Lender of america case study dissertation

Problem Statement

Can Bank of America initiate, renew or terminate several sponsorship options. Which from the different sponsors will have the largest ability to ensure that the bank’s business segments accomplish there business objectives, and which ones can damage all of them.

Background

Traditional bank of America was operating in 29 declares, District of Colombia and 43 foreign countries, providing individual clients, small to middle section market businesses and large corporations. They provided a varied range of economic assistances, just like banking, trading and advantage management. All this through three business sectors: Global Customer and Small Business Banking, Global wealth and Global Corporate and Expenditure Banking.

The headquarters of Bank of America is found in Charlotte, North Carolina.

One of the banks business strategies is to act as a leading economic partner and advisor throughout all major sports. Owners, crews and dispenses can turn to them with all bank needs. Your bank spent even more on sponsoring sports then simply any other traditional bank in the US based bank. Athletics such as minor and major baseball, the PGA-tour, NASCAR and NFL.

Traditional bank of America actually grew from a large number of smaller banks, as regional banks wherever acquired the bank got sport relationships along with the smaller banking companies; which were held to show their very own commitment to serving it is customers and communities.

Official Bank of Baseball

Since 1880 Snowboarding was generally considered an integral part of America’s historical past and also a part of Bank of America’s traditions that sponsored their employee baseball groups. And in 2004 the bank became the initially company ever to be chosen the Official Bank of Snowboarding.

Sports Support Philosophy and Selection Criteria

In 2006 Beam Bednar joined the Bank of America while senior VP and global sponsorships professional, he was generally there to oversee the strategy and activation deployment intended for the company’s extensive sport sponsorships portfolio. His largest responsibility lied with all the application of more challenging andexplicit business criteria, beyond his work to the traditional marketing/promotional considerations and making sponsorships decisions.

Bednar discussed:

We are a Bank. Whenever we sponsor, all of us expect financial relationships. Were concerned about having banking organization instead of just making brand awareness and manufacturer association, or generating more retail visitors. Sponsorships pertaining to Bank of America is usually ultimately a banking organization decision- a choice to help the line of business.

NASCAR

With a wide reach because 1800 sporting events and more than one hundred ten tracks in 36 states it is rated number one corporate and business involvement and per-event presence, and and second in television set viewership. Offered Bank of America’s extended involvement with NASCAR, that they could carry on and expand their very own association together with the sport and benefit and create excitement followers across the country. But is this a suitable and effective platform pertaining to targeting multiple customer sections.

U. S i9000 Olympic Panel

The banking companies involvement with all the Olympic crew gores back in 1921. However in 1992 one other bank, Financial institution America started to be the Official Financial institution Sponsor in the U. H Olympic crew. What Bank of America now confronted was whether or not the USOC and the Olympic Games remained a good proper fit with the bank? Should the financial institution renew its sponsorship further than its 08 commitment? Will global reach associate well with the financial institutions philosophy and selection criteria?

Dallas Cowboys

Bank of America had been involved in the funding of the Based in dallas Cowboys. Bednar faced your decision of whether or perhaps not to restore the support with the NFL-team, how was required to consider on how the revenue on aims approaches could possibly be applied.

Financial institution of America PGA competitions

Two of their particular major benefactors in the game of golf were your bank of America Championshipin the Boston place and the Bank of America Colonial in Fort Well worth, Texas. That they recognized the chance of losing the relationships with club users, but not as enough to justify the continued investment. How could the put into practice this exit strategy but still maintain existing banking interactions

Recommendations

The company evidently states whom the costumers should be. My personal recommendations should be to focus on the sponsorships within the America. NASCAR, NFL and Baseball good opportunities to make relationships using their costumers. They may even try to become the Recognized bank of NFL one day. With that said I do believe the bank should try and sponsor less in the global sports such as the Olympic committee. The PGA head to, while it is definitely played in the usa it is televised in the whole globe and since they can be not achieving towards that market, I do think less sponsorship should be devote this event as well. As for the Chicago workshop they should sell the event nevertheless stay since sponsor.

Question

If Lender of America would like to go global, would they have to change their brand to a thing less devoted?

1

Tweet