In the sports industry, there is a process known as sponsorship. Sponsorship is the process done by companies, organizations, and individuals who provide persons or organization groups with funds, services, and products for development and commercial advantage. Sponsorship seeks to build long term relationship that aims at developing and adding value to the sponsored individual, this promotes sponsorship to be a marketing strategy that helps to advance the athletic department. Many associates of the best group of athletes gain more from their sponsorship contracts than from their usual athletic management.
Athletics is an attractive sport to the sponsors due to its many different disciplines which include sprinting, jumping, power and endurance, unlike football where athletes have only one talent. Sponsorship plays a major role in athletics through maintaining their competitiveness and allowing them to develop their skills further. Sponsorship responds to the young elite athletes, by not only sponsoring their athletic dreams, but also gives them education scholarships, which allow them to have education abroad and in many cases chase their graduation courses ( Spoelstra, 2010). Through the sponsorship insight, the theme that emerges is that individual athletes have to give value for the sponsor regarding their performance and to meet key results like winning medals in competitions.
Delegate your assignment to our experts and they will do the rest.
Through sponsorship, the mindset of the elite is focused after the sponsors reduce the financial pressure and give the athletes hope and confidence in their ability to perform. Sponsorship reduces anxiety of athletes, which can influence the level of performance and intensity which are necessary to succeed at the symbolic events. In losing an existing sponsor the athlete responds to stress from both the emotional and financial perspective, thus causes loss of confidence which's hard to rebuild. It is usually seen that the contracts between the sponsors and athletes prevent the elites from discussing financial terms with other willing sponsors thus they are offered smaller packages.
The Games of Olympics are known as the high-status events that a state can hold and the sport of athletics as the most popular sports at the games. The win of the offer to hold the Olympic Games of 2012 was the primary aim to promote the nation's passion for the sport and presented itself as the main opportunity for sports funding in the UK. Sponsorship that is done in the marathon of London is the same to the past of the UK athletic sponsorship ( Spoelstra, 2010). The marathon was first sponsored in 1981 by the Gillette, from then the primary sponsor has been Floral with a lot of money being injected into the event. Between the years 1994 - 2006, there has been growth in sponsorship used up to promote athletics.
Sponsorship is seen as a business relationship between the providers of funds with the individuals that offer the right of association; the rights are used for commercial advantage in return. To have the success that is intended the party needs to understand the driving objectives and contribute to each other's success. The responsibility to succeed is within the athletics bodies through the various athletics properties to be sponsored.
Reference
Spoelstra, J. (2010). Marketing outrageously redux: How to increase your revenue by staggering amounts! Austin, TX: Bard Press.
