Marketing Strategies of Tribute Limited

The study explores the marketing strategies employed by Tribute Limited to promote Jonnie Jones' music. It examines how the company utilizes nostalgia marketing to attract senior citizens and how this approach affects sales and demographics. The research also analyzes the impact of concerts and retail sales on CD sales, providing insights into effective marketing techniques for the music industry.

ANALYSING INFORMATION
AND DATA FOR PROBLEM
SOLVING

INTRODUCTION
In the UK market, musical industry is one of the fastest growing and due to this it
contributes in GPD rate of economy with high proportion. In the present assignment a particular
kind of old and unique marketing concept is addressed which is nostalgia. Further, this specific
firm has main objective is to attract senior citizens for the music and songs. The company is
appointed Jonnie Jones who is a singer of old and unique type of songs. The present study shows
about number of CD which is sold by the musician along with profit earned from different ways
of CD selling up to the customers. In addition to this, the Tribute Limited business promotes its
music in basically two places which are like Brighton mall as well as The Theatre. Proportion of
male and female who attend concert of Jonnie Jones music in these both places is explained in
the present project. Besides these all, about the method to enhance data gather is described along
with the application of hypothesis test on the data set.
TASK 1
Analysis of music industry in relation to senior citizen and concept of nostalgia marketing
The music sector is rapidly growing in the UK economy as compared to another
industries which have a high presence. The reason is that, in the country each and every people
like songs and music whether in terms of sing, compose, listen etc. as major local community
will use this kind of services then easily grow with the higher rate. Those people who belong
from the old and middle age of the groups then listen very simple, sophisticated and old songs.
These make them happy and help to remember past feeling as well as other time. When looking
at the survey of 2013 then income of music market was enhanced to 730.5m GBP in the UK
economy. As per the age groups, most of the music listeners belong from old age in comparison
to the young people. The Tribute Limited offers only old and unique songs due to which it has
high market share of senior citizens rather than youngsters. In economy of UK, attraction of
people towards music is enhanced by considering some major ways which are like festivals,
musical heritage sites as well as concert venues. Further, the chosen sector contributes 4.1b GBP
in the Gross Value Added of the UK economy (UK Music Industry Data, 2014).
A marketing tool which turns all the negative feelings and thinkings towards a particular
product in a positive direction is considered as nostalgia marketing. When a firm employs this
strategy of advertising products and services then easily able to attract more people and boost up
1

sales as well as market share. The Tribute Ltd firm adopts nostalgia marketing for promoting
music of Jonnie Jones among senior citizens. It is a supportive tool for attracting old age people
in huge number because they are old music lovers rather than new. In context to this, Jonnie
Jones perform in two major places where huge people visited on daily basis like theatre and mall.
In this, the firm arranges concert and to attend this local community attracted which is a concept
of nostalgia marketing. Further, the company has major focus on the old age of people like more
than 50 years.
TASK 2
A and B Completion of table and interpretation of it
The table presented in Appendix 1 shows about percentage of CDs which are sold by the
Tribute Limited up to the consumers through various methods and ways. Under this table, sales,
cost and profit generated through various ways of CD selling are presented. The Tribute Limited
selling its CDs through general, via mail, order on website, concert performance, retail store and
Brighton Pubs. When looking at the whole table then it can be assessed that, through retail store
higher CDs are sold which are 2459. At the second and third number concert performance and
general ways of selling are come into consideration respectively. When visualising to the
probability position then highest is at the retail store which is worth of 14754 GBP. On the basis
of this it can be said that Tribute Limited should continue CD selling by considering retail and
concert performance.
C. Graphs and analysis of the suitable data
The below presented charts showing about the % of CD sold and % of total profit
generated through different methods. Further, an effective analysis of the charts is such as
follows:
2

