhancing the brand visibility, the company would determine the value of visibility and media mentions (Chebli & Gharbi, 2014). The sponsor may also evaluate the brand awareness objective by analyzing the target audience's knowledge of the product and their opinion of the brand (Friedman, 2021). In addition, the aim of improving brand image may be measured using brand equity, brand associations, and the company’s reputation. The brand affinity objective is measured by analyzing the participants’ comments, the audience's identification with the brand, and the brand relevance (Amoako, 2012). Sale is also a crucial objective of sponsorships, measured using direct revenue, changes in sales, and conversion rates (Wakefield, 2012). Therefore, different companies may use different types of measurement depending on the goals and objectives of their sponsorship activities.Focus and ScopeThis research will evaluate the effectiveness of sponsoring by Company X by analyzing the possible sponsoring solutions most suited to target the company’s existing and potential customers. In addition, the study will examine the industries that would be more suitable for the selected company to target with their sponsorships to meet the intended audience effectively. The study also looks into the cost of specific sponsoring options that a company may need to consider while planning for a sponsorship activity. Such analysis may be vital in helping the company select the appropriate messages to increase brand awareness. However, the research will not delve into other forms of marketing, such as advertising. Additionally, the study does not dwell on the impacts of Covid-19 on sponsoring effectiveness. The research will focus on Company X as a case study.Relevance and ImportanceDespite the perceived effectiveness of sponsorship as a marketing tool, many business executives still question its value in a company’s business activities (Chebli & Gharbi, 2014). Concurrently, due to the increasing economic uncertainty, sponsorship spending is subject to thorough scrutiny by firms as they evaluate its relevance and effectiveness (Kim et al., 2015). Therefore, there is a need to extensively understand the value of sponsorship in a company's business activities to justify its spending. This study adds to the existing literature by enhancing understanding of the need for sponsoring at the company level through a case study of Company X. The study's findings may be helpful for business executives who would wish to learn more about the effectiveness and importance of sponsorships in a firm.Research Aim and ObjectivesThe study aims to assess the effectiveness of sponsorship by a company. Accordingly, the study seeks to achieve the following objectives:1. To determine how effective sponsorship is in helping a company achieve its marketing objectives.2. To find out the industry that would be more suitable for Company X’s sponsorship activities.3. To determine estimations of the costs involved in carrying out various sponsorship activities.Research Questions1. Should Company X engage in sponsorship activities? If yes, which industry is most suitable for the company to target with such sponsorships?2. What engagement in sponsorship activities will help the company achieve in the short and long term?3. What is the importance of sponsoring activities and events in terms of marketing for the company?Overview of the Structure The introductory chapter lays the foundation for the research by providing the study background, the study's relevance, aims, objectives, and research questions. Chapter two reviews the existing literature on the topic and groups them into specific themes. Subsequently, chapter three outlines the methodology used to achieve the set aim and objectives for the current research. Chapter four presents the results of the investigation. Those results are discussed and analyzed in detail in chapter five of the paper. Lastly, chapter six provides conclusions and recommendations drawn from the research.IntroductionChebli and Abderrazak (2014, p. 1) states that sponsoring is a marketing tool that is used as part of a comprehensive communication strategy with the ultimate goal of selling products or services to customers. It is important to note that the reputation of the organization does not interfere with the participant or consumer in this manner, which is more subtle branding. Instead, it establishes a particular relationship without appealing to the latter's conscience. Friedman (2021) believes that the marketing strategy of sponsorship is distinct from that of advertising, which seeks to encourage customers to make purchases by communicating particular messages about a product or company. Sponsorships, on the other hand, do not serve to sell your firm or its products directly to the public. Instead, your company contributes funds to a specific event that your customers are interested in supporting. Customers, participants, and members of the media will link your company with the event as a result. Hopper (2021) also states a similar description about sponsoring. He says that sponsorship is a corporate connection between two parties in which one party (sponsor) gives assistance in the form of funds, supplies, or services to the other entity (beneficiary), who in exchange provides the sponsor with accessibility to rights and associations for commercial gain. Furthermore Hopper (2021) mentions that the sponsored party may be an event, a company, or an individual; sponsorship is distinguished from advertising by the involvement of the second party.Theoretical FrameworkSponsoring is a strategical marketing technique that enables companies to give support to an entity to capture a target audience that aligns with the companies mission and values. “The primary focus of event sponsorship is to “promote an association between the sponsored company and the company of the sponsoring brand” (Bai, Yim, Breedlove, and Zhang 2021). Luong (2021) explains that the supporting function acts as a win-win function for the sponsor and the sponsored entity, allowing the sponsored entity to get funded while the sponsor can find new customers by strategically advertising their brand. Sponsoring as a marketing tool can therefore be seen as a partnership sealed by a contract. Another important aspect of sponsorship is the perceived association among brands by the customer that can shine a positive light upon the image of the partnering entities. Cornish (2019) states that sponsoring had a global combined spending of 66 Billion USD in 2018 and is therefore the second fastest growing advertising channel only to be topped by media buying on internet platforms. To break down the diversity of topics and key factors of Sponsoring, a wide variety of frameworks and theoretical best practices have been analyzed to create a theoretical guideline. Factors influencing sponsorship effectivenessKim et al., (2015) describe in their paper: “Factors influencing Sponsorship effectiveness: A Meta-Analytis Review and Research Synthesis” important points that influence the effectiveness of sponsorship endeavours. This research is taken as the main theoretical guideline for this paper due to the reason that the model summarizes relevant and contemporary theory that encompasses important points that are beneficial to analyze and examine when creating a sponsorship strategy. The theoretical body is further extended and detailed by