Sponsorship

Sports Sponsorships, Licensing Agreements, and Endorsements Author’s Name Institutional Affiliation Course Code and Name Professor’s Name Date Sports Sponsorships, Licensing Agreements, and Endorsements In the world of modern business, competing businesses and brands in the sports industry use different licensing, endorsements, and sponsorships of different types of companies as vital components of marketing strategies (Jagodic & Mateša, 2022). As a result of these increasing trends in the business of modern sports, this paper delves into exploring strategic justifications that prompt different brands and corporations to venture into what motivates them to venture into such interactions with varying sports around the globe. The paper examines the factors that motivate these businesses to invest in sports through different types of licensing, endorsement, and sponsorships. Factors Motivating Brands to Investment Sports Creating Emotional Connections with Brands Marketers’ investment in different sports teams creates an emotional connection the fans of various sports clubs have with their team or sportspeople, which creates a platform to increase the visibility of a business brand (Kim, 2020). Nike used one of the success stories of such marketing strategy through the sponsorship deal of basketball player Michale Jordan. This collaboration was a massive marketing strategy for the Nike brand and played a significant role in promoting the products from the business as it created a strong emotional bond with supporters of the athlete (Kim, 2020). Strategic Appeal to Target Audience The target audience of most sports business brands is in sports. Through sponsorship of the teams and players in sports, companies get a platform to strategically associate their brands with the target audience, increasing the appeal of their products (Druffel, 2020). Target audience alignment is a m...