Research by the Chartered Institute of Marketing (CIM), which was undertaken by Ipsos Mori, revealed that 40 per cent had no knowledge of legislation on the issue which passed into law more than two years ago, while 46 per cent had only a small understanding of the law.

It was also found that nearly a quarter of respondents plan to undertake direct  marketing related to the sporting event, while 76 per cent believe the Games will also create a positive global perception of the UK.

David Thorp, director of research and information at the CIM, said the event should be "a fantastic opportunity for UK marketers to participate and raise their profile".

"Those marketers planning activities must be fully aware of the Olympic Games Act, otherwise we are likely to see a string of court cases brought against the ill informed," he added.