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Analysis of Senior Citizen Music Market - Report

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Added on  2020-07-22

Analysis of Senior Citizen Music Market - Report

   Added on 2020-07-22

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ANALYSING INFO AND DATA
Analysis of Senior Citizen Music Market - Report_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................12.1 Analysis of Senior Citizen Music Market.................................................................................12.2 Analysis of Secondary Data.......................................................................................................2(a) Completion of table................................................................................................................2(b) Charts and graphs...................................................................................................................22.3 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..................................................................................72.4 Analysis of primary data............................................................................................................8TASK 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.................................................9TASK 5............................................................................................................................................9Way in which marketing of Jonnie music can be done by Trubute Ltd......................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11APPENDIX....................................................................................................................................12Appendix 1. Percentage of total CDs sold and same of profit...................................................12Appendix: 2. Results of observation at Theatre and Mall.........................................................12Appendix 3. Median ranking.....................................................................................................12Appendix 4. Cross tabulation....................................................................................................13
Analysis of Senior Citizen Music Market - Report_2
INTRODUCTION Entertainment is the one of the fastest growing domain in the UK. Every year number ofmovies and songs are made in the UK for entertaining people. There are different segments inthe entertainment industry of UK and it is very important to develop broad understanding aboutsame for the busines firms so that product can be targeted in better manner. In the current reportdetail analysis of muic market is done in respect to senior citizens and reasons due to whichconsumer behaviour is different across different age group of customers is identified. Secondarydata that is related to the firm is analyzed in detail by using wide variety of tools. Collectedprimary data is also analyzed and on that basis useful information are obtained. It can be said thatin the report in detail lots of things are covered.TASK 1 Analysis of Senior Citizen Music MarketEntertainment industry is the one of the fastest growing domain in the UK as in past fewyears mentioned area grow at rapid pace specially music industy. Like every product there aredifferente segments of customers in the music industry. It is very important to offer products tothe customers according to their needs and preferences. This is because by doing so demand ofthe product can be increased in the market. There are two sort of customer segments namely oldand young people (Nguyen, Dejean and Moreau, 2014). Old people like to listen mild musicbecause they at this stage of life prefer peaceful environment. On other hand, those individualsthat are young prefer to listen rocking music. At this age people prefer fun in life. Thus, theyprefer to listen rocking music. Thus, listening preference of old and young people is totallydifferent from each other. Thus, albums that have old songs can be targeted to the old people. Inthis reagard nostalgia marketing can be used by the firm. Under this sort of marketing product isassociated with specific thing like old memories and by doing so association is established of theindividual with the product and its positive image is created among the people. It can be said thatthere is significent importance of the nostalgia marketing for the business firms specially thosethat are operating in the entertainment sector. This is because by doing so associating of albumwith old songs its positive image can be created among the people. 1 | P a g e
Analysis of Senior Citizen Music Market - Report_3
TASK 2(a) Completion of tableRelevant table is given in the appendix and it can be observed that that percentage of totalCD sold is much high in case of retail as channel of distribution which is 51.44% and same forconcert performance is 28.79%. It can be said that higher amount of sales of CD is done throughretail channels and concerts. In remaining channel of distributions very small amount of sales ismade by the business firm. It can be observed that sale from mail is 3.49% and same fromgeneral is 7.38%, complementary is 2.72%. Thus, all these facts are clearly revealing that veryless 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 thementioned channel of distribution like £14754 is earned from retail and profit of £13760 isearned from concert performance. In case of other channel of distributiion earned profit amountis 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 graphsTable 1Percentage sale through different channels of distributionComplimentary3%General7%Mail order3%Web order5%Concert performance29%Retail51%Brington pubs2%2 | P a g e
Analysis of Senior Citizen Music Market - Report_4

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