additional academic sources. (Olson, 2010) States that due to general uncertainty of how to measure sponsorship success many business executives question the true value and effectiveness of sponsorship. Sponsorship as a marketing practice has grown over the last decades, so too has the need to critically assess the sponsorship outcomes. As the global corporate sponsoring spend has grown significantly in the last few decades, so has the research efforts grown to satisfy the need of executives of understanding sponsorship effectiveness to justify the correlated investments (Kim et al., 2015).Kim et al. (2015) integrate a wide variety of quantitative and qualitative studies and theories in an effort to identify the determinants of sponsorship effectiveness. The framework eases past studies with conflicting results and measures specifical sample characteristics that influence the effectiveness of sponsoring.The framework is structured in explaining the variables (in this framework described as antecedents) that play a role in the sponsorship effectiveness and are organized into three categories: Sponsor related antecedents, sponsee-related antecedents, and the fit. The sponsor-related antecedents are variables and decisions that are influenced and decided upon the sponsor. It is important for companies to identify the most important outcomes in the sponsoring strategy to decide on which antecedent variables to focus, that are likely to achieve the desired outcomes. After explaining the variables that influence the sponsorship effectiveness, the most effective sponsorship strategies will be mentioned in the section: Implications.Sponsor-related antecedentsThe sponsor-related antecedents are variables and decisions that are influenced and decided upon the sponsor. The sponsor-related antecedents include: Exposure, Motive, Ubiquity, Leverage, Articulation, and Cohesiveness (Kim et al., 2015).ExposureSponsorship exposure describes the amount of times that the audience sees a message portrait by the sponsor. Exposure can occur during, before or after the event by activating other marketing techniques that are usually not part of the sponsoring contract (Grohs & Reisinger, 2014).MotivesA sponsor's motives describe what the company is willing to achieve through sponsoring. The audience’s motive perception describes the perception of what the sponsor is trying to achieve through sponsoring. A company can be perceived as having a multitude of motivations to sponsor such as: financial, societal or even environmental motives (Kim et al., 2015).UbiquityThe Term Ubiquity describes if the sponsor is active in sponsoring many entities. If the sponsor is perceived as being present in many events, the multiple commitments of the sponsor could lead the audience to perceive the sponsor as less committed to the entity. I could also lead to audience confusion. (Woisetschl?ger et al. 2010).LeverageNot all of the engagements must be part of the sponsorship contract and can be instead part of the leverage of the sponsor. Leverage explains the marketing efforts and activities that the sponsor puts forward in addition to the terms defined in the sponsoring contract, to achieve the marketing goals. Leverage is an important aspect to consider due to the fact that the individuals present on site are only a fraction of the people who are interested in the event. It is therefore beneficial for the sponsor to leverage the benefits of sponsoring outside of the physical event to establish a connection with those remote audiences (Silikum-Reid, 2021).Activation is part of the leverage and explains the activities that a sponsor is providing to engage with the customer physically during the event, or during a tight time frame around the event online. Previous studies have recommended spending anywhere between the same amount to eight times the amount of the rights fee on activation, to fully take advantage of the rewards from sponsorship (O’Reilly, 2013).ArticulationSponsors that have similarities with the sponsored entity have the benefit of fit which helps to draw connections and association between the sponsor and the sponsee. Congruence between the sponsor and the sponsored entity can be created by articulating the similarities and purpose of the relationship (Cornwell, Humphreys, Maguire, Weeks, & Tellegen, 2006).Brand CohesivenessThe brand cohesiveness between a sponsor and a sponsee explains similarities between the sponsor and the sponsee’s brands and makes the audience understand their relationship (Simmons & Becker-Olsen, 2006). Sponsee-related antecedentsThe sponsee-related antecedents are variables that are influenced by the sponsee. These include:Identification and involvementIdentification explains the emotional connection that the audience has towards the sponsee. Individuals that identify with a group or an entity align themselves with that group’s positive attitudes as they feel being part of that group or entity. Identification is very prevalent in sports (Gwinner, & Bennett, 2008). An individual who is highly involved in the sponsored entity and who recognizes that the sponsor offers a benefit for the entity, may perceive themselves as being the beneficiary of that benefit. These highly involved individuals might then respond to the perceived benefit by purchasing the sponsor's products or services (Meenaghan, 2001).Sawatari (2012) states that one of the key factors which distinguishes sponsorship from advertising is the perception of goodwill. The audience often perceives sponsors as supportive and beneficial towards the sponsored entity. According to Corwell and Kwon (2019) the perception of goodwill is further increased by the level of involvement of an individual towards the sponsored entity. An example for this would be that a highly involved fan of a sports club would have a high probability to feel positive towards a sponsor of that entity (Hopper, 2021).PrestigeGwinner and Swanson (2003) state that a highly prestigious company is more likely to attract a high number of media attention to the entity. Prestige is therefore believed to have a notable impact on the effectiveness of sponsoring. FitCorwell and Kwon (2019) state that a very important aspect, that has direct implications on the sponsoring success that needs to be considered is “Fit”. Fit describes the match between the sponsor and the sponsee. Fit makes the audience draw similarities between the brands and helps the sponsor to be recognized and associated with the event or the brand which leads to increasing the positive outcomes of sponsoring. Woisetschl?ger, Eiting, Haselhoff and Michaelis (2010) state that: “Sponsors that are perceived as congruent with the sponsored object have been found to benefit more from their sponsorship engagements in terms of higher brand equity and purchase intentions than incongruent sponsors” There are multiple variables that contribute to a good fit between the companies. These include the perception of benefits of the partnerships by fans and audiences involved, the regional identity of the sponsor, the sincerity of the sponsor, the provision of autonomy, the relatedness of the sponsor and the ubiquity.Woisetschl?ger et al. (2010) further state that the sponsor takes part in the social identity of the project and compensates for this benefit by providing value, which in most cases consists of funds. If the audience positively perceives the benefits of the sponsor, then