- 9 Marks
BMIS – L1 – QE1 – Marketing strategies
Describe six objectives of sponsoring high-profile events for brand promotion.
Question
Star Enterprises, which pursue market-driven business strategies, consider that sponsorship of high-profile and attractive events are communication techniques to create awareness and affiliation of their companies and brands with the target market. These companies enter into agreements and provide financial and nonfinancial support for social, cultural, literary, and sports events to a group, organisation, or an individual celebrity in anticipation of creation of a lasting awareness of the company’s name or its brand among the audience.
Sponsorship by leading companies, as a promotional alternative, has gained worldwide prominence in recent years.
Required
Briefly describe six main objectives which are envisaged to be achieved through sponsorship of such high-profile and attractive events?
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