Analysing Business Data Information : Report

Added on - 06 Jun 2020

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ANALYSING BUSINESS DATA INFORMATION
TABLE OF CONTENTSINTRODUCTION................................................................................................................................1Analysis of Individual Tasks................................................................................................................12.1 Analysis of Senior Citizen Music Market..............................................................................12.2 Analysis of Secondary Data...................................................................................................2.....................................................................................................................................................22.3 Analysis of Primary Data (Field Observations).....................................................................3(b) Biases and data collection......................................................................................................7© Ways need to be adopted for data collection...........................................................................72.4 Analysis of Primary Data (Questionnaires)...........................................................................8(a)Median age group....................................................................................................................8(b) Cross tabulation......................................................................................................................8(C) Survey of the research...........................................................................................................8(d) Things need to be done differently.........................................................................................9.....................................................................................................................................................9(a)Output for analysis and assumption........................................................................................92. Conclusions......................................................................................................................................9REFERENCES...................................................................................................................................10APPENDIX........................................................................................................................................11Appendix 1. Percentage of total CDs sold and same of profit...................................................11Appendix: 2. Results of observation at Theatre and Mall.........................................................11Appendix 3. Median ranking.....................................................................................................11Appendix 4. Cross tabulation.....................................................................................................12
INTRODUCTIONMusic industry is the one of the fastest growing domain in the UK as number of peoplelistening music is increasing rapidly in the nation. It can be observed that entertainment industryis divided in to several parts and formation of albums as well as singing songs is increasing atrapid pace in the nation. There are two sort of customers in the market namely old people andyoungsters. Listening behaviour and preferences are totally different in case of these groups anddue to this reason firms have to selectively target customers for their products. There are numberof reasons due to which preferences are different across these age group people. In the currentreport detail analysis of the both groups will be done and data collected from the primary andsecondary sources will be analysed deeply. On this basis conclusion will be formed in thespecific direction. Thus, it can be said that there is wide scope of the current research report.Analysis of Individual Tasks2.1 Analysis of Senior Citizen Music MarketIt is very important for the firms to analyse the market in systematic manner beforelaunching a product in to the new market. In current time period huge difference is observed inconsumer behaviour of the old and young people. It is very important to identify the degree ofdifference that is between these old and young people. It can be observed that both age grouppeople like to listen different sort of music as it can be said that preference in terms of choice ofmusic is different for both age group people (Wikström, 2012). It can be observed that old peopleoften listen music when they go for morning walk or in leisure hours. Old people prefer peacefulenvironment and due to this reason they like to hear music that are mild in nature or have softmusic. On other hand, youngsters, have less leisure hours and they prefer to listen rocking music.Youngsters often prefer fun in their life and due to this reason they like to hear rocking music.These are some of the basic reasons due to which people prefer to listen different sort of songs.There is need to prepare marketing strategy in systematic way (Krause, North and Heritage,2014). Same marketing strategy cannot be followed for young and old people. Hence, in thisregard deeply analysis of facts and figures must be done by using varied tools and on that basisdecisions must be taken by the managers. Nostalgia marketing is one of the marketing conceptand under this advantage of the old memories is taken and product is associated with it. Thus, byusing nostalgia marketing connection is established between product and customers and in this1
demand fo the product is increased in the market. Nostalgia marketing is used at wide level bythe business firms because it become very important to give some motivating factor to thecustomers to purchase the product. This can be done only through nostalgia marketing (Ferreiraand Waldfogel, 2013). This is because through nostalgia marketing emotions of an individualsare taken in to account and by considering same marketing of product is done. It can be said thatnostalgia marketing have due importance for the business firm.2.2 Analysis of Secondary Data(a) Completion of tableOn completion of table it can be observed that in case of complimentary channel ofdistribution negative profit is earned -0.75%. In case of general 8.12% of overall profit is earned.It can be clearly observed that profit earned on general is higher then same earned in order that isreceived through mail and website. However, heavy amount of profit is earned on concernswhere profit sharing percentage is 39.57% and same for retail channel is 42.43%. This reflectsthat huge amount of sales is made through these two channels of distribution. In terms of valueprofit of £13760 is earned on concert performance and same of £14754 is earned on retail. Incase of other channel of distribution profit of less then £2000 is earned. Hence, it can be said thatthere is significant importance of the retail and concert performance as channel of distribution. Itcan be identified from the table that units are sold through concert performance at high pricewhich is £12 and same units are sold at price of £8. It can be said that products are sold throughdifferent channel of distribution at varied price levels.(b) Charts and graphsFigure1Percentage of CD sold through varied distribution channels2
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