Celebrity endorsement proposal

Review & Critical Thinking Questions • • • • • ANSWER EACH QUESTION CLEAR AND WELL DEVELOPED. NO CITES OR PLAGARISM READ THE OTHER ATTACHMENT TO BE ABLE TO ANSWER CORRECTLY Minimun of 5 lines each Sport and marketing language to be used 1. Why would a potential sponsor be interested in an organization's market reach? 2. Why do you think people in general are affected by celebrity endorsements? 3. Discuss three factors a company must consider when attempting to find an endorser for their products. 4. Name a celebrity who you think would make a good endorser. Why would this person be a good spokesperson, and for what product(s)? 5. Why might an endorser want to limit the term of an endorsement contract with a company? 6. Why do you think the FTC creates laws governing celebrity endorsements? Whom do these laws benefit? 7. Explain why celebrity endorsements are risky agreements for companies. 8. Do you think the fact that Lance Armstrong has raised nearly half a billion dollars for a cancer foundation makes what he did any less immoral? Should his sponsors have considered this fact before pulling their contracts with him? 9. Why do you think Nike continued its contract with Tiger Woods but not Lance Armstrong? 10. Do you think the brands that were previously associated with Lance Armstrong will suffer as a result of their past sponsorship? Should they? UNIT 7 SPORT Sponsorships vs. Endorsements: What's the Difference? It's easy to make the mistake of interchanging the words "sponsorship" and "endorsement," but in reality they are two very separate elements of the sports and entertainment marketing world. If you'll recall, we briefly discussed these terms in the second unit of this course. We'll review the definitions of each word now before we delve deeper into their meanings and applications. A sponsorship is a form of advertising that consists of supporting an event, entertainer, or sports team in exchange for publicity. This support can come in the form of monetary donations, or a sponsor may choose to supply the venue for the event, the uniforms for the athletes, or other commodities that benefit the team or entertainer. On the other hand, an endorsement is an individual's public support for a commodity. Famous athletes and entertainers are often paid for their statements of support for a particular product because it creates awareness for the product and may drive fans to purchase the product or refer it to their friends or family members. Benefits of Sponsorship In the best-case scenarios, sponsorships create win-win situations for the business or corporation acting as the sponsor and the team, athlete, or entertainer receiving the sponsorship. From the sponsor's perspective, the sponsorship is a promotional opportunity. The bigger the event or the more popular the team, athlete, or entertainer, the more potential there is to build brand awareness and get their logos, advertisements, and products in the limelight. In essence, sponsors are piggy-backing on the appeal of the individual, organization, or event they're sponsoring in order to get in on some of the publicity. Sponsorships can also distinguish a company from its competitors and establish them as good citizens in the eyes of the organization's supporters. Companies sponsor competitors and sporting events in order to increase their brand awareness. The benefits of a sponsorship for athletes, entertainers, or teams are pretty clear. The sponsor sees value in their popularity and, therefore, is willing to pay or provide tangible goods and/or services in exchange for the opportunity to showcase their brand alongside them. This support often enables an event such as a concert or sporting event to take place, whereas it would otherwise be impossible to pull off. In other cases, the sponsorship may help to fund training or materials for future events or programs. This is the case with college sports, for instance. Of course, football is by far the most popular sport within the college landscape, and the bowl games present the biggest opportunities for corporate sponsors to get their brands in the forefront of the public eye. Sponsorship Proposals Organizations may seek out funding by submitting sponsorship proposals to various corporations. Athletes, entertainers, teams, and organizations looking for funding to hold a specific event or in order to accomplish a certain goal will actively seek out sponsorships. This can often be an intensive, time-consuming process, but when done correctly can pay off in the form of valuable corporate sponsorships. Typically, sponsorship proposals will be written and delivered to those companies identified as being a good match for the organization. A good match would be a company that has the necessary funds to be a sponsor and one that shares a similar target market as the team or organization seeking funding. Once an organization has identified several potential sponsors, they will need to create the sponsorship proposal. This document details the needs of the organization as well as the benefits of sponsorship for the company.