Bank of America Case Study Essay

Problem StatementCan pious platitude of America initiate, renew or terminate different sponsorship opportunities. Which of the different sponsorships leave alone have the biggest ability to help the banks melodic line segments set up there business objectives, and which ones could damage them.Background fix of America was operational in 29 states, District of Colombia and 43 foreign countries, serving mortal nodes, small to middle market businesses and large corporations. They provided a diversified run away of financial assistances, much(prenominal) as banking, investing and asset management. All this by three business segments Global Consumer and Small Business Banking, Global riches and Global Corporate and Investment Banking. The headquarters of Bank of America is located in Charlotte, North Carolina.One of the banks business strategies is to serve as a leading financial partner and advisor across all major(ip) sports. Owners, leagues and franchises can turn to them with all banking needs. The bank spent more on sponsoring sports then any other bank in the US establish bank. Sports such as major and minor baseball, the PGA-tour, NASCAR and NFL. Bank of America very grew from many smaller banks, as regional banks where acquired the bank got sport relationships along with the smaller banks which were kept to show their commitment to serving its customers and communities.Official Bank of BaseballSince 1880 Baseball was generally considered a part of Americas heritage and also a part of Bank of Americas culture that sponsored their employee baseball teams. And in 2004 the bank became the first company eer to be designated the Official Bank of Baseball.Sports admirership Philosophy and Selection CriteriaIn 2006 give out Bednar joined the Bank of America as senior VP and global sponsorships executive, he was there to oversee the strategy and activation deployment for the companys loquacious sport sponsorships portfolio. His largest responsibilit y lied with the application of more difficult and declared business criteria, beyond his employment to the traditional marketing/promotional considerations and making sponsorships determinations.Bednar explainedWe are a Bank. If we sponsor, we expect banking relationships. We are concerned about getting banking business instead of just generating brand awareness and brand association, or generating more retail traffic. Sponsorships for Bank of America is ultimately a banking business decision- a decision to help our line of business.NASCARWith a broad area as 1800 racing events and more than 110 tracks in 36 states it is class-conscious number one corporate interest and per-event attendance, and number two in television viewership. Given Bank of Americas long involvement with NASCAR, they could continue to expand their association with the sport and benefit and build lighting for fans across the coun return. nevertheless is this an appropriate and effective platform for targe ting multiple customer segments.U.S Olympic CommitteeThe banks involvement with the Olympic team gores back to 1921. But in 1992 another bank, Bank America became the Official Bank Sponsor of the U.S Olympic team. What Bank of America now faced was whether the USOC and the Olympic Games remained a good strategic fit with the bank? Should the bank renew its sponsorship beyond its 2008 commitment? Would global reach associate well with the banks philosophy and survival of the fittest criteria?Dallas CowboysBank of America had been involved in the financing of the Dallas Cowboys. Bednar faced the decision of whether or not to renew the sponsorship with the NFL-team, how had to consider on how the return on investment on objectives approaches could be applied.Bank of America PGA tournamentsTwo of their major sponsorships in golf were the Bank of America Championshipin the capital of Massachusetts area and the Bank of America Colonial in Fort Worth, Texas. They recognise the risk of lo sing the relationships with club members, but not as enough to free the continued investment. How could the implement this exit strategy and still maintain alert banking relationshipsRecommendationsThe name of the company clearly states who the costumers should be. My recommendations would be to focus on the sponsorships inwardly the America. NASCAR, NFL and Baseball are great opportunities to create relationships with their costumers. They might even try to become the Official bank of NFL one day. With that said I hark back the bank should try and sponsor less of the global sporting events such as the Olympic committee. The PGA tour, while it is played in the US it is televised in the whole world and since they are not reaching towards that market, I cogitate less sponsorship should be put in this event as well. As for the Chicago marathon they should sell the event but stay as sponsor.QuestionIf Bank of America would like to go global, would they have to compound their name to something less patriotic?