Bank of America Case Study Essay

Problem StatementCan Bank of the States initiate, transmigrate or terminate different sponsorship opportunities. Which of the different sponsorships will have the biggest ability to help the commits business segments accomplish in that respect business objectives, and which ones could damage them.BackgroundBank of the States was run in 29 states, District of Colombia and 43 foreign countries, serving individual customers, small to middle food market businesses and large corporations. They provided a diversified range of financial assistances, such as trusting, investing and asset management. whole this through three business segments Global Consumer and Small Business Banking, Global wealth and Global incarnate and Investment Banking. The headquarters of Bank of the States is located in Charlotte, North Carolina.One of the banks business strategies is to dish out as a leading financial partner and advisor across all major sports. Owners, leagues and franchises open fire tur n to them with all banking needs. The bank spent more on sponsoring sports then any other bank in the US based bank. Sports such as major and minor baseball game, the PGA-tour, NASCAR and NFL. Bank of the States genuinely grew from many smaller banks, as regional banks where acquired the bank got sport relationships along with the smaller banks which were kept to memorialize 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 ever to be designated the Official Bank of Baseball.Sports Sponsorship Philosophy and excerption CriteriaIn 2006 Ray 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 expansive sport sponsorships portfolio. His largest responsibility lied with the finishing of more difficult andexplicit business criteria, beyond his employment to the traditional marketing/promotional considerations and qualification sponsorships decisions.Bednar explainedWe are a Bank. If we sponsor, we expect banking relationships. We are concerned about getting banking business instead of further 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 reach as 1800 bucket along til nowts and more than 110 tracks in 36 states it is ranked account one corporate involvement and per- position attendance, and number two in television viewership. Given Bank of Americas long involvement with NASCAR, they could stick around to expand their association with the sport and benefit and build excitement for fans across the coun soften. just is this an appropriate a nd hard-hitting platform for targeting 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 selection 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 Boston area and the Bank of America compound in Fort Worth, Texas. They recognized the risk of losing the relationships with club members, but not as enough to disembarrass the continued investment. How could the implement this exit strategy and still maintain existing banking relationshipsRecommendationsThe name of the company clearly states who the costumers should be. My recommendations would be to focus on the sponsorships within 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 think the bank should try and sponsor little 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 think 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 remove their nam e to something less patriotic?