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To What Extent Should Drivers Be Allowed To Sponsor Racing Events

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The first step for ensuring potential sponsors that IndyCar events are valuable entities to invest, is to provide statistical data of past events, to include the number of attendees, number of drivers, number of sponsors, and revenue generated versus expenses (Ferrell & Hartline, 2014). In reviewing the data, sponsors will have the opportunity to decide whether partnering with IndyCar, would be a risky business decision or a profitable partnership. The number of attendees will inform sponsors of the amount of exposure their products would receive. For example, if Disney decided to sponsor an event, the expectation of Disney is to attract spectators to purchase Disney products and merchandise. In doing so, Disney would have the opportunity to …show more content…

Notable drivers attract fans, which in turn, increases crowd size, as well as revenue (Dees, Bennett, & Ferreira, 2010, p. 26). Committing these drivers before speaking with sponsors, will prove that the event is one that is serious and guaranteed to attract spectators. Many drivers are known as celebrities, and fans will attend the event, merely to get a glimpse of their favorite driver, or possibly snag an autograph. NASCAR conducted a study that indicated fans are attracted to drivers based on their personalities, which are linked to their sponsors (Dees, Bennett, & Ferreira, 2010, p. 26). There are several big name companies that sponsor racing events, such as Monster Energy Drinks, Coca-Cola, and Staples. Upon the end of a race, the winner is declared and is presented the trophy in the winner’s circle. At the podium, is a drink or image signifying the sponsor of the driver. I can recall a driver who was sponsored by a milk company, and after giving his winning speech, he drank a glass of milk. In doing so, the driver recognized his sponsor and endorsed their product once last time. Lastly, the bottom line on any marketing partnership, is the expected profit for all parties

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In the tumultuous half-century since, stock car racing has evolved from a band of hell-bent-for-leather drivers who raced for gas money on tracks primarily in the South, to millionaire owners and drivers who race at tracks across the country from North Carolina to California. NASCAR ends its season with a nationally televised black-tie awards banquet in New York

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Celebrities can have significant influence on consumer choices because when people see that a celebrity uses that brand name, then they think that if the celebrity uses it, they should use it too. Here is an example; Peyton Manning does advertisements for Papa John’s because Papa John ’s knows that many people will be influenced by him if he does an advertisement for Papa John’s. This example shows that Peyton Manning’s fans will be influenced by him and making them wanting to buy Papa John’s pizza because they think if Peyton Manning eats Papa John’s, then they should too. This also proves to the fans that if Peyton Manning does advertisements for Papa John’s, then they think that they could be more like him if they eat Papa John’s pizza.

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Brandt claims that sponsors always have something to gain from their sponsorship due to fact that an advantage is within reach. Brandth states that “They lend their resources or credibility to the sponsored but also stand to gain benefits from their success, whether by direct repayment or, indirectly, by credit of association“ (Brandt 4). You can

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IndyCar fans are different from motorsports fans in a lot of different ways. With respect to marketing segmentation. IndyCar seems to have some difficulty to retain and gain fans, there is no dedication or loyalty, in Indy Car fans vs. other motorsports. Instead of IndyCar focusing strictly on the race, they are more geared towards its presentation experience of the fans (Ferrell and Hartline, 2014). It’s called the IZOD IndyCar fan Village, this village allows the fans to play games also interact with sponsors.

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Indycar fans are typically brand loyal, well-educated adults, adapt early to innovation and technology, and heavy consumers of TV, print, and radio media with greater discretionary income (James, 2009). They are usually interested in technology, business, imported beer and liquor, and sit down restaurants (James, 2009). Indycar fans could be stereotyped as the social elite of the

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Sponsorship for companies and the event itself is a win-win on both sides. Companies love to lend their names on to teams and events that show off the company name. It brings publicity to the name and drives potential customers as well as a way to get their name out there. On November 22nd, I attended the Indiana Pacers game versus the Phoenix Suns. The facility that the Pacers play is called Bankers Life Fieldhouse, where there are a wide variety of sponsors displayed throughout the facility.

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People such as celebrities, have a higher influence on people and their decision making on products, which is why many companies hire well-known celebrities to promote their products in the media. In an article written by Marketing Charts called, “How Influential are Celebrities?” they discuss the power of product placement and celebrity endorsements. The statistics for how much a celebrity influences its fans varies throughout the article, depending on what exactly they endorse. The article had some very interesting key points about celebrities also having a negative impact on product endorsement, mentioning that traditional brand promotion without celebrities had more of a positive influence.

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The professionals will make public appearances to please the sponsors or

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Celebrities can have a significant influence on consumer choices because they’re recognizable and admired by a target audience. For example, Justin Timberlake, a famous singer, has been a spokesperson who advertised for Pepsi. This example shows business believe that Justin Timberlake will be a good person to sell Pepsi because he’s a famous singer, he was super famous at that time, and his fan will buy the product. Another example is One Direction, they are famous for being good singers, and they were famous back then. This example shows they’re good for Pepsi advertisement because they’re good singers, they were famous back then, and the audience may think One Direction drinks Pepsi to get the good voice.

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Celebrities can have significant influence on consumer choices, because they are recognizable and admired by a large target audience. For example, Justin Timberlake, a famous singer, has been on an ad to advertise Pepsi. As an example, this shows that a business believes that Justin Timberlake is great for advertising Pepsi. Since he is a well-known, famous singer in the music industry, this is a great addition to the advertisement. To add, many people look up to him as a great singer and they admire him greatly for his great music.

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The main key stakeholders of Australian music festivals market include consumers, events management and promotion businesses, Australian government and NPOs. In 2015, the Australian music festival industry has generated over $106 million in ticket sales and more than 1.3 million in attendance (Live Performance 2015). The music festival industry has become one of the key economic drivers for the event management and promotion business as business participants are responsible in providing festival management, promotion, venue operations and ticketing services (IBIS World, 2017). The steady demand from festival industry associations has contributed significantly to the growth of event promotion and management service industry.

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Athletes are not only huge sports stars they are also people like you and me they just are extremely good at what they do. Huge companies see this and take advantage of the opportunity. Some of the athletes include, LeBron James, Rodger Federer, Kevin Durant and Cristiano Ronaldo. Three of the four highest paid athletes off of endorsements are signed with Nike. I think Nike signs the most major athletes because of the empire they have built up.

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The sponsoring party will have their brand or product associated with the TV format. The sponsor(s) will have rights and privileges in relation to the production. With the sponsorship agreement, the sponsor will be ensured that the producer will not include, advertise, or promote the products or services of any parties that are competitive with the products and services of the sponsoring party in the TV format. Tobacco company FDS makes use of the same rights in article 30 of their codes of ethics (Bajramović, 2010). It states that the sponsored party should be aware of the importance of maintaining a proper balance between multiple sponsors.

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for example, listed below are three packages that can be offed to sponsors: GOLD Package - (Cost: $5000.00 tt) 1. A full page ad and a large ad on sponsors page in a fully colored printed program. 2. Product placement, verbally and/or visually or in any other form so chosen by the production depending on the product. 3.

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Offering money is a common strategy to attract celebrity endorsers. Companies should be mindful of how they go about investing the company’s money into a celebrity, as endorsement deals do not always work well for companies. That’s why it is important to weigh the pros and cons of having such a well-known person publicly supporting and displaying their product. Popularity and celebrity image could impact endorsements by risking the endorsed money. Companies must chance the risks when working with money.

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