STEP I – Identifying Sponsorship Areas:
The Event Organizers identify various categories for sponsorship in addition to the main sponsor and co-sponsors.
STEP II – Identifying Sponsorship Details:
The organizers then identify the benefits it can give the sponsors (main sponsors, co-sponsors and sponsors for various categories) and the price for these benefits.
STEP III – Approaching Corporates:
The Event organizers then approach the companies it wants to target and which fall under the various categories for sponsoring the event.
STEP IV – Evaluation of the Proposal by Corporate firms
The Corporate firm then evaluates the proposal on whether associating with the event would benefit the firm’s image and the cost of doing so.
STEP V – Negotiations
Negotiations on the terms of the contract, the benefits and the price takes place between the Corporates and the Event Organizers.
STEP VI – Signing the Contract
The next step is signing of Contract that lists down the benefits that will be received by both the parties and the rights of the sponsor.
STEP VII – Implementation of Contract
The final step is implementation of the contract, which involves association of the sponsors with the event and preventing competitors of the sponsors from using the event signs and symbols for promoting their brand.
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