Music Market Analysis and Sales Strategy

This assignment focuses on the UK music industry, analyzing consumer preferences between older and younger individuals. It explores the impact of retail chains and concerts on product sales and profit, with data sourced from various books, journals, and online platforms. The study concludes that targeting older people for music products is more effective due to their higher leisure time and frequency of music listening.

ANALYSING INFO AND DATA

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
2.1 Analysis of Senior Citizen Music Market.................................................................................1
2.2 Analysis of Secondary Data.......................................................................................................2
(a) Completion of table................................................................................................................2
(b) Charts and graphs...................................................................................................................2
2.3 Analysis of Primary Data (Field Observations).........................................................................4
(a) charting of variables...............................................................................................................4
(B) What is biasness and biasness in context to collecting data..................................................7
(C) Techniques to improve data collection..................................................................................7
2.4 Analysis of primary data............................................................................................................8
TASK 4............................................................................................................................................8
(a)Median age group....................................................................................................................8
(b) Cross tabulation......................................................................................................................8
(C) Survey of the research...........................................................................................................9
(D) Applying the hypothesis test for collecting the information.................................................9
TASK 5............................................................................................................................................9
Way in which marketing of Jonnie music can be done by Trubute Ltd......................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
APPENDIX....................................................................................................................................12
Appendix 1. Percentage of total CDs sold and same of profit...................................................12
Appendix: 2. Results of observation at Theatre and Mall.........................................................12
Appendix 3. Median ranking.....................................................................................................12
Appendix 4. Cross tabulation....................................................................................................13

INTRODUCTION
Entertainment is the one of the fastest growing domain in the UK. Every year number of
movies and songs are made in the UK for entertaining people. There are different segments in
the entertainment industry of UK and it is very important to develop broad understanding about
same for the busines firms so that product can be targeted in better manner. In the current report
detail analysis of muic market is done in respect to senior citizens and reasons due to which
consumer behaviour is different across different age group of customers is identified. Secondary
data that is related to the firm is analyzed in detail by using wide variety of tools. Collected
primary data is also analyzed and on that basis useful information are obtained. It can be said that
in the report in detail lots of things are covered.
TASK 1
Analysis of Senior Citizen Music Market
Entertainment industry is the one of the fastest growing domain in the UK as in past few
years mentioned area grow at rapid pace specially music industy. Like every product there are
differente segments of customers in the music industry. It is very important to offer products to
the customers according to their needs and preferences. This is because by doing so demand of
the product can be increased in the market. There are two sort of customer segments namely old
and young people (Nguyen, Dejean and Moreau, 2014). Old people like to listen mild music
because they at this stage of life prefer peaceful environment. On other hand, those individuals
that are young prefer to listen rocking music. At this age people prefer fun in life. Thus, they
prefer to listen rocking music. Thus, listening preference of old and young people is totally
different from each other. Thus, albums that have old songs can be targeted to the old people. In
this reagard nostalgia marketing can be used by the firm. Under this sort of marketing product is
associated with specific thing like old memories and by doing so association is established of the
individual with the product and its positive image is created among the people. It can be said that
there is significent importance of the nostalgia marketing for the business firms specially those
that are operating in the entertainment sector. This is because by doing so associating of album
with old songs its positive image can be created among the people.
1 | P a g e

TASK 2
(a) Completion of table
Relevant table is given in the appendix and it can be observed that that percentage of total
CD sold is much high in case of retail as channel of distribution which is 51.44% and same for
concert performance is 28.79%. It can be said that higher amount of sales of CD is done through
retail channels and concerts. In remaining channel of distributions very small amount of sales is
made by the business firm. It can be observed that sale from mail is 3.49% and same from
general is 7.38%, complementary is 2.72%. Thus, all these facts are clearly revealing that very
less amount of sales is made through other channels of distribution other then conerts and retails.
Due to high percentage of sales from retail high amount of earning is observed from the
mentioned channel of distribution like £14754 is earned from retail and profit of £13760 is
earned from concert performance. In case of other channel of distributiion earned profit amount
is very low like £260 in case of complimentary,£706 in case of genral, £334 in case of mail and
£446 in case of sales made through website.
(b) Charts and graphs
Table 1Percentage sale through different channels of distribution
Complimentary 3%
General 7%
Mail order 3%
Web order 5%
Concert performance 29%
Retail 51%
Brington pubs 2%
2 | P a g e

