Issues in International Event Management Essay Example | Topics and Well Written Essays - 2000 words

Issues in International Event Management - Essay Example Corporate sponsorship can also be defined as a part of cause marketing where organsiations try to create and enhance the goodwill along with boosting the overall revenue structure. Corporate sponsorship can be considered as a nice medium through which small and medium organisations increase their visibility and public profile in an effective and efficient manner (Barr, 1993). It needs to be mentioned that corporate sponsorships are meant to enhance the overall appeal and image of organsiations. Corporate sponsorships help in differentiating organsiations from competitors along with developing and enhancing closer relationships with existing and potential customers. It also offers a chance to highlight the products and services of the organsiation along with getting rid of the obsolete inventories through distributing it as a part of the reward and award strategy (Brynes, 1994). There is no denying that advertising enhances the appeal and reach of an organsiation by impacting and infl uencing the buying behaviour of customers. However, corporate sponsorship is an ideal way of competing with large organsiations having larger advertising budgets. In addition to this, tickets for sponsoring events can be used as an incentive for suppliers, customers, employees and other stakeholders that will not only help in enhancing the overall relationship but also earning their loyalty and gratitude that is always beneficial to survive in the competitive business environment. The discussion aims at highlighting the role and importance of corporate sponsorship in the event industry. The idea is to underpin the importance of events in the business and social environment and role of corporate sponsorships in creating mutual value by sponsoring events and programs. There is no denying that a number of events are sponsored by a number of organsiations that help in gaining mass attention along with enhancing the overall appeal and value in the short as well as in the long run. A crit ical and logical discussion over the importance of corporate sponsorship in the event industry will help in understanding the intricacies of events and corporate sponsorships in a clear and logical manner. This will also highlight the emergence of corporate sponsorships in last few years. It is important to mention that there is a close relationship between sponsors and sponsees. A sport brand sponsoring a sport event is evenly matched and linked with the event that not only enhances its image but also helps in extending its reach in a great manner. When the Cricket World Cup was held in Asia, a number of sponsors were sponsoring the event where their logos, danglers and advertisements were shown during the entire event. This created a long lasting image in the mind and hearts of viewers that also helped in strengthening the overall image of organsiations in the competitive business environment. It needs to be understood that corporate sponsorship in the event industry is mainly aim ed at enhancing the overall reach of organsiations along with extracting wide arrays of benefits and advantages. As per the report published by IEG, the sponsorship market is growing at a rate of 5% per annum with countries like the US, Europe and Asia Pacific spending a lot on sponsorship. It can be assumed that with large number of corporate organsiations in these countries and a number of events being held, corporate sponsor