Analysing Information & Data for Problem Solving
Added on 2020-07-23
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ANALYSING INFORMATIONAND DATA FOR PROBLEMSOLVING
INTRODUCTIONIn the UK market, musical industry is one of the fastest growing and due to this itcontributes in GPD rate of economy with high proportion. In the present assignment a particularkind of old and unique marketing concept is addressed which is nostalgia. Further, this specificfirm has main objective is to attract senior citizens for the music and songs. The company isappointed Jonnie Jones who is a singer of old and unique type of songs. The present study showsabout number of CD which is sold by the musician along with profit earned from different waysof CD selling up to the customers. In addition to this, the Tribute Limited business promotes itsmusic in basically two places which are like Brighton mall as well as The Theatre. Proportion ofmale and female who attend concert of Jonnie Jones music in these both places is explained inthe present project. Besides these all, about the method to enhance data gather is described alongwith the application of hypothesis test on the data set. TASK 1Analysis of music industry in relation to senior citizen and concept of nostalgia marketingThe music sector is rapidly growing in the UK economy as compared to anotherindustries which have a high presence. The reason is that, in the country each and every peoplelike songs and music whether in terms of sing, compose, listen etc. as major local communitywill use this kind of services then easily grow with the higher rate. Those people who belongfrom 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 lookingat the survey of 2013 then income of music market was enhanced to 730.5m GBP in the UKeconomy. As per the age groups, most of the music listeners belong from old age in comparisonto the young people. The Tribute Limited offers only old and unique songs due to which it hashigh market share of senior citizens rather than youngsters. In economy of UK, attraction ofpeople 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 GBPin 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 particularproduct in a positive direction is considered as nostalgia marketing. When a firm employs thisstrategy of advertising products and services then easily able to attract more people and boost up1
sales as well as market share. The Tribute Ltd firm adopts nostalgia marketing for promotingmusic of Jonnie Jones among senior citizens. It is a supportive tool for attracting old age peoplein huge number because they are old music lovers rather than new. In context to this, JonnieJones 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 conceptof nostalgia marketing. Further, the company has major focus on the old age of people like morethan 50 years. TASK 2A and B Completion of table and interpretation of itThe table presented in Appendix 1 shows about percentage of CDs which are sold by theTribute 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 Limitedselling its CDs through general, via mail, order on website, concert performance, retail store andBrighton Pubs. When looking at the whole table then it can be assessed that, through retail storehigher CDs are sold which are 2459. At the second and third number concert performance andgeneral ways of selling are come into consideration respectively. When visualising to theprobability position then highest is at the retail store which is worth of 14754 GBP. On the basisof this it can be said that Tribute Limited should continue CD selling by considering retail andconcert performance. C. Graphs and analysis of the suitable dataThe below presented charts showing about the % of CD sold and % of total profitgenerated through different methods. Further, an effective analysis of the charts is such asfollows: 2
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