the acceptance of the audience towards the sponsor is increased which positively contributes to the fit of the sponsorship. Another key aspect that contributes to the concept of fit is the regional Identification which describes the regional connection that the sponsor has. A regional company with less geographical distance to the sponsee has a higher likelihood of being recognized and being accepted as a trusted entity and in-group member. An in-group member states that the sponsor identifies as part of a specific community or niche. Sponsor sincerity is another contributor to sponsorship fit. Audiences value sponsors who not only have a financial motivation, but also have social incentives. Woisetschl?ger et al. (2010) state that: Prior research has found that the perception of sponsors to be solely motivated by selfish considerations contributes to a negative evaluation of the sponsor’s sincerity. Kim, Lee, Magnusen, and kim (2015) studies have concluded that the fit between the sponsor and sponsee and the involvement by the individual in the event has a wide range of effects on cognitive, affective, and behavioral outcomes. They further state that the sponsors motive, e.g. sponsoring out of purely self-serving motives, or having a genuine interest in the success of the event, hold great importance over the outcomes. This perceived involvement in the event has a strong influence on the outcome and success of the sponsoring. Woisetschl?ger et al. (2010) further state that those sponsors experience difficulties in being accepted as in-group members. A negative impact on sponsorship fit could also arise if a sponsor has direct influence in the decision making process and autonomy of the sponsee. It is therefore important to provide autonomy without interfering in the decision making process of the sponsee. The authors' studies and measurements have indicated that the provision of autonomy does not influence the perception of fit significantly, but it should nevertheless be taken into consideration as a contributor to the perception of fit (Woisetschl?ger et al. 2010). Another aspect which could negatively influence the perceived fit by the audience is the perception of ubiquity. If the sponsor is perceived as being present in many events, the multiple commitments of the sponsor could lead the audience to perceive the sponsor as less committed to the entity. The authors state that the strongest variables that influence sponsorship fit are the perceived benefits of the sponsor and the regional identification. The perceived fit of the entities and therefore the consistency between the sponsor and sponsee benefits especially the brand attractiveness and increases the word of mouth intentions by the audience (Woisetschl?ger et al. 2010).Chien, Cornwell, & Pappu, (2011) explain in their research that there are two characteristics that have a high impact on the perceived fit: “sponsorship category relatedness” and “event personality fit”. The term Sponsorship category relatedness makes it understandable that the entities in the sponsorship portfolio are from the same category. By achieving a congruent sponsorship portfolio that relates across categories, a company can position itself more effectively to be perceived as having shared characteristics of their sponsored companies. An example for this could be that the customer associated the sponsor brand as strong or having sportsmanship if the company’s sponsorship portfolio is involved in group sport sponsoring. On the other hand, event personality fit makes the customer perceive similarities in the brands personality and character across the sponsored entities despite belonging to distinctive categories. These personality traits typically stem from the personalities, activities and the status of an event. An example of this is the perceived image of sophistication between a tennis and opera event. These events are arguably not in the same event category but these events do share similarities in image. Cognitive outcomes:Sponsorship can be a strong contributor to both brand awareness and brand image which influences the customer’s attitude towards the company Corwell and Kwon (2019). Also important to note, is that prior brand exposure affects the customers attitude towards the sponsored brand and has a direct positive influence in their purchase intent Corwell and Kwon (2019),Brand awarenessSponsoring as a marketing tool is often used by companies to increase their brand awareness by tapping into the publicity of the entity that they are sponsoring. Additionally the reach of the media coverage of an event can expand far beyond the main audience and therefore help to create brand awareness on a large scale Hopper (2021).Brand imageOne of the benefits of sponsoring is that it increases the brand image by building association between the sponsor and sponsee. The perceived association can increase the credibility of the sponsor and the values of the sponsored entity can be associated with the sponsor’s brand. Successful sponsoring can also have a positive effect on making the sponsor stand out from the competition creating differentiation between the competing brands (Baylis, 2021b).Affective outcomes:An effective audience expresses a general liking towards the sponsor which is present in the preference and attitude of the person (Meenaghan, 2001). A highly involved individual can feel gratitude towards the sponsor if the sponsor is perceived as contributing a costly or valuable contribution to the event. The gratitude towards the sponsor is favorable for creating favorable positive emotions (Kim et al., 2015).Conative outcomesBehavioural and purchase intentionsThe conative outcomes explain the audience’s intentions in behaving in a manner that is favorable for the sponsor. It also explains the likelihood of an individual to purchase the sponsor’s products or services (Kim et al., 2015).OLSON 2010“Favourable attitudinal change (both affective/cognitive and conative) was chosen as the model’s high-level sponsorship effect because it is often advocated as the most important sponsorship effect (Irwin et al., 2003; Martensen et al., 2007; Speed and Thompson, 2000; Verity, 2002).”Implications The data of the study state that in regards of sponsor-related variables, the audience’s perception of motive has had a great impact on the image, the affective and the behavioural outcomes. A focus on exposure had only a significant influence on the customer awareness of the sponsor without benefiting other outcomes. Brand cohesiveness, leverage and articulation are all strong contributors to affective outcomes that have an influence in the audience’s general liking of the sponsor. Ubiquity did not show a significant impact on affective or behavioural outcomes (Kim et al., 2015).The sponsee related variables explain that the audience’s identification with the entity has benefits that can be attributed to affective and behavioural outcomes as well as to the sponsor's brand image. The audience’s level of involvement with the sponsored entity has an effect on the brand image, brand awareness, the affective outcomes and the behavioural outcomes. Involvement displays the biggest influence of all the sponsorship factors on the behavioural outcomes. The notion of Prestige is shown to have multiple benefits that can be attributed towards the behavioural and affective outcomes (Kim et al., 2015). The study states that a key attributor