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Olympic Games Sponsorship Essay Example

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Olympic Games Sponsorship

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Additionally, it may involve giving free food and drinks to the participants. The number of sponsors has been increasing in each event though the Games have been challenging to the International Olympic Committee. The IOC has a tendency of increasing the fee for buying rights in order to limit the number of sponsors. Though this strategy has worked, it has limited the amount of finances available for IOC. It is important for the IOC to lower its rate in order to increase the number of sponsors. This is likely to increase the number of available funds. In addition to this, IOC should not allow only one company to have the television rights to air the games. This is unethical because it limits the coverage of the events to the entire world and allows one company to create monopoly (Chatziefstathiou, Stotlar & Giannoulakis, 2008).One of the major challenge facing sponsors is identifying the criteria for evaluating methods that maximize returns on their investments. The sponsors need to consider that the Olympic Games can change into a socio-cultural phenomenon and a mega sporting event. Another challenge the sponsors face is whether to form alliances with top athletes or stick to their traditional methods of advertising products. Successful and effective sponsorship involves clear goals and activation strategies for a particular audience. In order for sponsors to be effective, they need to understand consumers’ perception of Olympic Games. It is also necessary to target the youth through mobile communication and the internet. Lastly, they should form alliances with major athletes in order to boost their products by providing kits that contain the name of their company. Consequently, they would reach a wide audience and market. The athletes are normally televised to the whole world (Chatziefstathiou, Stotlar & Giannoulakis, 2008).According to research done on the Olympic Games held in Sydney Australia, several respondents were happy with the contributions done by sponsoring organizations. One of the importances of sponsoring is that a corporate can advertise its products to the international market. As a result, a company can improve its image and increase the volume of its sales. IOC is able to get enough funds to pay workers who work during the events, buy medals for the athletes and give rewards to winners who win in various categories. The above

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Chatziefstathiou, D. Stotlar, D. & Giannoulakis, C. (2008). Olympic sponsorship: evolution,

challenges and impact on the Olympic Movement International. Journal of Sports Marketing & Sponsorship

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