Tribute Ltd Marketing Strategy Analysis

This assignment analyzes Tribute Ltd's marketing strategy focusing on nostalgia. It examines the effectiveness of nostalgia marketing for attracting both young at heart and senior customers. The analysis involves interpreting survey results, observational data from retail stores and concerts, and applying statistical tests like Chi-square to understand purchasing preferences and correlations. Ultimately, the goal is to provide recommendations for Tribute Ltd to enhance its fan base and revenue through a tailored marketing approach.

ANALYSING INFORMATION AND
DATA FOR PROBLEM SOLVING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Evaluation of senior citizen music market, and marketing concept............................................3
TASK 2............................................................................................................................................4
(a)Completion of table.................................................................................................................4
(b)Graphical representation of data.............................................................................................5
TASK 3............................................................................................................................................6
(a) Analysis of combined results.................................................................................................6
(b) Mean of biasness and biasness in the collected data..............................................................9
© Method to improve data collection..........................................................................................9
TASK 4..........................................................................................................................................10
(A). Median age group and interpretation.................................................................................10
(B). Cross tabulation..................................................................................................................10
(C) Survey research...................................................................................................................11
(D) Application of test to obtain information............................................................................11
TASK 5..........................................................................................................................................11
Stating the output for analyzed in above section along with the assumptions..........................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Books and journals........................................................................................................................12
APPENDIX....................................................................................................................................13
Appendix 1. Percentage of total CDs sold and same of profit...................................................13
Appendix: 2. Results of observation at Theatre and Mall.........................................................13
Appendix 3. Median ranking.....................................................................................................13

INTRODUCTION
UK music industry is one of the largest industry in the world. Mentioned industry is growing
at fast pace in the nation. As per the latest report it is reported that mentioned industry valued at
four billion in value and contributing to great extent in the growth of the nation GDP. In the year
2015 industry total sales was valued at two billion. There are some specific type of entities that
play a great role in the growth of an industry namely musicians, lyricists and song makers and
well as song writers. In the current report Tribute Ltd is taken in to account which is involved in
the work of making tribute songs in the industry. As per case study Jonnie Jones is an individual
in the case that is expert in playing guitar, and also play songs as well as music. In the mentioned
firm an individual is appointed as Hendrix’s tribute artist which is known for its songs and
energetic as well as elegant performance in the business. In order to promote prepared album
firm is considering to focus on the Nostalgia marketing concept and by doing so it is hoping that
demand of product can be increased in the market. In the present research study detailed analysis
of the concept will be done and it will be identified whether it will prove effective for the
business firm. Apart from this, other alternatives will also be taken in to consideration from
where product can be promoted like retail outlets, websites and concerts etc by using which more
and more people can be informed about the product. By using suitable methods data will be
analyzed and on basis of same decisions will be made.
TASK 1
Evaluation of senior citizen music market, and marketing concept
In the UK music listening preference of the people is different across the age group old
people and young people. It must be noted that old people prefer calm environment and due to
this reason instead of listening new and rocking music they prefer to listen old music. There is
different behavior of the old and young people in terms of listening of music (Anderson and
et.al., 2016). It must be noted that old people often hear music during, exercise and rehabilitation
and other activities. There is common assumption among the old people that it is better to listen
music during the time of exercise because one feel relaxation. Thus, it can be said that listening
behavior is different in case of different age group people. It is observed that old people are
listening tribute artistic music to great extent in comparison to rocking music. One of the
interesting fact is that in the mentioned nation there is a huge population of old people. Thus, in

the upcoming time period demand of tribute music will increase at fast pace in the UK. It is very
important for the business firm to identify the musicians whose song old people often prefer to
listen. Along with this, it is also necessary to identify the songs irrespective of singer who sung
same in old days so that album can be prepared specific to the customer choice.
There are number of reasons due to which Tribute Ltd decided to promote mentioned
singer songs. Jimi Hendrix is one of the well-known name in the UK and there are large number
of people that are preferring to listen mentioned person music. Hence, it is best decision to
launch music of the mentioned person.
Nostalgia marketing is the one of the most important tool that is used to do marketing of
the product. It must be noted that it is the most important tool that is used to do marketing of the
product. Under this strategy positive memories are used to sale product to the target audience. It
must note that firm is making remix of the old songs that are sung by the favorite singers. There
are lots of memories of the people that are associated with these old songs and due to this reason
it can be said that there will be huge demand of the song that is related to the old singers. It is
fixed that due to use of Nostalgia marketing demand of songs that will be singing by Jonnie will
increase (Nostalgia as marketing strategy, 2017). In order to increase sale of the product multiple
channels can be used like album and CD as well as songs can be uploaded on the firm website.
By doing revenue can be increased at fast pace by the business firm.
TASK 2
(a)Completion of table
It can be seen from the table given in the appendix that number of CD sold from varied
channels is different. It can be seen that most of CD are sold through concert and retail stores.
Through other channels less number of CD is sold in the market. It is estimated that from concert
performance total of 39.57% profit can be earned and from retail store 42.43% return can be
earned. This reflects that there is a huge income earning opportunity in case of concert and retail
chains in comparison to other channels.

