SONAL SUKITH JAYAWICKRAMA TP039051

BUTHAINA NASSER ALI AL FARAI TP031666

MAHA IRFAN TP039097

CONSUMER LIFESTYLE
AND BEHAVIOR
Group Assignment
Consumer Lifestyle and Behavior

Contents

Executive Summary.........................................................................................................................2

1.0 Introduction...........................................................................................................................3

2.0 Consumer motivation behind consumption in the horse racing industry.............................5

3.0 Consumer Analysis...............................................................................................................6

4.0 Marketing Suggestions and Recommendations..................................................................13

5.0 Conclusion..........................................................................................................................18

6.0 References...........................................................................................................................19

7.0 Individual Progress Reports................................................................................................21

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Consumer Lifestyle and Behavior

Executive Summary

The field of consumer behavior covers a lot of ground: It is the study of the processes involved
when individuals or groups select, purchase, use, or dispose of products, services, ideas, or
experiences to satisfy needs and desires. Consumers take many forms, ranging from an 8-year-
old child begging her mother for a Webkinz stuffed animal to an executive in a large corporation
deciding on a multimillion-dollar computer system. The items we consume can include anything
from canned peas to a massage, democracy, Reggaeton music, or a celebrity like Lady Gaga. The
needs and desires we satisfy range from hunger and thirst to love, status, and even spiritual
fulfillment (Solomon, 2013). This report analyses the consumer behavior in the horse racing
industry. It attempts to examine the consumer motivation behind consumption of horse racing as
the horse racing industry is quite unique. This report also provides some marketing
recommendations to better promote the industry and to create awareness amongst potential
consumers.

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Consumer Lifestyle and Behavior

1.0 Introduction

Horse racing is an equestrian sport, involving two or more jockeys riding horses over a set
distance for competition. It is one of the most ancient of all sports and its basic premise - to
identify which of two or more horses is the fastest over a set course or distance - has remained
unchanged since the earliest times. Horse races vary widely in format. Often, countries have
developed their own particular horse racing traditions. Variations include restricting races to
particular breeds, running over obstacles, running over different distances, running on
different track surfaces and running in different gaits. While horses are sometimes raced purely
for sport, a major part of horse racing's interest and economic importance lies in the gambling
associated with it, an activity that in 2008 generated a world-wide market worth around US$115
billion (Wikipedia, 2016). Over four million people are involved in the horse industry in some
way, either as owners, employees, service providers or volunteers. This includes 2 million horse
owners, of which 238,000 are involved in breeding, 481,000 in competing, 1.1 million involved
in other activities, 119,000 service providers and 702,000 employees, full- and part-time and 2
million family members and volunteers. That means that 1 out of every 63 Americans is involved
with horses (Channel, 2016).

Economic Number of Americans Number of Full- Number of Total Taxes

Impact Involved Time Jobs Horses Paid
$112.1 Billion 7.1 Million 1.4 Million 6.9 Million $1.9 Billion

Source: (Channel, 2016)

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Consumer Lifestyle and Behavior

Horse racing attracts the highest class of society from kings and queens to millionaires. People
visit horse races not just to look at the horses run, but also to make bets on them. Millions of
dollars are waged on horses that run these races. So why do people gamble their hard earned
money? Why do people gamble millions of dollars on an animal that is running a race? There is
absolutely no guarantee of a return on investment, and yet at every race we see thousands of
people jostling to places wages on these horses.

Therefore, this paper attempts to understand the consumer motivation behind consumption in the
horse racing industry. In order to understand why consumers, do what they do in the horse racing
industry, it is important to begin the analysis at the very beginning of a consumers journey to
consumption.

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Consumer Lifestyle and Behavior

2.0 Consumer motivation behind consumption in the

horse racing industry

Horse racing is not like any other product that you may consume. For example, consider mobile
phones. There are a wide variety of mobile phones made by a variety of manufacturers.
Therefore, consumers are able to make a decision by analyzing the data that is already available,
and then is able to choose a brand and a model.

