Review by Ali Noel in KIN 435 (section 1)
The Volvo Ocean Race is a very well known, global yacht sailing event where some of the world’s top professional sailing teams compete in nearly a yearlong sailing marathon. The article “Sport Sponsors are Having a Ball” states that as of January 13th the Abu Dhabi leg of the Volvo Ocean Race was complete meaning the competitors continue to progress to the finish. Since the Volvo group is the main sponsor of this race the company expects to see immense increases in its projected sales in the near future. This company and many others including Prism and Standard Chartered that are involved in sponsorships all expect to see jumps in their forecasted revenues thanks to their branding to the public. For instance, the two-week period when the Volvo Ocean Race took place in Abu Dhabi brought in over 100,000 spectators. The Volvo Group designed a destination village as a marketing tool, which provided the company with a huge opportunity to get their name out to the public and all of the spectators that come out to view the race. Even having the Volvo name in the title of the race provides superior product placement and publicity. The marketing team at Volvo targets a specific demographic for this event. Their objective is to represent a fighting spirit and the goal to strive to be number one according to Anders Orsberg, the chief financial officer of the Volvo group. Because this tournament is an international event, the Volvo group is able to amplify its exposure in many countries around the world. The Volvo group is participating in numerous activations throughout the ocean race allowing people in this target market to touch and feel their current and upcoming products. The Volvo Ocean Race is a great example of how sponsorship and marketing can play a major role in impacting and persuading people to buy their high-quality products. In order to sell their products the Volvo group must engage with their target market to stimulate an interest and desire for people to buy their products. Through sponsoring this lengthy tournament, the Volvo group will be able to globally increase product awareness and therefore establish an emotional link for potential customers.
---
Review by Wesley Goodman in KIN 435 (section 1)
The Volvo Ocean Race, a yacht race around the world, is a great example of this as The Volvo Group has spent more money than in recent years in order to market for such events. The Volvo Group always hopes to see a financial profit and this year they are expecting sales to increase thanks to their promoting for such events. Volvo has done a great job preparing for this event by advertising worldwide as well as building Destination Villages in passing cities, which are expecting to produce about 100,000 spectators. This easily expands The Volvo Group’s authority throughout their target market worldwide.
The Volvo Group crafted their sponsored event around their values and morals as a company. A competitive attitude mixed with their organizations core values make up the Volvo Ocean Race’s principles and policies. This permits Volvo’s target market around the world to understand the Volvo Group’s morals and values and allows them to feel more involved with the company.
Other companies are also spending more in sponsorship deals this year. Last year, Prism, a Middle Eastern sports marketing company, spent about $2 Billion last year and that number is expected to continue to grow as such opportunities as the Olympics in London come along this year. Even more companies such as Standard Chartered, a bank based in the United Kingdom, and Dubai Duty Free, an airport retailer, have been increasing it sponsorships over the past few years and that trend will continue this year.
All in all sponsors are progressively spending more money to market themselves as revenue is due to increase this year.
No comments:
Post a Comment