3% 7%
3%
5%
29%
51%
2%
Chart Title
Complimentary General Mail order
Web order Concert performance Retail
Brington pubs
Figure 1Percentage sales made through different channel of distribution
Interpretation
Results are reflecting that more then half percentage of sales is made through retail
stores. Apart from this, 29% sales is made through concert performnace. Means that nearby to
80% of sales is made through these two channels of distribution. It can be said that through
other channels of distribution very limited amount of sales is made. Thus, it can be said that
Jonnie Jones music must sale all of its products through retail and concerts. By doing so it can
increase sale of its products at rapid pace in the market. Output that is generated by chart is
clearly reflecting that selection of distribution channel heavily affect the profitability of the
busines firms in the current time period. Thus, distribution channels must be selected with due
care.
3 | P a g e

TASK 3
(a) charting of variables
Figure 2Watching frequency at Brington mall and theater
Figure 3Number of customers at Brington mall
4 | P a g e

Below 15 16-30 31-45 146-60 61-75 76 & above
0
5
10
15
20
25
30
35
40
45
2 0 0
9
41
0
The Theatre
The theatre
Figure 4Number of customers at theater
Figure 5Male and female segragation at Bringhton mall
5 | P a g e

Figure 6Male and female visit at theatre
Figure 7Combined results
Interpretation
On analysis of facts it can be observed that majority of respondents view performance up
to two minutes. Majority of viewers are old people that are in age group of 61-75. It can be
observed that in Brington mall there ae more then 60% males and nearby to 30% are females.
6 | P a g e

Combined results are reflecting same things. It can be deduced that old people are taking more
interest in listening music and among them males have high interest in same then females. It can
be said that males must be targeted then females in respect to incereasing sale of the product in
the market. In this regard sales strategy can be prepared by the business firm and more and more
revenue can be earned by the firm in its business.
(B) What is biasness and biasness in context to collecting data
Biasness refers to the situation where researcher at its own discretion collect data from
sample units. Means that all relevant sample units are not taken in sample. Due priority is given
to the specific group of people. Due to this reason data is not collected in proper manner and
research produce wrong results in the research (Mauch and et.al., 2015). It can be said that
biasness in the research greatly affect the results. Thus, it is very important to ensure that
sampling is done in proper manner in the present research study. In this regard ressearcher can
take proper time and can identify potential people that as respondent can provide relevant
answers on the asked question. In this way research can be carried out in proper manner by the
researhcer.
(C) Techniques to improve data collection
There are number of techniques that can be used to improve data collection. In context of
the current case it can be said that there is need to improve data collection process and under this
when people view show and exit from concert form must be given to them which include only
few questions. This process will ensured that response is tacken from only those people those
completely watch show and now are prepared to go outside (Haake, 2011). It is possible that
someone due to some reason go outside of concert hall and come back again. If same happened
in case of multiple people then in that case it is not possible to collect accurate data from the
respondents. Thus, distribution of questiionnaire among respondents is the right approach of data
collection.
7 | P a g e

TASK 4
(a)Median age group
Table of the median is attached in Appendix 3
Interpretation
On analysis of chart it can be observed that there are different age group of people that
comes in concert for viewing performance. It can be observed that most of respondents in the
data collected are old people. It can be observed that most of respondents are in the age group of
55-64 and 45-54. This reflects that people which are old in age are more interested in listening
songs then youngsters. Thus, old people must be targeted while launching new product in the
market because they are potential customers of the product (Foster, Borgatti and Jones, 2011). In
this regard nostalgia marketing concept can be used by the business firm. It is the one of
effective tool by using which sales can be increased at rapid pace in the business and huge
amount of revenue can be earned in the business.
(b) Cross tabulation
Table of cross validation is given in the appendix. Research results are clearly indicating
that there is no signiificent difference between the young and old age group people in respect to
listening of song. It can be said that there is big difference in the listening preference of these
individuals.
8 | P a g e