However, this is not the case in the horse racing industry. There are no brands or models that
exist in the industry. You are either a race-goer or you are not. There is no brand or model to
choose from, you simply visit a stadium that has a race. Unlike normal consumer products, there
is no proper way to compare between available brands or models. The only information that
would be available would be the opinions and experiences that have been felt by current race
goers. However, these reviews and opinions would be of no use when it comes to making a
decision, as each individuals experiences are different. This leads to the beginning of the
journey of a consumer in the horse racing industry. Every consumer of the horse racing industry,
first experiences a race before forming judgment about it. Thus this report will attempt to analyze
why consumers visit horse races and the motivation behind consumption.

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Consumer Lifestyle and Behavior

3.0 Consumer Analysis

3.1 Perception (The Perceptual Process)

For a contemporary view of the role of perceptions in consumer behavior, (J.N Sheth, 1999)
contend that perception is not merely a matter of objectively absorbing the stimuli present in the
environment, but rather a combination of three factors help shape customer perceptions:

1. Stimulus characteristics people perceive a stimulus differently according to its sensory

characteristics and information content and stimuli that differ from others around them
are more likely to be noticed (Solomon, 1999).
2. Context in perceiving a stimulus with a given set of characteristics, customers will also
be influenced by the context of the stimulus (Biswas & Blair, 1991)
3. Situational variables in which the information is received, including social, cultural and
personal characteristics perceptions are greatly influenced by personal customer
characteristics, the most obvious of which is prior experience with a particular product or
service offering (Dholakia, 2001).

Before a consumer is able to experience horse racing, he or she needs to be aware that horse
racing exists. This may occur through numerous ways during an individuals life time. Although
consumers need to have firsthand experience of a horse race to form a judgment about it, by
knowing about its existence, an individual would have his/her own perception about horse
racing. Perception occurs through a three stage process in which people select, organize and
interpret sensations that they feel through their sensory receptors. The horse racing industry has
used sensory marketing over a large period of time to build a positive perception of the sport.

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Consumer Lifestyle and Behavior

Sights Sights is a sensory stimulus that is received by our eyes. The horse racing
industry depends massively on sights to build the perception of the industry in the
consumers mind. Every horse race is different and every horse race is special. There is a
large amount of glitz and glamour attached to every race. There is a large amount of
decorations that adorn the stadiums in which the races take place in. The jockeys that ride
the horse wear extremely futuristic attire. Horse racing has perhaps the most glamorous
image of all so-called animal 'sports' (especially when compared to the visually obvious
cruelty of rodeos). Such is the allure of horse racing that major race-meets such as the
Melbourne Cup are even 'celebrated' with public holidays. Socialites spend thousands on
designer outfits, the champagne flows, and millions of dollars are gambled on the
outcome of races (http://www.animalsaustralia.org/issues/horse_racing.php). In addition
to this, even in the movies we see horse racing been portrayed as an event of great stature
and been shown in a very positive light. A good example is the movie, My Fair Lady.
As the statements above shows, there is a lot of visual cues attached to horse racing; the
glamorous outfits, the horses, the champagne, and the high class society that attend these
races. Therefore, when an individual sees these visual cues, he/she is inclined to believe
that horse racing is a very special event.

Source: (http://cdn.scahw.com.au/cdn-
1d115baca5c4500/imagevaultfiles/id_372350/cf_7/melbourne-cup-628.jpg)

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Consumer Lifestyle and Behavior

Sounds Sounds is a sensory stimulus that is received by our ears. The earlier analysis
explained the visual cues attached to the horse racing industry. However, when an
individual forms his/her perception regarding something, sounds play a large part as well.
In the horse racing industry one of the most striking sounds that you would hear is the
loud galloping on horses as they race down the track. However, apart from the sound of
the horses galloping, the sound that would permanently be inscribed in an individuals
head would the gun shot that signals the start of the race. Traditionally, individuals link
the sound of a gunshot to a threat, however in a more comfortable environment a gunshot
can be related to signaling the start of a race.
There are three more types of stimulus involved; however, they do not really apply to the
horse racing industry.

