The Formula One Motorsport - Research Paper Example

The Formula One Motorsport Abstract Motorsport is a sport that has increasingly gained recognition among people from different backgrounds inspired by various resources the motorsport has to offer. To some speed is everything while to others it is their economic nature that attracts them to motorsports. The paper analyzes one of the fastest motorsport categories commonly known as the Formula 1. The paper will discuss in detail the historical implications, economic issues, social-cultural issues and the science behind the technology. Formula One racing will be analyzed in detail to give a clear view of the activities that take place for the millions of fans to finally have that show they cherish. The Formula One analysis is based on the events that serve as the focus of the paper. The paper will describe some of the things planners, governments and critics of motorsport events regarding the Formula One racing go through whenever a race is scheduled. The paper will explain some of the factors, economic and otherwise that make the race favorable among other motorsports. Formula One Motorsport Formula one motorsport is one of the most exciting games. It is a sport that incorporates motocross racing. It is highly exhilarating, both to the participants and to the spectators. On the other hand, it has elicited mixed reactions in some parts of the world. It is nowadays not a new phenomenon to find people who get agitated due to the sport. The paper describes the formula one sport. It highlights its history together with the historical implications associated with it, economic issues, cultural perspectives, the sanctioning bodies as well as the science that drove to the technology being utilized in the sport. Formula one racing is a motorsport that is characterized by open-wheeled race cars. They are single seat races, implying that there are no co-drivers in the sport. The sport began in the 1906. It is at this time that France held its first ever Grand Prix, an event that was organized and implemented by the Automobile Club de France. Being the first time the race was organized, the event organizers did not anticipate much success. However, at the end of the sporting activity, an evaluation indicated that the sports success had superseded the set expectations. Harris (2007) posits that the first event attracted about thirty-two cars. The event took place in Le Mans with the cars covering sixty-five miles. The first Formula One race was won by Levassor using the Panhard ET Levassor car. The initial event did not have a lot of sophistication as experienced in the modern day races. Today, it is one of the most famous games. The fame is attributed to the large amounts of money spent in preparation and actual event. It is also attributed to the sophistication of the cars that are used. Many car manufacturers sponsor competent drivers to represent them. The event takes place annually in prominent cities around the world. The sport has been assimilated in very many cities. The game has been used to perform several functions. In Europe, for instance, the participants and eventual champions had the duty to provide comfort to the war the victim as well as the soldiers who went to war. According to Williamson, Formula One Championships were held in Europe in 1946 after WWII. The organizers turned it into an international event, attracting participants from all over the world. Even though several Formula One events were held in subsequent years, the first international Formula One competition was held in 1950. The event took place in Silverstone, in England. After the 1950 event, the sport has continued to be an international activity that attracts participants from all over the world. In addition, it offers entertainment end life changing moment to millions of participants, as well as spectators. The event has so many prominent personalities who have continued to feature in the news headlines. They include Ferrari, Michael Schumacher, Sebastian Vettel and McLaren’s Lewis Hamilton. Over the years, the event has been used as a marketing arena and tool for various products and services. The sponsors’ names have great influence in creating consumer awareness. Marketers have used the racing event to influence the choices the consumers make in regard to certain to certain commodities. Several producer place marketing advisements in various places including the web-based posters so as to lure buyers to select their products. The advertisements posted have the higher percentage of reaching the targeted market because the event attracts so many people. For instance, a car manufacturer, if the car that wins the race is from their company, there is only one implication, new sales due to the fact that many car buyers will tend to believe that the car is superior to others. In addition, another business away from the car manufacturer is bound to benefit. Companies that offer maintenance services are also bound to experience a higher customer turn out. The sport’s fans focus on the speed as well as the stability of the car. The type of focus may be misleading since racing cars ae made in a slight variation to the ordinary cars sold for other usages. The sports’ diehards display a rare form of loyalty to the racing cars. The sponsors of the event tap this rare commitment by making sure that the drivers' jersey