As part of the situation analysis, a strengths-weaknesses as well as opportunities-threats analysis is conducted for engagement in arts and cultural sponsorship. The results of this sponsorship analysis lead to a more precise definition of objectives for arts and cultural sponsorship as an instrument of marketing and corporate communication in the next step. The design of economic and psychological objectives depends on which type of support the corporate sponsorship is assigned to. The formulation of objectives takes into account specific target groups. In this context, target group analysis is supported by the consideration of consumer typologies and can be supplemented by the development of persona models. This chapter outlines the possibilities for formulating objectives and planning target groups for arts and cultural sponsorship. In addition, the case study of Pandion AG illustrates the practical implementation of arts and cultural sponsorship for different target group segments.