to various sponsorship outcomes is the fit between the sponsor and the sponsored entity. The perceived fit by the audience influenced the brand awareness, the brand image, the affective outcomes and the behavioural outcomes. It is important to note that the fit has the most influence on the brand image and brand awareness out of all the factors in this study. Further implications will be states in the “Results” section of this paperDifferences between Sponsorship and traditional advertisingIn order to achieve a favorable change in consumer attitudes toward their brand, studies have shown that companies could enhance their brand image by transferring positive associations associated with the event that sponsors it, as well as increase and improve their brand awareness by expanding their sponsorship endeavours. (Pitts and Slattery, 2004, as cited in Chebli and Abderrazak, 2014) According to Meenaghan (2001) and his study Understanding Sponsorship Effects, sponsorship is distinct from advertising. One of the findings from the author's focus-group research was the respondents' perceptions of commercial sponsorship, notably how distinct it is from advertising. Meenaghan believes that commercial sponsorship benefits society as a whole. A subtle and indirect persuasion tactic that lowers consumer defense systems. Conversely, advertising is perceived as self-serving, with little apparent value to society. It is perceived as coercive, triggering the consumer's defense systems. Figure 1 depicts the apparent differences between these two marketing communication approaches. It indicates that customer sensitivity to these two alternative marketing communications approaches also differs. It appears as though consumers receive sponsorship messages in a halo of goodwill, generated by characteristics such as perceived benefit, subtlety of message, and concealed commercial intent. This aura of goodwill appears to reduce consumer defensive mechanisms. Due to the strong style of the communication, the clear commercial goal and consumer views about advertisers' motivation, advertising communications are viewed with suspicion. The focus-group study shows that advertising, compared to sponsored communications, seems to raise consumer protection mechanisms.Menghaan BildSponsoring process modelTo answer the question to which industry Company X should focus on to achieve effective sponsoring and to give recommendations for collaborations, specific and interconnected components of the sponsoring have to be analysed. This model supplements the main framework of this paper on the topics that are important when building a sponsorship strategy. It is important to note that previous explained topics are not repeated in this model. The model is divided into three sequential sections. First, important decisions entailing the planning and execution of the sponsorship strategy have to be taken into consideration and are explained and divided in the following sections; Initial Decision, Target Audience, Objectives and Engagement. Once the sponsoring strategy is planned and executed, the results are analyzed and evaluated in the second step of the model: Measurement, evaluation and subsequent decision. (Corwell and Kwon, 2019).Picture 1Initial decision The relationship between the sponsor and the sponsee is typically based on a contract and a result of negotiation. The negotiation entails important variables that state which assets the sponsee is willing to sell to the sponsor. These assets can be packages combining multiple variables sealed in a contract that depend on the goals and level of involvement of the sponsor. The following variables and constants concerning the relationship and the contractual nature have to be negotiated before taking the final decision of signing a contract (Corwell and Kwon, 2019). Types of sponsorshipsBusinesses with the intention to sponsor need to consider the different types of sponsorships that are available for the given event. Therefore event sponsoring can be divided into four categories that explain the benefits and the contractual relation between the sponsor and the sponsee (McCann 2019). Cash sponsorsCash sponsors, or as often referred as Financial event sponsoring, is the most utilized type of sponsoring. The term Cash Sponsor states that the sponsorship contract is based on a monetary exchange. Similar to traditional advertising the sponsee gets revenue in exchange for providing the sponsor the opportunity to target a specific target audience on their property (McCann 2019). In-Kind sponsorThe difference between a cash and a In-Kind sponsor is that the cash sponsor pays a monetary amount to participate in sponsoring whereas the in-kind sponsor provides value in form of services or goods McCann (2019). An example of in-kind sponsoring is an electronics manufacturer that sponsors an entity by providing electronic components to the event (Baylis 2020).Media sponsorsMedia sponsoring is another way of sponsoring an entity without having to provide value on a purely monetary basis. The sponsor agrees to advertise the event by using channels that reach a large audience. Media sponsoring is a win-win situation that helps the sponsee to gain publicity for the event whilst the sponsor can increase their brand awareness and establish association between the two entities. (Semerova 2020).Promotional partnershipPromotional partners are individual persons who have a large following on social media. They bring value by promoting the event to their fan base. Instagram is one of the most popular social media platforms with over 2 million advertisers and over 25 million business profiles (Whitney 2021). Semerova (2020) states that: “Research says?81% of consumers?say they're more likely to buy products they have encountered on social media.Establishing partnerships with social media influencers has therefore become a modern advertising method for brands to promote their products and increase Sales (Semerova 2020).Tiers of sponsorshipBig events that attract a large audience often have different sponsoring tiers that define the level of involvement of the sponsoring brand and the associated costs. These tiers can be defined and named in made up categories such as Platinum, Gold, Silver and Bronce and come with different packages that get less costly moving down the tiers (Semerova 2020).A platinum package for example, can include the possibility to be a title sponsor. A title sponsor is a top tier sponsor that is able to include their brand on the event’s name. An example for this could be a golf tournament where the title sponsor is a luxury watch brand. The event would therefore include the brand’s name in the official event name, displaying the contribution and association of the brand with the Sponsored entity. The title sponsor is generally the most expensive opportunity to sponsor an entity. Tiers are often used by companies to facilitate the sponsoring process. Companies should avoid tiers whilst they are trying to find sponsors because tiered and predefined sponsorship packages are generally resented by sponsors. Predefined sponsoring packages don’t leave much room for customization and send out the impression that the sponsee is unwilling to collaborate with the sponsor (Baylis 2021). ExclusivityA central point in a sponsorship contract is the concept of exclusivity. Exclusivity explains that the sponsor is the only brand that is associated with the