As a Marketing expert and professional, the promotion of sports in the United States is an important part of the country's business and culture. Fans are fanatical. Brand managers want the association with stars and teams.
Companies look for: A joint partnership or partnerships (as in media sponsorships); the joint relationships, partnerships and strategic alliances: he relationship existing between two parties; a relationship resembling a legal partnership and usually involving close cooperation between parties having specific and joint rights and responsibilities as a common enterprise. Usually plural or “Partners,” not Partner.
The four major professional sports leagues in the United States are:
- National Football League (NFL)
- Major League Baseball (MLB)
- National Basketball Association (NBA)
- National Hockey League (NHL)
Basketball and baseball (and to a smaller extent hockey in Canada) have substantial followings in other nations.
Three of those leagues have teams that represent Canadian cities, and all four are among the most financially lucrative sporting leagues in the world.
Back to the question: Pepsi is replacing Coca-Cola with a five year deal. The NBA is ditching Coca-Cola after 30 years for PepsiCo.
Most times Marketers and advertisers can’t create customer value and build customer relationships only by themselves. They need media exposure for one example.
They work closely with other company departments (inside partners) and often with partners and alliances outside the firm. Great work can be the result of great partnerships! Partnership and cooperative agreements are formed that enable parties to bring their major strengths to the table and emerge with better planning, products, services, promotion, presentation, distribution and ideas than they could produce on their own.
Changes are occurring in how marketers connect with their suppliers, channel partners and others.
I created the Nine P's of Marketing. I would file these sponsorships under both "Partners" or "Partnerships" and under "Promotion," in the 9P's of Marketing.
It can be tough out there. Visit here for more insights and true Marketing and Advertising Trivia.
I am a senior Forensic Marketing Expert, Advertising/Marketing consultant with Londre Marketing Consultants, LLC plus I teach Marketing and Advertising. I own a copyright for this concept, the Nine P’s/9 P's ©2007, which augments the Marketing Mix (Product, Price, Promotion and Place) or the 4P’s by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
The Nine P's/9P's help identify marketing problems in a number of areas and help develop marketing’s objectives, strategies, tactics and solutions. The Nine P's are insightful. In Marketing. the "Customer," or potential customers are king, but are missing in the 4P's.
I consult and teach using the concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, Marketing and Brand Managers develop plans, strategies and tactics. The Nine P’s include these important components:
- It's about Segmentation and Targeting; "People" or targeting has almost always been left out of the traditional "Marketing Mix." Almost every diagram includes the four P's with "Consumer" or "People" or "Potential Buyers" in the middle of the circle. There needs to be more focus on the "Customer," or "People."
- "People," market segments utilizing demographics, geographics, psychographics, behavioral characteristics and technographics are a vital component of the 9P's. Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- There are still questions: Can the segments be accessed? Marketing strategies need to be adapted for the different tiers or segments. Instead of viewing the market as a uniform group of customers with similar potential, the firm needs to view them as distinct groups or segments with differing potential.
- Place (Distribution)
- "A joint partnership; the joint relationships, partnerships and strategic alliances:
- The relationship existing between two parties; a relationship resembling a legal partnership and usually involving close cooperation between parties having specific and joint rights and responsibilities as a common enterprise. Usually plural or “Partners,” not Partner.
- It is important to partner with firms that have similar corporate philosophies.
- Have agreed upon objectives and strategies.
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 50+ stimulating questions and answers at Londre Marketing Consultants, LLC. Here to help. All the best.