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Racing, Finance and Sponsorship Essay Example

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Racing, Finance and Sponsorship

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Racing, Finance and Sponsorship. These businesses get the opportunity to reach out to the masses by sponsoring the events. Their logos or corporate names are advertised on the race route and along the street leading to the event venue. Besides helping them in raising the bottom-line of the business they are able to forge an alliance with the University members. By reaching out to the University students these companies also get the chance to fulfil their corporate social responsibility. So the sponsorship event enhances the market image of the companies and also helps them in establishing a philanthropic image in the society. Sponsorship is generally viewed as a ‘business relationship’ forged between a beneficiary and a sponsor i.

e. there is always a commercial angle to it. However by granting funds for the university car racing the company will be able to draw dual benefits. Firstly, it will create more awareness about the products and services offered by the company. This will get reflected in the form of rising sales figures. Secondly, the company will be able to fulfil its responsibility of a socially responsible entity. Past research has brought forth the “consumer effects of sponsorship”. It has been seen that the investment offered by the sponsor in any sports activity creates a good-will among the event attendees. This is said to influence their behaviour and attitude towards the brand. There are three levels at which the sponsor is able to generate good-will. First is the ‘generic level’ that relates to the feelings of the consumers at the engagement of the sponsors in an activity; second is the ‘category level’ that relates with a particular audience say sports or art and third is at individual activity level’ that relates to fans of a specific team. It has been seen that sports enthusiasts vouch on the sponsors lending support to their favourite team (Bowdin, et al., 2006, p.234). In the case of Formula Students also the sponsors will get the opportunity to build up a strategic alliance with the car racing team of the University. This will make their products popular both on and off the campus. The marketing strategy of most of the companies is designed towards attracting the youth. Racing, Finance and Sponsorship.

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Reference

Bowdin, J.A.G. Allen, J. O'Toole, W. 2006. Events management. Elsevier. Brunel University West London-a. No Date. An Introduction to Brunel Racing. News. Available at: http://www.brunelracing.co.uk/team/index.php [Accessed on February 2, 2011]. Brunel University West London-b. No Date. Sponsorship Information 2009-10. School of Engineering and Design. Available at: http://www.brunelracing.co.uk/partners/Brunel_Racing_Sponsorship_Information_2009-10.pdf [Accessed on February 2, 2011]. Brunel University West London-c. No Date. Partners. Available at: http://www.brunelracing.co.uk/partners/index.php [Accessed on February 2, 2011]. Funding Information Service. No Date. Sponsor benefits. What is Sponsorship. Available at: http://www.fis.org.nz/index.php?page=Sponsorship#process [Accessed on February 2, 2011]. Rensselaer Polytechnic Institute. 2011. Sponsorship. RPI Solar racing team. Available at: http://solarracing.union.rpi.edu/Corporate%20Sponsorship%20Packet.pdf [Accessed on February 2, 2011].
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