Olympic sponsorship Assignment Example | Topics and Well Written Essays - 500 words

Olympic sponsorship - Assignment Example Nations come together under the umbrella of Olympic Games to compete against each other while time enhancing cultural corporation and peace. Over the past years, all organization that manages Olympic Games has been depending on corporate sponsors to meet their budget. Apart from providing financial support, the corporate sponsors also provide technologies, personnel, expertise, products and services to help organize the games. For example, corporate sponsors provided more than 40% of funds used to host 2004 Olympic Games in Athens. Marketing methods used by the organizers of Olympic Games have faced numerous challenges. One of the witnessed challenges is withdrawal of various corporate sponsors. Companies such as Kodak and Xerox that have been major sponsors of the games for a long period have decided to channel their resources in methods that increase their number of customers rather than using Olympic Games for advertisement. Apart from these, other corporate sponsors are reluctant to sign new deals with the IOC. In the event that the remaining sponsors refuse to sign new deals, then the games will suffer a major blow. Critique Olympic Games and the financing process assume a distinct relationship since their inauguration in 776 BC.