Once an individual has formed his/perception regarding the horse racing industry, there needs to
be a reason for him/her to begin the process of consumption. Thus, this is where an individual
needs a trigger. When it comes to the horse racing industry, the most important individual would
be the initiator. Individuals who bring new persons to the track ("Initiators") are essential to
creating long-term consumers. Initiators serve as mentors to first-time visitors, explaining the
rituals of the sport and teaching them how to decipher a program and place a bet. While some
tracks have designed programs to simplify wagering, first-time visitors rely on the Initiator and
not track staff for advice and mentoring
(http://www.omafra.gov.on.ca/english/rural/about/transition/researchsummary.htm).

Once an initiator takes an individual to his or her first race, it leads to the formation of an attitude
towards horse racing.

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Consumer Lifestyle and Behavior

3.2 The ABC Model of attitudes and the Hierarchies of Effects

An attitude consists of three main components; affect, behavior and cognition. Affect describes
how a consumer feels about an attitude object. Behavior refers to his or her intentions to take
action about it. Cognition is what he or she believes to be true about the attitude object. The ABC
model of attitudes emphasizes the interrelationships amongst knowing, feeling and doing. It
proposes that the concept of a hierarchy of effects to decide which amongst knowing, feeling and
doing comes first. There are mainly three types of hierarchies; the standard learning hierarchy,
the low involvement hierarchy and the experiential hierarchy (Srinivas Durvasula, 1993).

Standard The standard learning hierarchy assumes that a person approaches a product
Learning decision as a problem-solving process. First, he or she forms beliefs about a
Hierachy product as the person accumulates knowledge (beliefs) regarding relevant
attributes. Next, she evaluates these beliefs and forms a feeling about the product
(affect). Then she engages in a relevant behavior, such as when she buys a
product that offers the attributes she feels good about.

The Low The low-involvement hierarchy of effects assumes that the consumer initially
Involvemen doesnt have a strong preference for one brand over another; instead, she acts on
t Hierarchy the basis of limited knowledge and forms an evaluation only after she has bought
the product. The attitude is likely to come about through behavioral learning; as
good or bad experiences reinforce her initial choice.

The According to the experiential hierarchy of effects, we act on the basis of our

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emotional reactions. The experiential perspective highlights the idea that

intangible product attributes, such as package design, advertising, brand names,
and the nature of the setting in which the experience occurs, can help shape our

Experiential attitudes toward a brand. We may base these reactions on hedonic motivations,
Hierarchy such as whether using the product is exciting.

Table 1 Source: Author

It is clear that when it comes to horse racing, people need to experience it before they can make a
judgment. Thus, consumers first form an attitude to horse racing before they decide whether they
consume it or not. When analyzing the horse racing industry, it is clear that consumers need to
first experience a race before they can make a judgment. They must first do, before they can
feel or know. Thus, through this argument it is clear that when it comes to the horse racing
industry, a consumer would fall under the low involvement hierarchy, the hierarchy which is
based on a behavioral learning process. Therefore, consumers of the horse racing industry first
do, before they form a value judgment on horse racing. This judgment is usually formed based
on the experiences the consumer goes through at his/her first race. This leads to the attitude that
the consumer forms towards race horsing. Therefore, it is up to the industry to ensure that a
lasting positive attitude is formed in the mind of the potential consumer.

Psychologists define attitudes as a learned tendency to evaluate things in a certain way. Attitudes
form directly as a result of experience. Therefore, by manipulating the experience, the attitude
developed can be changed as well. Thus, when it comes to the horse racing industry, the
experience at the races can influence the attitude consumers form regarding horse racing.

