What is the term for when a company pays to have their brand associated with an event?

Sponsorship refers to a business arrangement in which a company financially supports an event, activity, or organization in exchange for visibility and the opportunity to promote its brand. This strategy allows the company to reach a specific audience and enhance its brand image by associating with events that resonate with its target market.

For instance, a sports brand might sponsor a major sports tournament, ensuring that their logo is prominently displayed throughout the venue and during broadcasts. This can lead to increased brand recognition and loyalty among consumers who resonate with the values represented by the event.

The other options involve different marketing concepts. Marketing management focuses on the process of planning, organizing, directing, and controlling the activities related to marketing. Brand positioning is about establishing a brand's identity in the minds of consumers relative to competitors. Product placement involves embedding a brand's products into entertainment content, such as movies or TV shows, rather than associating broadly with an event. Thus, sponsorship is the most relevant term for the scenario described.