Sponsor Tangible And Intangible Benefits
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 2623 words||✅ Published: 3rd May 2017|
Events have long played an important role in human society. The tedium of daily life, with its constant toil and effort, was broken up by events of all kinds. In most societies, the slightest excuse could be found for a good celebration, although traditional celebrations often had strict ceremonies and rituals In Europe, particularly before the industrial revolution, routine daily activities were regularly interspersed with festival and carnivals Peron.al events or local events to celebrate certain times of year. Perhaps related to religious holy days were also common. This role in society was, and is, of considerable importance. In the modern world some of the historic driving forces for events have changed. For example, religious reasons for having major festivals have, perhaps, become less important, but we still see carnivals, fairs and festivals in all sorts of places and at various times of year. Many of these events, although religious or traditional in origin, play a contemporary role by attracting tourists to a particular place. Some major events, however, still resolve around periods such as Christmas or Easter in the Christian calendar, and towns and cities throughout Europe often hold major festivals based on these times. Even in those countries where religion is no longer as important as it once was, the celebration of originally religious, and other folk festivals, still takes places: So do older festivals related to the seasons, including the celebration offspring with activities such as dancing round a maypole, decorating water wells or crowning a May Queen. Harvest time continues to provide a reason for a seasonal celebration in rural locations. At the same time, many historic, traditional or ‘folk’ ceremonies and rituals are, in practice, recent inventions or recreations.
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We can grasp, therefore, that special events were often historically crucial to the social fabric of day-to-day life. In modern times we are often so used to special events that we do not necessarily see them in this context (e.g. Mother’s Day). It is also sometimes difficult for the student of events to understand the full extent of these activities, their variety, their role and how they are run. Unlike many industries we cannot say, ‘Well, this industry is worth maybe â‚¬30 billion a year,’ or whatever. In fact it is almost impossible to quantify, in monetary terms, how much events are worth ‘as an industry’. Such a calculation is likely to be problematic. Because the range of events is staggering, from big, internationally organized sports spectaculars such as the Olympics, to the family naming ceremony of the new baby next door. All we can reasonably say, perhaps, is that we can look at any one event in isolation and see what value it generates. Indeed, certain events have the purpose of creating wealth or economic value in some way, as well as of entertaining and cementing society, but these are not the only reasons for holding events (Greg ET a, 2006).
The paper defines the values which proved to be convincing for a sponsor of an event of Manchester Food and Drink Festival, for the purpose of financial assistance.
Sponsor tangible and intangible benefits
Sources: (Thomas Et al, 2003)
Advance receipt of catalog or program: this explains that the sponsor will know about the importance and mystery of the whole event, and since they will be fulfilling the financial needs so, the event manager need to share and disclose all the important sub-events take place in the event.
Audio Announcement: Sponsor is given with the importance and is heavily focused by the event host, in his or her speech to the audience.
Branding: By becoming a sponsor, the sponsor depicts the strength and the greatness of the brand, as the target market of the sponsoring firm is the same, so they tries changing perception of audience and creates brand’s equity through audience.
Banner and Brochures: Through the placement of banners along with the event logo and the distribution of the brochures, sponsors actually promote their brand name.
Guest lists: sponsors are being given importance by the firm though making them the guest of the event or festival.
Gift for table guest:
It is always best is meet face-to-face with potential sponsors to discuss what they are looking for in the way or exposures and benefits, and then offer them a sponsorship package to meet that expectation. Not all sponsors will warn the same benefits, and having some opinions for them to customize their sponsorship just makes sense.
Media Exposure: the presence of the media channels and press, the firm will be known on the wider scale, the goodwill of the firm will be increased.
Priory seating, parking and Place: The sponsors are given importance by placing them in the front seats of the event, reserving their car parking, and various other stuffs that defines their significance in the event.
Stage Banner The firm and its belonging employees is defined in audience by placing the sponsor’s name along with the logo of firm on the stage’s backdrop particularly in great event which defines the bigness of the brand (Graham, (2010).
Sponsor levels should be defined early in the budget and planning process. Avoid too many s-Sponsor levels since it becomes confusing and h is difficult to justify from one level to the next unless there is a substantial increase in benefits between them.
Use the event Inventory list to develop the structure of sponsor benefits. Be sure to include both tangible and intangible benefits in what the sponsor receives. These should be licensed in descending order from most to least important in each level of sponsorship.
Conduct an inventory of tangible and intangible benefits the event can offer, and then add some twist. In addition to the more traditional benefits, the event should offer sponsors something they can’t get in any other way. Think through even aspect and activity. The more unique or outlandish you can make it, the more attention it will get and the more appeal it will have.
Traditional benefits include preferred seating, a program ad, logos on signage, and so forth, but many perks don’t cost money and have great appeal to sponsors. These may include things like opportunities to meet high profile persons or entertainer, early admission, personalized services at the event, or other exclusive advantages.
Don’t forget that intangible benefits such as an event’s importance or uni9uencss have value to a sponsor. Things like prestige, exclusivity, or affiliation with a certain clientele the sponsor would like to reach are often just as important as the tangible benefits (Judy, 2010).
What’s in it for the sponsor?
Sponsor asks questions, so be prepared to answer them. Sponsorships are no easy sells, especially in a weak economy. You must have an answer when the sponsor asks, “what in it for me?’ currently, sponsors are more demanding and have higher expectations. The days of sponsors participating in events because it gives them a warm fuzzy feeling are over.
