Many times you will see sports stars, race car drivers, and especially Olympians who have "sponsors". Someone, usually a company, has given them money to help them pay for their effort or overhead - money to maintain the racing team, to pay for the travel costs of athletics, etc. - and so the name, logo or jingle of a product or company appears on their uniform or race car, sometimes even on their bodies. This is sponsorship but is also similar to advertising, and usually has the same purpose. A significant portion of large companies' marketing budgets are set aside for sponsorships.
An endorsement is when you hire the person as sort of a paid pitchman. They star in commercials, public appearances, special events, or commercials with that product, which they say is great. Other times they'll be paid just to wear Hanes t-shirts, or golf with Top Flight golf balls.
The main (and subtle) difference, then is that endorsements are usually payment to the individual, where sponsorships are payments to support the individual or groups cause or efforts.
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