together with racing car contains their company’s logos for identification. The sponsors’ boost the awareness by trying to associate the product with the characteristics portrayed in the team. In so doing, the consumer gets convinced without any verbal convincing utilized. The continued expose often products increases the customers’ awareness of such products. Therefore, the client will get themselves inclined to purchase products from the company whose cars in the race. When people buy the product of the sponsoring companies, they develop a feeling of contributing towards the event. There are other economic implications associated with formula one sports. The events require a lot of money in the planning and execution phase. The development of the cars is also a multi-million event. The annual Formula One sponsorship per team can go to as high as $60. It is estimated that the least amount require to sponsor the event is about $15. However, the value is not static since it depends on the team’s ranking and overall performance in the previous events. The sponsors of the event take the opportunity to position their logos and marketing posters to attract clients. The logos see to it that the fans can see their brands and, in the long run, develop a liking of what they are offering in the market. Such strategies goo a long way in improving the sales hence company returns. In the promotional arena, even the minor sponsors get the much-needed attention from the fans. For instance, tool supplies agencies that are aligned to the winning sponsors will get an attention that is proportional to the winning team’s advertisement. The major gains accrued to the sponsors are increased sales together with customer loyalties. For any sporting activity, Formula One inclusive, a win to the team will result in increased sales. Additionally, the manufacturers who sponsor the winning team receives an added advantage that arises from increased exposure to the media. Increased focus by the media makes the brand is known by many people including those that did not participate in the event. The outcome of such exposure is that the business receives high returns due to “free “advertisement. On the contrary, the sponsors whose teams lose in the race are bound to suffer great loses. People will attribute the loss to poor product manufacture. The wrong image sent to the customers may make the client perceive the sponsor as untrustworthy and not fit to undertake any business activities. The negative attitude that the customers develop will result in fewer sales. Formula One event has economic impacts on the hosting cities and towns. Some cities may invest more than the return that will be obtained from the event; the preparation exercises are labor intensive and require a lot of capital. Therefore, different stated will invest heavily in preparation for the Formula One event. The returns are what will determine the profitability of the event. If a city invest $100 million, and the returns turn out to be $70 million, then, the event will have been run at a loss. There are social implications that are associated with the sport. The effects are far reaching and do not touch on the participants alone. Some people have expressed their displeasure that Formula One events infringe their freedom. Many posit hat the sport leaves most parks in a bad condition. Additionally, the money used for the preparation is from the taxpayer’s kitty. Therefore, such monies used are not refunded; a fact that is cited by many as inappropriate. Additionally, due to new people visiting the cities, the rates of crime are bound to increase cases of sexual violence, robbery, and other vices have been reported severally during a sporting event. Therefore, the social implications have to be observed if the event has to continue succeeding. There have been mixed reactions to the social-cultural implications of the Formula One events. There are positive and negative impacts. The variation in the implication is what has led to the mixed reactions. The participants come with different cultures. The cultures may conform or may not be in conformity with those of the organism cities. Therefore, it is imperative for the organizers to make sure that during the planning stages, citizens are made aware of what is to happen. The locals have also to be sensitized to the need to embrace cultural diversities. In places where there have been objections to the events, it has been evidenced that lack of consultation remains the primary course. In conclusion, Formula One is a motorsport event that has grown to be loved and cherished by millions of fans. The race has a number of critics who are yet to come to terms with the great benefits associated with the sport. Governments are willing to make economic losses for the greater good associated with the event. Organizations spend millions of dollars funding Formula One teams just to be associated with this event. Fans travel from one location to another to witness the great works and the thrill caused by the Formula One events. The motorsport is a significant event with enormous benefits. References Harris, W. (2007). How Formula One works. HowStuffWorks.com. Retrieved from http://auto.howstuffworks.com/auto-racing/motorsports/formula-one.htm Williamson, M. A brief history of Formula One. ESPN. Retrieved from http://en.espn.co.uk/f1/motorsport/story/3831.html Read More