A key component in event marketing is ROI which stands for return on investment. Since sponsorship arc usually paid out of marketing budgets, the sponsor wants a return on their investment. In the ease of corporation, the sponsor must be able to justify the sponsorship to the shareholders. The sponsor needs to be able to make a good case that the sponsorship not only benefits the event but will pay off in other ways. This is the ‘what is in it for them’.
Most corporations tend to fund certain types of events in keeping with their corporate philosophy. With a link research, you can find what they are sponsoring now, or have sponsored in the past (Thomas Et al, 2003).
Cause-related marketing-a business strategy to link a nonprofit organization on or cause to the sponsor’s marketing efforts-continues to be continues to be major sponsorship deals. For those in the business of producing events for nonprofit organizations, this is good news.
So, what is in it for the sponsor? If it’s a high profile event, they may warn to invite their top clients to attend. Sponsor traditionally receives preferential treatment, or arc seated in a prominent location based on their level of sponsorship. The sponsor’s name is listed in print and on signage at the event. They may have the opportunity to purchase special items through an auction or other means. And, they may be helping to benefit a charitable cause, which makes them look good in the community.
To provide sponsors with measurable ROI, you’ll want to generate post-event reports that demonstrate financial accountability and demonstrate the value the sponsor received for their participation (Paul et al, 2012).
Strategic vision of the event
The festival’s main aim is to invite various medium sized fast moving consumer goods firms who could introduced their product into the targeted audience (foods and drinks). The purpose of inviting such firms by the British government is to increase the product offering into the market and to increase in the economy product capacity.
From the participating point of view, the event will provide them an opportunity to position their product in the mind of the target audience, along with a break to build brand image in customers.
The target audience that will invite there will include people who love to eat and are foodies, this includes specifically, the teenage kids and youth but, other will also be appreciated joining the event. The main reason for choosing this target particularly is that the age of this audience is less concerned with the health conscious factor and hence people are less concerned about how many benefit or losses will a single meal or a meal will have on a person?.
From the sponsor’s point of view, it will be a beneficial (tangibly and intangibly) to promote their brand with the event and make brand as a symbol of “bigness” in the mind of the audience.
Experiential marketing targets on the use senses including (smell, vision, taste, touch, hearing and balance) in building emotional adherence to the brand. The shift is away from a focus on customer satisfaction to creating an ongoing emotional involvement achieved through bringing the brand alive through a unique experience (Schmitt, 1999). This experience can be any form of interaction but can be achieved most easily through created events The emotional attachment developed through affecting the six senses during an event produces a relationship with the brand which can be sustained in the longer term. Many large organizations that have seen a decline in the effectiveness of traditional media are switching spend to ‘customer experiences.
The use of events within experiential marketing creates a ‘brand bubble’ around the participants, ensuring that their involvement is not diluted by the myriad of other marketing communications that they are normally exposed to (Brown. 2001). Brand experience events cut out this clutter and allow the participant space and time to assimilate and become attached to the brand.
Experiential marketing, however, involves more than events within its strategy. Brown (2001) suggests that there are three stages to a brand experience. First, the target audience needs to be ‘invited’ to take Part, or take an interest in an experience. This invitation may use traditional mass media or direct marketing to maximize awareness of the experience. Secondly, there is the experience itself, the moment in time when the responding audience are emotionally engaged with the brand. As this needs to be personal and interactive it can creatively use direct marketing technique, sales promotions, websites and, of course, events. The final stage is to make the most of the experience for participants and non-participants through public relations, integrated media campaigns and follow-up marketing. This ‘milking it’ stage is vital if maximum return or effect is to be gained from what is likely to be a relatively small (in terms of Participants) and possibly expensive communications ‘experience’ campaign.
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Avenue: the place matters the most for both, the target audience and the sponsors, the avenue should be decided and planned in way which could become attractful for the sponsor to invest in the festival and should be located in area which is found to be feasible to approach by the target class one is targeting for the festival (Anton et al, 2004).
Preventative Controls and Feedback Controls
There are two types of controls: preventative and feedback. A preventative control is established early in the Planning process of events. For example, checking the quality of incoming food for a banquet is preventative control measure, as is monitoring food temperatures to avoid food Poisonings Signed requisition forms are another preventative measure that is designed to curtail unauthorized spending in not meeting the budget.
Feedback controls are put in Place to assist with decisions during an event. For example, feedback would be required to decide on the point at which event merchandise should be discounted to avoid having stock left over. If you discount too early, you lose revenue. If you discount too late, you find yourself with stock that has no sale value. Incident reporting is another form of feedback control: if a series similar incidents have occurred, preventative measures need to be implemented. As an example, the reporting of a number of slips and falls in the kitchen over a Period of days would require the implementation of a preventative measure, which might be thorough overnight cleaning, sandpapering the floor, and Painting it with a nonstick surface or providing mats to cover the slippery areas (Ashutosh, 2009).
The paper revolves around the event management and sponsorship handling, in which a assuming firm like coca cola has participated in a festival of drinks and food festival , in which various other firms for introducing and targeting their product to the target market (this is to notify that the target market of the firm and the sponsor is the same).For a proper sponsor management, the assumed firm i.e. coca cola has described various tactic and benefits to convince and get financial support in return from the sponsor. Furth more, for this sponsor is described various tangible and intangible benefits that the sponsoring firm and its belonging employee will be getting in return from the event, plus the return on their investment in term of money or a positive brand image or brand equity e.tc. Additionally, the firm is involved building the experiential activities in the event, which is also sort of tactic in attracting sponsors. In the end the firm has plotted various feedback and control system, which will assessing the entire event and in judging the return on investment in non monetary terms, the control and evaluation activities planted by the event firm will include the scrutiny of the food and drink quality for the achievement of better response from the target audience.
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