event or activity provided by the sponsee. It can quickly lead to audience confusion when more than one brand of a category is present in the event or activity. Exclusivity therefore limits the numbers of sponsors within an event. This enables the brand to be recognized by the audience and limits audience confusion. It is therefore regarded by sponsors as one the most important benefits of sponsoring. Often an entity does not have the financial means to be the sole advertiser on an asset, especially if the sponsored event has a high audience size. Brands therefore negotiate a contract that entails shared exclusivity. Shared exclusivity is a term that states that there are multiple brands sponsoring an event that are not in direct competition (Corwell and Kwon 2019). Another strategy that some companies use to establish a connection between them and an event is ambush marketing. Ambush marketing is a strategic alternative to promote a company’s services or products by establishing association with an event, without being contractually or legally involved in the entity. (Fehr-Bosshard 2020). This alternative marketing strategy often balances on the legal aspects of advertising regulations. Socolow (2010) states that ambush marketing does not often violate any laws, unless the advertiser makes use of trademarks or engages in deceptive conduct. A negative aspect of companies making use of ambush marketing around an entity is that official sponsors experience a diminishing effect on brand awareness. Ambush marketing also leads to audience confusion on which companies are being involved in the event (Corwell and Kwon 2019).Portfolio The term “sponsorship portfolio” describes the sponsors collection of sponsorship projects that it uses to communicate with their target audience (Woisetschl?ger, Backhaus, and Cornwell 2017). Gwinner and Eaton (1999) explains that the decision to which events one should sponsor play a role in the perception of the audience. Sponsoring sport events might display a masculine and even aggressive image whilst sponsoring theatres and arts festivals give an impression of exclusivity. It is also key to convey a coherent message throughout the sponsorship portfolio to allow people to know what to expect from a brand.Similar to the portfolio, on the side of the Sponsee there is a roster. A roster is a list of all of the sponsors that are contributing to the entity Corwell and Kwon (2019). Ruth and Simionin (2003) examined the influence of a controversial brand on a sponsored event and found that companies with negative images on the sponsee rosters can have a harmful attitude towards the event and therefore to the other sponsoring companies. Asset pricingA key aspect in a sponsoring contract is the price a sponsor is willing to pay to be able to advertise on the sponsee’s asset. No exact calculation that represents an industry standard was found when it comes to sponsorship pricing and Corwell and Kwon (2019) state that asset pricing has generally not been thoroughly analyzed in previous research. Although there is no defining formula on the price of sponsorship, different aspects are considered to establish the value of the asset. Events often construct an inventory of their assets and positions where elected sponsors are able to advertise. The price for these positions are predefined and are based upon the market value and therefore by the willingness of the individual sponsors to advertise on sound positions. Companies can analyze the prices of previous events that are similar to the desired entity to gather estimation on the market value. Important to consider is that prices are thoroughly influenced by the level of exclusivity that a sponsor wishes to have (Superevent, 2019). Duration of the contractOne of the most important variables when it comes to the details in a sponsoring contract is the time. Long-term partnerships tend to be more favorable for sponsors because the audience has more time to recall, recognize and associate the company. Past sponsors of an asset can also have an influence on current sponsoring outcome. Previous sponsors have an influence on the customers brand perception and can cause audience confusion due to existing sponsorship images and brand properties projected. Target audiencesBlablabla states that reaching a customer audience effectively is the most researched topic in sponsoring. It is key for sponsors to break the target audiences into specific categories. By doing so, the brands and sponsors can recognize their target audience within our target market.The top audiences in sponsorship are the consumers (e.g. participants of the event, consumers), employees, and other shareholders. There are secondary target audiences, namely governments, non-governmental organizations, and channel members that are involved in getting the end product to the customer. Secondary audiences are rarely targeted and do not pose a high degree of influence in the sponsorship outcome. Therefore, this papec focuses on the primary audiences Corwell and Kwon (2019).An important and often overlooked attribute that influences sponsorship success is internal audience, namely the employees. 8. Khan et all describes in his studies that the employee’s attitudes towards the sponsored entity has a positive impact on the employee towards the company and can lead to an increase in overall motivation. Cliffe and Motion (2005) explain that by involving the employees in sponsorship events with brands and entities that they are passionate about, the company can help to create an emotional connection with the employee. This involvement of the employee in sponsoring can result in employee satisfaction and assists for a positive work environment. Shareholders view sponsorship announcements in the sport industry as overall positive. His research further concludes that shareholders view sponsorship investment especially favorable when there is a functional fit and geographical congruence between the sponsor and the sponsored entity (Eshghi, 2021).ObjectivesThe intention for a company to sponsor is typically based on specific goals that the company tries to achieve. Objectives can be purely strategic and financial and can involve the goal to reach an increase in the market share or to gain a certain return on investment. Those goals are reached by focusing on more specific activities that are predefined and build around the details and advertised properties of the contract Corwell and Kwon (2019).Generating leads and salesA lead is a person who has shown interest in the company in some kind of form but has not yet been convinced to make a purchase. Every lead has information on the potential future customer (Holovach, 2021). Sponsoring an entity can be a great option to capture new interested customers and convert them to leads due the presence of fit between the event and the participants. A reason why sponsors are very picky with choosing which companies or organizations that they want to work with is because of the fact that they want to make sure that there is a good fit between the two entities so that they have a high chance of gaining new leads from the collaboration (Baylis, 2021b).Measurement and Evaluation.Sponsoring does often only include displaying the brand’s name or product on an entity. Without the means of capturing direct sales or consumer data, managers find themselves often overwhelmed in measuring the direct impact of their