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Problem Statement

Can Bank of America novice. renew or end different sponsorship chances. Which of the different sponsorships will hold the biggest ability to assist the bank’s concern sections carry through at that place concern aims. and which 1s could damage them.

Background

Bank of America was runing in 29 provinces. District of Colombia and 43 foreign states. functioning single clients. little to in-between market concerns and big corporations. They provided a diversified scope of fiscal aids. such as banking. investment and plus direction. All this through three concern sections: Global Consumer and Small Business Banking. Global wealth and Global Corporate and Investment Banking. The central office of Bank of America is located in Charlotte. North Carolina.

One of the Bankss concern schemes is to function as a taking fiscal spouse and adviser across all major athleticss. Owners. conferences and franchises can turn to them with all banking demands. The bank spent more on patronizing athleticss so any other bank in the US based bank. Sports such as major and minor baseball. the PGA-tour. NASCAR and NFL. Bank of America really grew from many smaller Bankss. as regional Bankss where acquired the bank got sport relationships along with the smaller Bankss ; which were kept to demo their committedness to functioning its clients and communities.

Official Bank of Baseball

Since 1880 Baseball was by and large considered a portion of America’s heritage and besides a portion of Bank of America’s civilization that sponsored their employee baseball squads. And in 2004 the bank became the first company of all time to be designated the Official Bank of Baseball.

Sports Sponsorship Philosophy and Selection Criteria

In 2006 Ray Bednar joined the Bank of America as senior VP and planetary sponsorships executive. he was at that place to supervise the scheme and activation deployment for the company’s expansive athletics sponsorships portfolio. His largest duty lied with the application of more hard and expressed concern standards. beyond his employment to the traditional marketing/promotional considerations and doing sponsorships determinations.

Bednar explained:

We are a Bank. If we sponsor. we expect banking relationships. We are concerned about acquiring banking concern alternatively of merely bring forthing trade name consciousness and trade name association. or bring forthing more retail traffic. Sponsorships for Bank of America is finally a banking concern decision- a determination to assist our line of concern.

NASCAR

With a wide range as 1800 rushing events and more than 110 paths in 36 provinces it is ranked figure one corporate engagement and per-event attending. and figure two in telecasting viewership. Given Bank of America’s long engagement with NASCAR. they could go on to spread out their association with the athletics and benefit and construct exhilaration for fans across the state. But is this an appropriate and effectual platform for aiming multiple client sections.

U. S Olympic Committee

The Bankss engagement with the Olympic squad gores back to 1921. But in 1992 another bank. Bank America became the Official Bank Sponsor of the U. S Olympic squad. What Bank of America now faced was whether the USOC and the Olympic Games remained a good strategic tantrum with the bank? Should the bank renew its sponsorship beyond its 2008 committedness? Would planetary range associate well with the Bankss doctrine and choice standards?

Dallas Cowboys

Bank of America had been involved in the funding of the Dallas Cowboys. Bednar faced the determination of whether or non to regenerate the sponsorship with the NFL-team. how had to see on how the return on investing on aims attacks could be applied.

Bank of America PGA tourneies

Two of their major sponsorships in golf were the Bank of America Championship in the Boston country and the Bank of America Colonial in Fort Worth. Texas. They recognized the hazard of losing the relationships with club members. but non as adequate to warrant the continued investing. How could the implement this issue scheme and still keep bing banking relationships

Recommendations

The name of the company clearly provinces who the costumiers should be. My recommendations would be to concentrate on the sponsorships within the America. NASCAR. NFL and Baseball are great chances to make relationships with their costumiers. They might even seek to go the Official bank of NFL one twenty-four hours. With that said I think the bank should seek and patronize less of the planetary sporting events such as the Olympic commission. The PGA circuit. while it is played in the US it is televised in the whole universe and since they are non making towards that market. I think less sponsorship should be put in this event every bit good. As for the Chicago endurance contest they should sell the event but stay as patron.

Question

If Bank of America would wish to travel planetary. would they have to alter their name to something less loyal?

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