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When it comes to horse racing, the easiest way in which a potential consumers attitude is
influenced is through the experience of the horse race. The experience at the race needs to be
sold in order to ensure that a positive attitude is shaped in the head of the consumer.

One important aspect of horse racing that gives it an edge over its competition for sports or
entertainment dollars is its interactivity. By handicapping and wagering, patrons at the track can
not only experience the game firsthand, but become the key component of the races themselves.
No other sport makes its spectators part of the game like horse racing.

Make horse racing more than just gambling. Losing money on a first visit to the
track negatively impacts one's experience. This suggests that especially for adult
first-time customers the horse racing experience should be about much more than
gambling.
Horses themselves are key actors in the process of creating new
customers. Proximity to the animals is an important aspect of what makes horse
racing unique. Tracks should design viewing areas to be as close to the track as
possible. When these areas are available, patrons should be encouraged to utilize
them.

Consumers do not become regulars at horse races to simply continue betting on a horse even
though they may be losing money. Under the law of rationality, a consumer would not continue
visiting a horse race if he/she is losing money simply to continue making bets. That would not
make that individual a rational human being. Therefore, the main purpose of visiting these horse
races are to achieve some terminal values.

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3.3 The Means End Chain model

This approach assumes that people indirectly link very specific product attributes to terminal
values: We choose among alternative means to attain some end state that we value (such as
freedom or safety). Thus, we value products to the extent that they provide the means to some
end we desire (Solomon, 2013). As stated earlier, a rational human being would not visit a horse
race to simply lose money. Therefore, consumers of the horse racing industry have some specific
terminal values that they link to the sport (Management, 2005).

Escapism

The gambling environment can provide an escape from everyday life. The glitzy environment at
the horse race, the high class society, the champagne, being surrounded by different people,
different sounds and emotions, all of which stimulate and arouse our senses.

Glamour

The media and advertising agencies understand the psychology of gambling and often portray a
stylish and fashionable image of gambling. In film and TV, we see characters in the afternoon at
the races. There is often a suggestion of 'high society' and attending at 'a place to be seen'.

Social

Gambling is accepted as part of a country's culture and as such is widely anticipated in (with
varying frequency) by the majority of the population in countries such as the United States of
America, Australia and UK. Some young people are introduced to the sport by their parents and
grandparents and are taken out for a day at the races.

The Common Misperception

Most people think about gambling as a low-risk, high earning potential activity. In reality, it's the
opposite: a high-risk, low earning potential activity. The odds always favor the establishment.
Despite that, the thought and excitement of hitting a jackpot are often too alluring - regardless of
its probability.

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4.0 Marketing Suggestions and Recommendations

Based on the analysis carried out by this report, it is clear that the horse racing industry is a
unique industry. The way the industry holds itself and the reasons behind motivation of consumer
consumption is different when compared to other typical industries. As the analysis showed,
especially according to the perceptual process, the horse racing industry falls under the low
involvement hierarchy. This means that customers first need to experience a horse race before an
attitude or a judgement about it can be formed. Thus, the biggest marketing challenge that the
horse racing industry faces is getting customers who have never been to a horse race before to
attend their first race. Therefore, the industry needs to ensure that strong marketing tactics and
strategies are implemented. This report recommends the following marketing recommendations
be implemented by the horse racing industry to attract more race-goers;

4.1 Attracting potential customers from a very young age

At the Saratoga horse race course in New York, visitors can touch and interact with horses. For
example, visitors could interact with quarter Horse "50 Cent" who was housed in the Horse
Sense tent on the race track grounds. A horse sense tent is a special exhibit in which horse that do
not take part in the days race would be open for interaction to visitors. This kind of exhibit
draws and attracts many young children. According to Chris Kay, New York Racing
Associations president and CEO, he noticed that race course culture appeals less to the younger
generation than its parents. I want people to establish that connection with the horse," he said. "I
would love to be able to see a new generation fall in love with horse racing. Thus, this kind of
exhibit needs to be common at horse races all around the world, as it is extremely rare for a
spectator sport, such as horse racing, to translate into such an up-close experience. In addition to
this, the Horse Sense tents are extremely popular with children. By having children fall in love
with the sport at such a young age, the horse racing industry is able to build a large loyal
customer base starting from the children itself. In addition to this, when an individual is attracted

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to a sport at such a young age, he or she would in turn influence his or her kids to be involved in
the sport as well.

