What is status and how does it contribute to group dynamics and to people's perceptions of themselves within a group?

What will be an ideal response?

Many groups have hierarchies, with members differing in their rank within the group. This rank is their status. Sometimes it is an "official position," as in the case of the president, and sometimes it is not so explicit and instead is simply the "old-timers" in a group who are accorded higher status compared to "newcomers." People are often extremely sensitive to their status within a group because it is linked to a wide range of desirable outcomes—everything from respect and deference from other group members to material benefits such as salary received.