Com-
pli-
men-
tary
General Order
via mail
Order
on
website
Concert
per-
form-
ance
Retail Brighton
Pubs
0
0.2
0.4
0.6
0.8
1
1.2
2.72% 7.38% 3.49% 4.67%
28.79%
51.44%
1.51%
100.00%
% of CD sold
% CD sold
Com-
pli-
mentary
General Order via
mail
Order on
website
Concert per-
formance
Retail Brighton
Pubs
-0.05
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
-0.75%
8.12%
3.84% 5.13%
39.57% 42.43%
1.66%
% of total profit
On the basis of the aforementioned graphs it can be pertained that, with the retail store
Tribute Limited able to sale mode CDs which are 51.44% of the total units. It covers more than
half proportion of CD selling of the total number of units sold in the year. Apart from this,
through concert performance 28.79% CDs are sold which is at the second position. When
looking at the profit proportion then also same condition can be seen there. The reason is that,
when selling is high then helps to enhance profit condition also in the company. Further, total
3

profit earned by Tribute Limited through retail store and concert performance is 42.43% and
39.57% respectively.
TASK 3
A. Charting of the data set and interpretation of them
1 minute 2 minute 3 minute 4 or more
0
5
10
15
20
25
30
35
40
45
14
41
25 24
11
19
9
13
Brighton mall
The theatre
The above stated graph reflects about frequency of people who are attending concert in
Brighton mall and The Theatre. At the first minute number of participants are 11 and 14 in mall
and theatre respectively which are increased up to 19 and 41 in same place at the second minute.
Apart from this, at the third minute this proportion declined in both the places and reached up to
25 and 9 in mall and theatre respectively. Further, overall performance of Brighton mall is better
where people increase and decline with favourable rate than theatre's concert (Holt, 2011).
4

Below 15
16-30
31-45
146-60
61-75
76 & above
0
10
20
30
40
50
60
70
0 4
16 17
64
3
Brighton Mall
Brighton mall
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
The above stated charts shows number of people who attend concert as per the age group
in both the place i.e. mall and theatre. In the concert of Brighton mall 64 people are taking part
who belong from the age group of 61 to 75 years. On the other side, in theatre also major people
attend who are of the same age group i.e. 61-75 years. Further, the people taking part are most of
the old age group than youngsters.
5

Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
63%
38%
Brighton Mall
Brighton mall
Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
58%
42%
The Theatre
The theatre
6

Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
61%
39%
Combined results
Combined results
In the aforementioned charts, customers in terms of gender are presented who attend
concert of Jonnie Jones in mall and theatre. It can be assessed that, in mall 38% male and 68%
female participated whereas in the theatre this proportion is 42% and 58% of male and female
respectively. When looking to the combined results then it can be seen that, female customers
listening music of Tribute Limited in higher proportion in comparison to male listeners.
B. Concept of biasness and its relation with data collection
When data discretion within working environment occurred then this particular condition
referred as a biasness. Further, it comes into consideration at the time of collecting data and
arrange it in proper as well as appropriate structure. In order to collect information, different
kinds of methods and parameters used by the researcher. Due to this issue of biasness occurred
up to the larger extent. In the present study this concept incurred when the analyst collect data in
two ways (Kessous, 2014). When the number of CD sold are collected in various ways then it
can be seen that retail store helps to generate a huge amount of the sales and profit in Tribute
Limited. Apart from this, when the investigator go through another method of gathering data
then it can be found that Brighton mall generates huge sales and income. However, in the
previous method Brighton Pubs generates very few sales along with the profit in same year.
C. Ways for enhancing data collection
While researching about specific data or problem statement it is mandatory that data must
be proper, reliable and valid. The reason is improper and invalid data leads to create negative
7