(C) Survey of the research
Research results are clearly reflecting that there are multiple channels of distribution
through which firm products are sold in the market. These channels of disribution are retail
stores and concerts (How big is UK music industry, 2017). Apart from this through other
channels of distribution also products are sold in the market but same are not much profitable
then concert and retail channels. This is proved from the fact that higher number of sales are
made and maximum profit is earned through concert and retail channels.
(D) Applying the hypothesis test for collecting the information
In the current report chi square test is applied on the data set. Chi square is the one of the
important tool that is used in inference statistics. Undetr this difference between expected and
actual results is observed (Waldfogel, 2010). Association between these values is identified. On
analysis of figures it can be said that there is significent difference between actual and expected
values. Which means that whatever is predicted does not happened in reaility in current time
period. Means that these predictions can be observed in the upcoming time period.
TASK 5
Way in which marketing of Jonnie music can be done by Trubute Ltd
Marketing of Jonnie music can be done in better manner by the Tirbute Ltd by using
Nostalgia marketing. It is the one of the main concept that is used to do marketing of the product.
Under this method Tribute Ltd can associate its product with the old songs and can show to the
prospectiove customers that its album contain one of the best songs and same will satisfy their
needs. Research results are also clearly reflecting that there is significent impact of retail chain
and concerts on the firm product sales and profit (Kessous, 2014). Hence, firm must try to make
its maximum sale from the retail chains and concerts. It can either stop selling products from
other channels of distribution or can focus on all channels dependends on its choice.
CONCLUSION
On the basis of above discussion it is concluded that there is huge difference between the
preference of old and young people in respect to listening of music. Old people prefer to listen
mild music and youngsters prefer to listen rocking music. It can be said that listening behavior of
individuals are totally different from each other. Thus, product must be sold by targeting old
people instead of young people. This is because old people have more leisure time then
youngsters. Thus ,frequency of listening music is high in case of old then young people. It can
9 | P a g e

be said that targeting of customers can be done by considering number of factors. This is because
it is the targeting and positioning strategy that make any firm successful in selling its products to
the customers at rapid pace in comparison to the competitors.
10 | P a g e

REFERENCES
Books and Journals
Foster, P., Borgatti, S.P. and Jones, C., 2011. Gatekeeper search and selection strategies:
Relational and network governance in a cultural market. Poetics. 39(4). pp.247-265.
Haake, A.B., 2011. Individual music listening in workplace settings: An exploratory survey of
offices in the UK. Musicae Scientiae. 15(1). pp.107-129.
Kessous, A., 2014. Nostalgia, autobiographical memories and brand strategy: Marketing to the
post–World War I generation. Journal of Brand Strategy. 3(2). pp. 148-154.
Mauch, M. and et.al., 2015. The evolution of popular music: USA 1960–2010. Royal Society
open science. 2(5). p.150081.
Nguyen, G.D., Dejean, S. and Moreau, F., 2014. On the complementarity between online and
offline music consumption: the case of free streaming. Journal of Cultural
Economics. 38(4). pp.315-330.
Waldfogel, J., 2010. Music file sharing and sales displacement in the iTunes era. Information
economics and policy. 22(4). pp.306-314.
Online
How big is UK music industry, 2017. [Online]. Available through:< https://umusic.co.uk/umusic-
blog/howbigukindustry>. [Accessed on 3rd Juy 2017].
11 | P a g e

APPENDIX
Appendix 1. Percentage of total CDs sold and same of profit
Appendix: 2. Results of observation at Theatre and Mall
Appendix 3. Median ranking
12 | P a g e