Source: (Gazette, 2014)

4.2 A Television series aimed at racehorse owners

There are over 1 million race horse owners around the world (Racing, 2016), be it through
syndicates or otherwise. Thus owners are a tremendously important part of horse racing. In order
to educate and to attract race horse owners, the industry could formulate and develop a television
series aimed directly at race horse owners. For example, hosted by race horse and breeding
specialist Caroline Searcy, there is a television series in Australia that goes into the heart of horse
breeding to profile some of the stallions, mares and foals that will shape the future of racing. The
goal of the 16-part series, which launched in the lead up to the Spring Racing carnival is to
educate owners about what each stud focuses on to breed successful racehorses. Exploring a
range of ideas from science and genetics, behavior and training to nutrition and environment.
The series also delivers the latest industry breeding news. Thus, the race horse industry needs to
take the initiative to broadcast a television series such as this to not only race horse owners in
Australia, but to owners and potential horse race goers around the world. This kind of television
series can be extremely useful in educating and attracting potential customers.

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Source: (Racing, 2016)

4.3 Creating an educational ownership club for first-timers

An educational ownership club needs to be created to introduce new and potential race goers to
the fun and excitement of race horse ownership with a low-cost, low-opportunity. A good
example of this is the Emerald Racing Club which was set up in the United Kingdom. People
who register for the Emerald Racing Club will acquire a racehorse privately or via claim for that
years racing season. The horse will be trained by Emerald Downs trainers Larry and Sharon
Ross. Updates are posted online weekly and via email so members can follow their racehorse.
Club membership is only $500, monthly financials will be shared with the group to provide a
transparent look into the real costs of owning a racehorse. All aspects of racehorse ownership
will be explained from acquiring a horse, to finding the right trainer, to preparing for its first
race. Racehorse costs can be prohibitive to many new owners. Thus, this kind of club is the ideal
way for individuals to assess the costs involved in horse racing and see if he or she can afford it.
This kind of club provides the ideal platform for the industry to attract potential customers.

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Source: (Club, 2016)

4.4 Collaborating with all clubs on a national level

One of the biggest challenges that the horse racing industry faces is that the clubs are too
scattered. Countries in which horse racing is popular is home to numerous horse racing clubs that
almost never communicate with each other. This means that there is no centralized form of
information and promotion for the customers. Thus, the horse racing industry could implement a
system where the largest club in the country collaborates with all other clubs to form a single
marketing strategy. For example, in Australia, Country Racing Victorias marketing mantra is
consistency and persistency. The marketing strategy focuses on collaborating with each of the
country clubs to utilize the branding of the larger club to ensure consistency of communication to
customers. Clubs were provided with financial support, resource support and branded marketing
materials to effectively develop advertising and promotion for each of their events. The
marketing strategy is predicated on creating promotional materials to generate significant levels
of awareness of the horse racing and in particular club specific key event days across a wide
range of mediums.

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4.5 Forming partnerships with similar industries

As the analysis in this report showed, horse racing involves some risk. Even if an individual does
not bet on the races, he or she needs to be open to experience a horse race in order to visit it for
the first time. Therefore, there could be an integration of horse racing and gaming while at the
same time opening horse racing up to a new audience of potential fans - people who play lottery
games. The mindset of individuals that buy lotteries and visit horse races are quite similar, as
both are willing to take a risk to make a profit. This is a critical initiative if the horse racing
industry wishes to expand its customer base.