impact on an effective research and derive conclusion. In the company Tribute Limited, the
management should fix time in order to enter and exit in the concert hall. When computing
number of customers manually then some issue and obstacles can be remained. Further, when the
people punch on the entry or exit door of concert hall then easily can count them (Cui, 2015). It
becomes very easy and appropriate way for collect the information about people who attended
concert of Jonnie Jones. However, it will impose little more cost for collecting data in proper
manner on the Tribute Limited business.
TASK 4
A. Age group in terms of median
Median is a statistical tool which supports to the researcher in order to derive middle
value of the whole data set (Merchant and Rose, 2013). Further, number of respondents from
different age groups who attend concert of Jonnie Jones are presented below:
Under 44 45-54 55-64 65-74 75-84 85 and above
0
5
10
15
20
25
14
18
20
15
17
8
Number of Respondents
The aforementioned chart reflects that major people of 55 to 64 years age group are
attending the show of Jonnie Jones musician. Key purpose of the Tribute Limited is to attract
senior citizens towards it and generate the huge amount. When looking to the second position
then people fall under the age group of 45 to 54 years. Further, 75 to 84 years of the people are
also taking interest in the music of Jonnie Jones up to certain extent. Overall, it can be said that
senior citizens having huge interest in the songs offered by Tribute Limited.
8

B. Cross tabulation
The cross tabulation stated in Appendix 4 states different among two kinds of people like
youngsters and old age in order to purchase the CDs and listen songs. It can be ascertained that,
huge significant is there among old and young age of people in context to listen music of Jonnie
Jones. Further, young people taking very few or less interest as compared to senior citizens.
C. Research survey
On the basis of the overall survey it can be said that, through retail and concert
performance, Tribute Limited sales higher CDs and generated huge profit. Further, concert of
Brighton mall is attended on majority basis by the people compare than taking part in concert of
The Theatre. Further, people who are of the old age taking part to attend concert and listen music
offered by Jonnie Jones (Van der Hoeven, 2014). Main purpose of the firm is to attract senior
citizens which is fulfilled by the firm on the basis of the current research.
D. Application of hypothesis test
In the present research, chi-square test of the statistical is applied on the two interrelated
variables. Further, it can be found from the hypothesis test that, there is mean significant
difference in two selected data set.
TASK 5
Ways through which music of Jonnie advertised by Tribute Limited
The present musical company i.e. Tribute Limited marketed music or Jonnie Jones with
the help of nostalgia marketing. The reason is that, it is supportive for attracting those people
who relied under the old age group. Along with this, its targeted market is senior citizens rather
than youngsters. Apart from this, with the help of concert performance also the chosen company
doing advertisement of the Jones music (Why Nostalgia marketing works, 2016).
CONCLUSION
It can be concluded from the study that, Tribute Limited business enterprise which has a
great and high level of presence in music industry where it considers nostalgia marketing concept
to aware people. Most of the music listeners are purchasing CD of Jones songs from retail stores
as well as performance given through concert. On the basis of age groups, people of the old age
are taking more participation for listening music as well as purchasing the CDs from Tribute
9

Limited. When visualising to the gender then more proportion is with the female customers as
compared to male music listeners. Besides these, participants of Jonnie Jones are increasing
rapidly in the Brighton mall whereas this trend is slow with reference to The Theatre. On the
basis of the whole study it can be recommended to Tribute Limited that it needs to sale CDs
using retail and concerts and ignore to another ways of selling CDs.
10

REFERENCES
Books and Journals
Cui, R., 2015. A review of nostalgic marketing. Journal of Service Science and Management.
8(01). p. 125.
Holt, F., 2011. Is music becoming more visual? Online video content in the music industry.
Visual Studies. 26(1). pp. 50-61.
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
Merchant, A. and Rose, G. M., 2013. Effects of advertising-evoked vicarious nostalgia on brand
heritage. Journal of Business Research. 66(12). pp. 2619-2625.
Van der Hoeven, A., 2014. Remembering the popular music of the 1990s: dance music and the
cultural meanings of decade-based nostalgia. International journal of heritage studies.
20(3). pp. 316-330.
Online
UK Music Industry Data, 2014. [Online]. Available through:
<http://www.thecreativeindustries.co.uk/industries/music/music-facts-and-figures/uk-
music-market-size-and-value> [Accessed on 18th October 2017].
Why Nostalgia marketing works, 2016. [Online]. Available through: <
https://www.searchenginejournal.com/nostalgia-marketing-works/134771/>. [Accessed on
18th October 2017].
11

APPENDIX
Appendix 1: Percentage of total CDs sold and same of profit
Appendix 2: Results of observation at Theatre and Mall
12