I've heard the terms advertisement, sponsorship, and endorsement used interchangeably to mean the same thing. However I find the roles to be different. Sponsorship does not target a mass audience who may share 1 thing in common (ie, music, sport) or does not attach their brand to an image (celebrity). Unlike advertisement and endorsement, sponsorship zoom in on a pure demographic then place their brand in front of that audience. For example: I had watched a football game. One of the advertisement was for a chocolate bar. The advertiser assumed that everybody liked chocolate, are not diabetics and allergic to chocolate. A sponsor would know a lot more about the audience including demographics and not play the guessing game.
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