Sponsorships Virtual Business

Sponsorships Virtual Business

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Term Definition
Sponsors Organizations, firms, or individuals that give teams money in exchange for naming rights and advertising rights on stadium signage
Signage The collective use of signs, symbols, or design
Naming Rights The exclusive right of a sponsor to have its name and logo on a stadium
Negotiation The process through which two or more parties with competing interests reach an agreement
Brand An image, logo, or name that consumers associate with a particular company
Association Principle A principle holding that people simplify decision making by replying on visceral responses to questions related to topics such as peer acceptance or rejection
Passion Transference A term used to describe the process by which fans of a sports team strengthen their allegiance to brands associated with that team
Product Promotions/ Endorsements When a celebrity recommends that consumers buy a product or service provided by a sponsor
Bidding War When two or more companies try to outbid the other for something
Profit Margin The income a team is left with after paying operating and administrative expenses
TV Broadcast Rights The rights to broadcast a team's games on TV (and internet)
Perceived Value The value attached to something by the person seeking to acquire it

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