(b)Graphical representation of data
Interpretation
Results are reflecting that percentage of CD sold is very high in case of concert
performance and retail. It can be observed that out of total number of CD 28.79% will be sold
from the concert performance and 51.44% will be sold from the retail stores. There are only
3.49% of overall production that will be sold from the mail services. It is also very important to
take a look at the profit. On analysis of data it can be seen that 39.57% of profit can be earned

from the concert performance and 42.43% of overall profit can be earned from the retail store.
Thus, firm must focus on these two in order to earn high amount of revenue in the business.
TASK 3
(a) Analysis of combined results
Results are reflecting that in the Brighton mall and Theatre facts that comes in the light are
totally different from each other. It can be seen that in case of mall number of people viewing
muscic concert for the 2 minute was 41 followed by 24 respondents that were viewing
performnance for more then 4 minutes. In case of theater low performance is observed and it is
identified that there are only 19 respondents that are viewing program for 2 minutes. It can be
said that maximum people view performnace for 2 minutes.

Results are reflecting that majority of respondents belong to old age that are taking interest in
viewing program in the mall. Thereafter, age group of people that visit the mall to view program
in large number are in class of 46 to 60. About 70% of participants that view the program are in
old age group. In case of theater also same trend is observed and on this basis it can be said that
in comparison to youngsters old age people are more fond of old music.

On the analysis of overall result it can be concluded that in comparison to female male are taking
more interest in viewing concert program. This is proved from the fact that there are 62% male
and 38% females in the mall that are viewing relevant program. Moreover, there are 58%
females and 42% males that are visiting theater to view program of the Jonnie. It can be said that
in comparison to male females are taking more interest in listening old music.
(b) Mean of biasness and biasness in the collected data
Biasness is the term in the statistics which means that sample is taken at own discretion
which is not the representative of the population. In case sample units will be taken in the wrong
manner from the population then in that case data obtained from them is not relevant and wrong
decisions can be made on analysis of data (Berman and Wang, 2017). There is a biasness in the
collection of data because in the cases study it is clearly reflects that program was organized in
the mall. However, it is not communicated that when program was organized in theater and song
was presented before people. Hence, data that is collected from theater is not relevant. It is also
stated in the case study that one observe viewers and on that basis collect data. There were
speakers in the mall and one through same can listen song anywhere in the mall. Thus, it is not
possible to identify the time by which one listen song. Thus, data is unbiased.
© Method to improve data collection
In order to improve data collection one must take different age group people as sample unit
by selecting stratified random sampling method. When people enter in to mall form must be
given to them and at same time must be told to enter entry time in concert. When same exit from

portion of mall premises where concert is going on same form can be received and exit time can
be recorded. By doing so it can be ensured that reliable data is taken from the respondents and
data is unbiased.
TASK 4
(A). Median age group and interpretation
See appendix 3
Median table constructed in Appendix 3.
Results are reflecting that young age people are giving due importance to the retail stores
for purchasing CD from the market. Similarly, in case of old age people retail outlets and concert
are the popular sources from which old people are listening music. People are also giving due
importance to the other sources for purchasing CD. It can be said that firm must sold its product
from multiple channels so that more revenue can be earned in the business.
(B). Cross tabulation
See Appendix 4
Results are reflecting that there is no significant difference between the two groups which
are young at heart and seniors regarding their buying preferences. It can be said that buying
pattern change in both groups at same pace.

(C) Survey research
The overall survey is indicating that people are giving due importance to the retail stores
and concerts to purchase CD. There are also other sources mail & phone through which order
can be placed for the CD but people are not using same to purchase mentioned thing. Apart from
the results obtained from the statistics is indicating that there is no difference between both
analyzed group which are young at heart and seniors in respect to buying preferences.
(D) Application of test to obtain information
Chi-square test can be used to identify where correlation is created by chance or there is
some reason behind same.
TASK 5
Stating the output for analyzed in above section along with the assumptions
By conducting evaluation, it has been identified that nostalgia marketing is one of the most
effectual strategies that Tribute Ltd needs to undertake. By employing such strategy firm can
develop awareness among the customers and thereby would become able to enhance sales
revenue. In addition to this, purchasing preferences of both young at heart and old age people is
retail store. Further, it has been found that young and old age people prefer to listen music from
CD’s and ratio. Thus, by keeping in mind all such aspect Tribute Ltd can frame suitable strategy
and thereby would become able to enhance the fans of Jonnie.
CONCLUSION
By summing up this report, it has been concluded that Tribute Ltd can gain competitive edge
over others by using nostalgia marketing. Besides this, it can be inferred that majority of the
people including both young and old age are prefer to purchase CD’s from the retail stores. It can
be stated that live concerts also have high level of impact on the purchasing decision of old age.
Thus, by focusing on both such aspects Tribute Ltd can enhance sales and profit margin. It can
be summarized from the report that responses of both males and females move in the similar
direction.

REFERENCES
Books and journals
Anderson, D.R. and et.al., 2016. Statistics for business & economics. Nelson Education.
Berman, E. and Wang, X., 2017. Essential statistics for public managers and policy analysts. Cq
Press.
Online
Nostalgia as marketing strategy, 2017. [Online]. Available through :<
http://3doordigital.com/nostalgia-marketing/>. [Accessed on 18th April 2017].

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

Appendix 4. Cross tabulation