sponsoring efforts, especially when it comes to sales data e.g. Return of investment (Corwell and Kwon, 2019). The potential uplift in sales and the return of investment can be estimated and analysed by looking at the sales data trend during a specific time period and then comparing it with the period that the sponsorship took place. Surveys at the event are often used by companies to evaluate their sponsorship impact. Companies often measure the impact of their sponsoring activities by quantifying the output by analyzing specific metrics such as the traffic of the website and the media coverage. (Skildum-Reid 2021)According to Bruhn (2016, p. 77), there are different methods to control the effectiveness of sponsorship. It must be mentioned here that the control of success only refers to the communicative effect of sponsorship. Bruhn mentions in his book that with certain communication measures (sponsoring) the degree of objective achievement is determined with the help of the response. For the proof of communicative effects, classical procedures of market research have proven themselves, with which cognitive, affective and conative reactions can be examined with the target groups. Fig. 1 shows the different measurement methods used in sponsoring according to the affective, cognitive and conative communication effect categories listed by Bruhn (2016). Fig 1 Measurement methods of effectiveness monitoring in sponsoring Bruhn Bild TRANSLATED!!In his book, Bruhn points out that different practices are possible, especially in cognitive testing, and that their use varies depending on the type of sponsorship. Since these are cognitive tests, they certainly relate to the Brand Awarness factor. To measure cognitive performance, this method primarily uses Recall-Tests (recording of unaided memory) and Recognition-Test (recording of recognized advertising material), which are often used as post day (recall/recognition) tests. As part of these tests, the target persons are asked verbally or by telephone about the brands or companies advertised a few hours or a day after an event or television broadcast of an event. In sports sponsorship in particular, a Top-of-Mind test is also appropriate, in which respondents name those sponsors that they remember the most. Bruhn also mentions that another method for measuring the attention achieved is the eye-tracking. For this purpose, test participants are shown video recordings of sporting events, for example, and their gaze is recorded while watching the video.Hermanns and Marwitz (2008, p. 118) states the importance of this measurement, claiming that tests like these give the sponsor important indications about the amount of time target groups spend on certain points. This allows the sponsor to better optimize their placement and deliver a stronger and more effective message that adds major value to the success of the campaign. Hopper (2021) also believes that sponsorship helps to improve the public's view of the sponsors' brand by affiliating with an entity that people care about. This affiliation generates a halo effect of goodwill, in which significant correlation with the beneficiary of the sponsorship are reflected back on the sponsor.Prove with Pitts and Slattary article!Subsequent decisionsThe last step in the sponsoring process model is to make decisions on the future of the sponsoring contract. This section describes the three possible outcomes for the end of the contract: Renewal, termination and new partnership.The subsequent decision is important because a renewal or termination of the contract has both influence on the contracted parties and does also hold important consequences for the audience and therefore for other organizations that will partner with the sponsee in the future. onenotePrevious research concluded that the renewal of long term partnerships help companies to increase the recall value over time which leads to a strategic resource for companies (Corwell & Kwon, 2019) . Terminating a sponsoring contract does not necessarily mean that the sponsor does not benefit from their past sponsoring activities. A study found that on average, six months after the event 20% of the audience recalled the new sponsor whilst 42% recalled the old sponsor. One can therefore conclude that companies can benefit from the sponsoring effects on the brand image and brand awareness long after terminating a contract (McAlister, Kelly, Humphreys & Cornwell 2012).Searching for a new partnership goes back to the initial point of the sponsoring process model. An important point to consider when considering a new partnership is that the initial effectiveness might be decelerated because of the residual recall value of the old sponsor. The audience confusion can be even more problematic if the previous sponsor is a competitor from the same or a similar industry (Edeling, Hattula,& Bornemann, 2017)Sport sponsoring vs Cultural sponsoringTo reach as many customers as possible, events are the biggest carriers of sponsoring. The two biggest platforms for a sponsor are hence sports and cultural/cause-related sponsoring. Sponsorship can occur anywhere you can think of using branding. He furthermore states that almost two-thirds of all sponsorship expenditure goes to sports events, clubs, teams, and players. His paper is the first study to compare a sponsorship model in both sports and non-sports contexts, proving that various sponsorship models are needed for different situations.Olson (2010) conducted a more detailed study in his article between these two major components of sponsorship. The difficulty was to measure the exact success and which method is most appropriate. He took test results from surveys, data analysis and other empirical measurement methods from existing scientific works and created a comprehensive table in which he drew a conclusion (An excerpt of the table can be found below). Nonetheless, there were several limitations in this set-up, such as a frequent focus on a quite limited number of correlations of the participants. A second source of external validity is that little over half of the studies involve student subjects, while a few others use data that is unsuitable for studying sponsorship effects on consumer markets (Cornwell et al., 2001). A third limitation in this method is that half of the research involves fictitious sponsorships, with responder exposure to artificial sponsorship cues such as "publications" often limited to a few moments.Olson Bild Olson furthermore states that almost two-thirds of all sponsorship expenditure goes to sports events, clubs, teams, and players. The recent European Football Championships provided an excellent illustration of sponsoring at major sporting events. They even adapted quickly to changes in the environment and contemporary issues. For instance, sponsors changed their banners and logos to rainbow colors to send a clear message of tolerance and acceptance to the LGBTQ community following UEFA's refusal to illuminate the Allianz Arena in Munich in rainbow colors in protest of Hungary's new discriminatory laws against younger LGBTQ members (McCarty, 2021). Viewers react to such adjustments and presentations, which have mostly a positive effect on the brand and the company. Thus, sponsorship is critical in sports. However, it is debatable if sponsorship in sports has an effect on a company's sales success. Iuliia Naidenova, Petr Parshakov, and Alexey Chmykhov (2016) conducted a comprehensive study on the extent to which sport sponsorship, particularly in football, influences target customers. They conducted research on the best European leagues. The findings reveal that football sponsorship is more about charitable giving than it is about economic investment. The research of the factors that influence whether or not a company becomes a sponsor, as well as the amount of sponsorship received, reveals that companies owned by individuals are more likely to become sponsors.Ausschnitt von der UEFA EURO 2020/21 webseiteMoreover, Renard and Sitz (2011) stated that the most common sponsor type at sport and leisure events are the placements of a logo or advertisements on for example racing cars, shirts, or sport field framings. The problem with this is that these types of advertising do not really show the effectiveness of the investment in sponsorship projects. Renard and Sitz (2011) continued that although a presence is established, there is no causal link between the event and the brand. The study took as an example the America's Cup which displayed brands like BMW and Prada on their sailing boats. In the assortment of these companies there were no special products for the occasion of this event. This shows explicitly that it is only about the exposure of the brand and at most a positive connection arises, because it is an entertaining event. Kitchen (2006) also supports this argument by saying that: “Simply attaching a name to an event or a logo on a shirt does not result in the target consumer being any more aware of the sponsorship or the value statement the sponsoring brand is attempting to make.”Methodology“Though sponsorship is a form of marketing, it is different from advertising, which attempts to persuade customers to make purchases by sharing specific messages about a product or company.Sponsorships, on the other hand, don't directly promote your company or products. Instead, your company pays to support a specific event that your customers care about. Your business is then associated with the event by customers, attendees, and the media.”Previous ResearchMany authors cite various ways to measure the effectiveness of sponsorship. A mistake that was made often in the past couple of decades, or since sponsoring had a significant role in the marketing area, was the lack of attention paid to the sponsoring effectiveness and the investments paid. (Crompton, 2004, as cited in Olson, 2010) According to Thj?m?e, Olson and Br?nn (2002), a major problem with cause-related marketing and sponsor managers was that they made little or no effort to measure the success of a high-level sponsorship campaign. In Olson’s paper (2010), he mentioned that there are two major sponsor areas such as cultural sponsoring and sports sponsoring. It is important to note that former is seen less lucrative, commercial and accessible than sport sponsorship. His study showed a comprehensive comparison of different methods of analyzing effective sponsorship and what limitations or errors existed in past literature studies. There are three important points in this section, each of which will be discussed separately. The effectiveness of sponsorship, suitable branch selection, and the best way to draw attention to your brand and company. First, we want to know if sponsorship is effective at all. For this we used only secondary data, since there are enough studies that focus on the effectiveness of sponsoring. Suitable key measurements are ROI and customer surveys. Additionally other factors for measurement of effectiveness of sponsoring are consumer behavior, awareness, attitudes and exposure (Friedman, 2021). For surveys there are different limitations, such as different types of customers and fields in which the survey was conducted. The difficulty lies here in finding and analyzing studies that are as similar as possible. Moreover, it should be considered that there are different fields to sponsor. For example On-site vs web-based, sport sponsoring vs cultural sponsoring etc. Each of them have different impacts on the brand and company and are handled differently. Nevertheless, all have the same goal and thus can be retrieved for the purpose of this study. An important part of this work is to answer the research question to which industry Company X should should focus on to get the best possible outcome out of the sponsorship investment.To answer this question the company was analysed on the basis of the Sponsoring process model. The model gives valuable insights and focuspoints that need to be analyzed when choosing a industry or specific sponsor. During the research, no specific literature was found that was focused on sponsorship activities of safe companies. Therefore, the focus here was not only on the literature research, but we also compared similar industries that have exposed their sponsorship marketing strategies in the past. The references used in this paper are mainly based on academic resources, but also include information and data from old business reports, blogs or posts, partnerships and even videos. With the collected data and impressions, we can then list in the Results part in which industry, area or activity the most sponsoring was done. The majority of our findings stem from sources that focused on sponsoring in the sports events sector, which make up the largest part of sponsorship. However, there are some limitations regarding simple brand or image sponsoring at sport events. Renard and Sitz (2011) stated that the most common sponsor type at sport and leisure events are the placements of a logo or advertisements on for example racing cars, shirts, or sport field framings. The problem with this is that these types of advertising do not really show the effectiveness of the investment in sponsorship project. Renard and Sitz (2011) continued that although a presence is established, there is no causal link between the event and the brand. The study took as an example the America's Cup which displayed brands like BMW and Prada on their sailing boats. In the assortment of these companies there were no special products for the occasion of this event. This shows explicitly that it is only about the exposure of the brand and at most a positive connection arises, because it is an entertaining event. For this reason, in this part it is possible to draw comparisons of similar events, but the research does not guarantee a suitable selection of places or events for sponsorship and therefore can only be approximately estimated. Kitchen (2006) also supports this argument by saying that: “Simply attaching a name to an event or a logo on a shirt does not result in the target consumer being any more aware of the sponsorship or the value statement the sponsoring brand is attempting to make.”And finally, how do you attract potential customers the best? Again, we used only secondary data. However, we considered making our own survey and comparing it with the findings. It is beneficial to draw a comparison between the secondary collected data and the primarily collected data. The surveys were made with the supporting software Questback/Unipark that was provided from FHNW. In this regard, important criteria were attention-grabbing by means of simple questions but also images that the respondents were asked to evaluate. Hereby we followed a simple structure that also can be used for post events evaluations on sponsorship responding (“21 