Source: (Future, 2016)

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5.0 Conclusion

The horse racing industry as stated numerous times in this report, is unique. It is completely
different to any other form of business industry and therefore any analysis carried out may not be
completely accurate. The horse racing industry is completely dependent upon the customers
mindset. In order for a potential customer to be a loyal customer, he or she must first make the
initial move to go to his or her first race and must then like it enough in order to come back
again. The core analysis of this report showed that in the horse racing industry, according to the
perceptual process, customers first need to feel before they can form a judgement. This means
that they must attend their first race before he or she will decide if they become a loyal customer.
Thus, the crux of the marketing issues in the horse racing industry lies within getting individuals
to go to their first race. This is similar to the marketing of goods which individuals do not really
need, but may want if they like it. The bulk of the marketing within the horse racing industry
needs to be focused around getting potential customers to visit their first race. Only once a
customer visits his or her first race can they decide if they will become loyal customers or not.
Therefore, this marketing strategy can also be implemented by other industries which attempt to
sell products where the customer first needs to try-them-out before they decide if they want it
or not.

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6.0 References

Biswas, A. & Blair, E. A., 1991. Contextual effects of reference prices in retail advertising.
Journal of Marketing, Volume 55, pp. 1-12.

Channel, T. E., 2016. The Equestrian Channel. [Online]

Available at: http://www.theequestrianchannel.com/id3.html
[Accessed 12 05 2016].

Club, E. R., 2016. Emeral Racing Club. [Online]

Available at: https://emeraldracingclub.wordpress.com/
[Accessed 11 05 2016].

Dholakia, U. M., 2001. A motivational process model of product involvement and consumer risk
perception. European Journal of Marketing, Volume 35, pp. 1340-1362.

Future, R., 2016. Racing Future. [Online]

Available at: http://www.racingfuture.com/content/horse-racing-integretation-equilottery-critical-
horse-racing
[Accessed 29 04 2016].

Gazette, D., 2014. Daily Gazette. [Online]

Available at: http://www.dailygazette.com/news/2014/aug/31/saratoga-track-exhibit-teaches-
horse-sense/?print
[Accessed 01 05 2016].

J.N Sheth, B. M., 1999. In: Consumer Behavior. s.l.:s.n.

Management, I. a., 2005. Applying means-end chain theory to eliciting system requirements and
understanding user's perceptual orientations. Information and Management, 42(3), pp. 455-468.

Racing, B. H., 2016. British Horse Racing. [Online]

Available at: http://www.britishhorseracing.com/race-info/owners/
[Accessed 04 05 2016].

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Racing, S., 2016. Sky Racing. [Online]

Available at: http://www.skyracing.com.au/images/sky_racing_world.png
[Accessed 29 04 2016].

Richard P. Bagozzil, P. A. D., 1994. Consumer recycling goals and their effect on decisions to
recyce. Psychology and Marketing, 11(4), pp. 313-340.

Solomon, M., 1999. Consumer Behavior.

Solomon, M. R., 2013. Consumer Behavior. 10 ed. s.l.:s.n.

Srinivas Durvasula, J. C. A. S. L. R. G., 1993. A model of attitude toward advertising in general.

Journal of Consumer research, Volume 19, pp. 626-636.

Wikipedia, 2016. Wikipedia. [Online]

Available at: https://en.wikipedia.org/wiki/Horse_racing
[Accessed 02 05 2016].

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7.0 Individual Progress Reports

Name: Sonal Sukith Jayawickrama

Area of Responsibility: Application of models and theory

Case / Article No. Ideas / Finding / Analysis / Evaluation

Article: Utpal M. Dholakia, (2001),"A motivational process model of product

involvement and consumer risk perception", European Journal of Marketing,
Vol. 35 Iss 11/12 pp. 1340 1362.

This article was used as a case study to explain the perceptual process behind a
consumers decision making process in the horse racing industry. The article
analyses the how the motivational process affects products involvement and
1.
how consumers perceive risk. The horse racing industry involves a certain
element of risk as you may lose money, thus the perceptual process was used
to analyze how the senses of a race goer are affected at a horse race, and how
these sensory stimulations can be used to build a loyal customer base.

