Marketing strategies have, over the years, evolved into an arena of different tactical methods in promoting products that range from people to things. One such method, which has been growing at a rapid speed, is sponsorship.
Although its still in what we may consider in its infancy stage, numerous companies have adapted the use of sponsorship as one of their major promotional tools. But what exactly is this tool?
Below are the basics of this marketing strategy a run down of what sponsorship is and what it encompasses.
The low-down of sponsorship
Basically, sponsorship is a business connection or relationship between two parties, wherein one provides support for the other. These parties may be an individual person, a group of people, or a whole organization. Applicable terms to designate the nature of each party may be termed as sponsor and sponsee or rights holder.
The word sponsor simply indicates a person or organization willing to represent and vouch for a certain thing, individual, or group. Relatively, to sponsor would mean to give support. The sponsors support may be through providing funds, products, or services to the sponsee....
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