The Royal Ascot is Britain's most valuable horseracing event (Ascot). This event is most valued with its rich heritage displayed through the large turnout in middle and upper social class. Attendees include the British monarchy and other people individuals in a position of influence. This event showcases an exhibition in fashion and flair; through this attendees use this event to display their interpretations of class. This event will be referred to recognition within Murray's list of needs (Murray, 1938), thorough analysis will then be developed on how this event could then be used to gain status. The question that will be analysed is “how showcasing social status could be considered as a main motivation of attending the Royal Ascot” (Recognition).
In recent years the luxury brand market has been consistent in its growth, reasons are because of a growing aspirational affluence, to an ageing wealthier population (Kapfefer). Materialism is often linked with age and nationality, other factors (e.g. gender, income, and education) are not said to be predictors of materialism (Cleveland et al., 2009; Schaefer, Hermans, & Parker, 2004). The demographic segment often related to the “Royal Ascots” are individuals of a high net worth, this could include CEO'S, influential people and business leaders, and these also includes (Dukes, Duchesses, Artists, Actors as well as royalty of all backgrounds). These events are often used to networking platform where those of similar status, meet, share ideas and display their wealth amongst their peers. Their wealth is shown through a display of flamboyant outfits, customised and expensive cars and large amounts in expenditure (Guardian).
Emitting high social class could be linked with represented through the prestige model. Within the prestige model, there are factors that are needed to be taken into consideration when being associated with the term, which include: “Materialism, Social elements, Appearance, Financial Status, Status Consumption and Consumer Independence”. Although all bodies are considered when gaining social status, the main concern is whether social interactions with particular demographics (Social Group) can aid you to gaining eminence through social connection with people of that established status. “You think about status. You think about where you are in relation to your peers” (Michael Gazzaniga). Wealth can be associated with an individual according to their alliances and purchasing decisions (Theory) .Early studies stated that materialistic views of goods could be an important element as to gaining happiness (Ward & Wackman, 1971). The constant drive to seek approve factors of acceptance, may cause individuals to constantly seek status an image of wealth and Conspicuousness (Vigneron and Johnson). According to recent research could indicate high levels of depression and anxiety (Michalos, 1985; 1991). This is evident through several avenues being taken into consideration, as to achieve this desired profile, a huge example being debt. (Ponchio & Aranha, 2008). OHH YEAH
Within this event, participants are encouraged to promote opportunities for collaborations between each other. Many participants offer advice, as well as using this platform to share their success stories. Associations are often formed with the main objective being to expand their networking group. Knowing that someone is connected to people one already knows and trusts is one of the most basic ways of establishing trust with a new relationship (D Boyd). Communal relationships tend to be valued more when there is a high level of security that is installed, e.g. financial benefits, as well as emotional benefit. (Schwartz 1967:6). Socialising events such as the Royal Ascot causes opportunities of practically extended their knowledge of different sectors. This is often represented through comparisons between personalities which includes individual successes, Social status, political beliefs, musical taste, etc. Through comparisons, there is a constant need for one to better oneself, which may include who somebody associate themselves in order to create an association (D Boyd).
“Relationships are often formed and established due to similar interests and character traits, situations and individuals (Feld 1987). This could also include social class, buying patterns, including level of success. In relation to the Royal Ascot's, the common factors between is the willingness to showcase their success. Peer relation is considered to be an important factor is relation to status consumption. In order to gain the social status, there are 3 factors that need to be taken into consideration materialism, status consumption and consumer independence. This essay will focus on two aspects of this theory, that being reactions to luxury products and to the influence the product may have on your perception”. The main factors related to this assignment would include materialism, considering social elements, as well as financial statuses. Status consumption focuses purchasing in two degrees, Individual perceptions, as well as external perceptions of the purchase. Examples of these, result in questions such as: Would I buy a product just because it had status? Is the status of a product is more valuable to me? Would I pay more for a product if it had status?
The perception of the Royal Ascot is enforced through its ongoing relationship with the royal family. Endorsement (Solomon 2006) focuses on the perceptive factor of consumer behaviour. Celebrity endorsement causes brand association between the product or service and the celebrities. This causes celebrities or influential figures to be under constant scrutiny from the media, as they are expected to uphold their reputation in the light of the brand. An example of endorsement is the royal family being the (celebrities) and the Royal Ascot as the (product). According to buyer decision making process, particular purchases may cause a response of association with the fundamental profile of the brand or service at hand (Solomon 2006).
(Philip Kotler, 1967) This was established through an illustration of a marketing mix. This is used to show how products or services should be marketed to the public domain. This includes the 7 P's which are (Product, Price, Promotion, and Place). However the main points that would be focused on in relation to events will be.
The Royal Ascot is a world renowned horse racing event, where over 5 days the main focus is to socialise, as well as emphasising of the importance of upholding the profile of a high scale event. This is shown through the elements, such as fine dining restaurants, privately hired boxes.
The Royal Ascot is effe
According to (Solomon 2006) Information Search
Individualized marketing, defined as “a very personal form of marketing
that recognizes, acknowledges, appreciates and serves the interests and needs of
selected groups of consumers” (Rapp and Collin, 1992, p37)
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