Article: Assessing the Cross-National Applicability of Consumer Behavior

Models: A Model of Attitude Toward Advertising in General, Srinivas
Durvasula, J. Craig Andrews, Steven Lysonski and Richard G. Netemeyer,
Journal of Consumer Research, Vol. 19, No. 4 (Mar., 1993), pp. 626-636.

This article was used as a case study and as a theoretical framework to apply
the ABC model of attitudes to the horse racing industry. The article itself
focuses on how attitudes can shape and influence advertising strategies
2.
implemented by organizations. It also explains the three different hierarchies
involved in the perceptual process. This case study was extremely useful in
analyzing whether the horse racing industry falls in to the standard learning
hierarchy, low involvement hierarchy or the experiential hierarchy. This case
study was also useful in assessing how attitudes are formed in the horse racing
industry.

3. Article: Applying means-end chain theory to eliciting system requirements and

understanding users perceptual orientations, Information & Management,

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Case/Article Ideas / Finding / Analysis / Evaluation

No. Volume 42, Issue 3, March 2005, Pages 455468.
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the means end chain model. It shows how terminal values can
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Each consumer behave different towards the product and services provided
consumer behavior. This article provided the information required in order to
to them. Also reason to study consumer because it also effect the buying or
understand hoe certain terminal values act as motivation behind a consumers
making decision for the product and services.
decision making process in the horse racing industry.
. http://www.consumerpsychologist.com
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world. I choose Qatar horse industry in Qatar. How they run their horse
company and what levels of customer they having.
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(Richard P. Bagozzil, 1994)
https://www.gaming.gov.bc.ca/horse-racing/docs/rpt-horse-racing-
industry-management-committee.pdf

Name: Maha Irfan

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Name: Buthaina Nasser Ali Al Farai

Case / Article No. Ideas / Finding / Analysis / Evaluation

Article:

Moreira,( 2015). Stock recommendations and investment portfolio

formation: A study in the Brazilian market. market recomendation
and investment , volume. 60(4), pp. 874-892.

This article indicates a case study to describe a consumers decision making

1. process in the horse racing industry. The horse racing industry where by the
techniques of marketing the products and their services are used, therefore the
articles shows different way a company or organization can market and use
different modes and techniques to market their products either physically or
online.

Article: George, J., september( 2014). The information content of

analyst recommendation revisions. pacific-basic finance journal,
Volume 29, pp. 1-17.issue 3

This article was used as a case study Analyst recommendation revisions;

Market reactions; Chinese stock market; Short-sale restriction; Behavior of
2. individual investors this attributes similarities to the horse racing industry. This
case study was extremely useful in analyzing the market recommendation the
horse racing industry This case study was also useful in assessing how market
recommendation plays are great role in the horse racing industry.

Article: Market-based recommendation: Agents that compete for consumer

3. attention, Volume 4, Issue 4, November 2004, Pages 420448.

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Consumer Lifestyle and Behavior

This journal article was used a case study and as analysis for the application of
the means end chain model to the horse racing industry. This article provided
the information on how to attract the consumers attention on the product and
services and also engage with the consumers and potential customers,
consumers satisfaction and feedbacks decision making process in the horse
racing industry.

Asim Ansari, Skander Essegaier, Rajeev Kohli (2000) Internet

Recommendation Systems. Journal of Marketing Research: August 2000, Vol.
37, No. 3, pp. 363-375.
This journal article was also used as a case study in the application of the
internet recommendation on the market system and market stocks all over the
world that relates to the for the horse racing industry in general . The articles
shows that Several online firms, including Yahoo!, Amazon.com, and Movie
4.
Critic, recommend documents and products to consumers. Typically, the
recommendations are based on content and/or collaborative filtering methods
therefore it was used to be able to understand consumer decision making
process applying to the horse racing industry

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