Survey Questions21 Survey Questions”, 2019). This strategy proposes to make surveys after recent events. We wanted to take advantage of this opportunity and naturally included the UEFA European Championship in our surveys. A simple classification is for general questions, whether the respondent follows the European Championship. If yes, then certain results can be extracted as realistically as possible. Certainly, the European Championship will only be a supported argument which should endorse certain points and questions that are relevant for this part. As already mentioned, the survey starts with general questions, mainly to sort the respondents. Since it is important for us to see not only quantitative results but also qualitative ones, the survey has a perfect balance between the two. This gives us a better picture of what customers want and what attracts their attention. The survey is mainly with closed-ended questions, which gives us the opportunity to have a clear quantitative results. For the qualitative part we included also open-end questions giving the respondents the option to state an opinion. ResultsEffectiveness of sponsoringKim et al., (2015) explains that sponsors who focus solely on exposure by maximising the amount of times that the audience sees a message can mostly only account for a positive impact on awareness. Olson (2010) explains that having a focus on exposure can be beneficial for a sponsor to improve consumer awareness, but focusing on maximising exposure might not be the best strategy in sponsorship because the benefits of awareness might not be converted into behavioural and affective outcomes.Simmons & Becker-Olsen, (2006) explain that the perceived fit by the audience is a key player in the effectiveness of sponsoring due to the fact that it is an important contributor to impact the cognitive, affective and conative outcomes of sponsorship. Kim et al., (2015) further state that it is more beneficial for companies to focus on the audience’s involvement, identification, perceived motives and fit to achieve a successful sponsorship outcome than to lay an emphasis on achieving the highest possible exposure. Kim et al., (2015) states that fit and perceived motive by the audience is the most important contributor to achieve sponsorship outcomes and therefore achieve sponsorship effectiveness. Therefore the fit and the perceived motives should play a key role in the sponsorship strategy.On the other hand sponsors that display a poor fit or negative motives are likely to experience a negative impact on the brand image and customer attitude towards the sponsor. Even if the fit between the sponsor and the sponsee is not obvious, the partners can make an effort to articulate the relationship that makes the association and therefore the fit more prevalent. The perceived movies can also be enhanced and made clear to the audience by putting effort into the leverage of the sponsorship (Coppetti, Wentzel, Tomczak, & Henkel, 2009). The author further suggests that although exposure is important, small and medium sized companies with limited sponsoring resources should not be discouraged to sponsor. In spite of the disadvantages in exposure, other and more important sponsoring variables such as fit, motive, identification and involvement can outweigh the disadvantages of having a lesser exposure and therefore lower awareness levels (Kim et al., 2015).Sponsoring is one of the most effective marketing tools to raise brand and a company’s image awareness. So if Waldis is looking for having that then they should do sponsoring. However Sponsoring does not always equal high sales. So if Waldis wants higher sales then they should invest their money in a marketing strategy that has more detail into selling. If former then (brand awareness etc..) then Waldis should do sponsoring. Renard and Sitz (2011) stated in their work that there are four main criteria to identify to maximize their sponsorship effectiveness. Following the question if there should be a long term relationship with the sponsored party, Renard states that one should most definitely built a long term relationship. Support this argument with another paper. Discussion and ConclusionHow does Sponsoring benefit Company X in the short and long run?In which field or industry should Company X focus their sponsoring efforts?The research in this paper has stated that it is key for a successful sponsoring collaboration to focus on the fit between the Sponsor and the Sponsee. To answer the question to which industries Company X would fit, one has to analyze their products and services and evaluate which audience could benefit from their offerings. Company X manufactures products that have a primary focus on keeping goods of high value safe. The burglar- proof systems are manufactured with the highest level of security and are covered with guarantees of up to 20 years in case of break-ins. The products are segmented in the upper price category and one can assume that they are mostly purchased by private individuals. It is important to identify which goods are typically stored in safes and vaults to be able to identify which persons would benefit from owning an upper-segment safe. Upper-segment safes are usually owned by wealthy individuals who want to store their goods securly. We therefore assume that these Safes are often used by individuals to safe Jewlery, Watches, Cash, Precious metals, Important documents and in some cases even chash. The work of blabla was used to analyse the fit between Company X and the suggested industries with their suggested categories that influence fit.. Luxury watch industryblabla states that an estimate of 95% of all the watches with a price tag above 10’000 CHF are produced in SwitzerlandAn sector that fits well with the customer base of Company X and is well established in Switzerland, is the watch industry. Company X benefits from a great fit with the watch industrie partly due to the perceived benefits and similarities. Swiss watches are often monetary and emotionally valuable to the consumer. A person with a personal interest and collection of expensive watches is likely to have an incentive to keeping their valuable timepieces safe from burglaries and other external influences. Company X’s high quality safes provide the solution to this pain point. Sincerity is another point in blabla’s framework that contributes positively to the sponsorship fit. Besides financial support, Waldis Tresre Ag would also provide a social benefit to the audience of an event by displaying a clear benefit and problem solver to the audience.Another benefit stems from the regional identification of Company X. Swiss made watches are globally recognized for being state of the art, luxurious watches that represent unrivalled and impeccable quality. Watch enthusiasts and wealthy individuals recognize this label and they could arguably be interested in purchasing a storage system that correlates with the same label and quality recognition as their watches. Company X could therefore easily be identified as an in-group member of the watch industry and be perceived as part of the industry or niche.Watches (swiss made)jewlerydocumentscashPrecious metalls, Gemstonescrypto currencies (hardwallets)gunsbankingReference List:Olson, E. L. (2010), Does sponsorship work in the same way in different sponsorship contexts? Retrieved from L. 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