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Report on Nostalgia Marketing Technique

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Added on  2020-06-06

Report on Nostalgia Marketing Technique

   Added on 2020-06-06

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CASE STUDY B:TRIBUTE LIMITED
Report on Nostalgia Marketing Technique_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1TASK 2............................................................................................................................................2(a) Complete the given table...................................................................................................2(b) Graphical representation of % of total and % of total profits...........................................3TASK 3............................................................................................................................................4(a) Interpretation of the results after combining two sets.......................................................4(b) Biased collection of data...................................................................................................4(c) Ways to improve data collection.......................................................................................4TASK 4............................................................................................................................................5(a) Calculation of median ranking..........................................................................................5(b) Cross tabulation................................................................................................................5(c) Evaluation of intern's survey.............................................................................................6(d) Effective method of survey...............................................................................................6TASK 5............................................................................................................................................6Ways to market Jonnie John's music......................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8APPENDIX......................................................................................................................................9
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Illustration IndexIllustration 1: Relationship between % of total CDs and percentage of total profits......................3Illustration 2: Calculation of median...............................................................................................9Index of TablesTable 1: Calculation of %of total and % of total profits..................................................................8Table 2: Combined data of two locations........................................................................................8Table 3: Median calculation.............................................................................................................9Table 4: Cross tabulation of purchasing preferences.....................................................................10Table 5: Cross tabulation of listening preferences.........................................................................10
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INTRODUCTIONData analysis analyse, clean, transform and model given data which further helps indiscovering valuable information for decision making. Tribute Ltd promotes the work of varioustribute artists. Jonnie Jones is a tribute artist of Jimi Hendrix who have been very famous in the1970s. The report discusses the nostalgia marketing technique that will be beneficial to tap thepotential customers, that are senior citizens. It further focuses on understanding the profitestimation generated from different sales locations. Moreover, it recommends Chi square methodof data analysis for better inspection of data.TASK 1 Marketing is an important tool to promote product and services and earn maximumprofits. The marketers’ interest in senior citizen market emerged from 1960s and becamecommon in the 1990s when they started concentrating on promoting product and services to thesenior citizens. It happened due to increase in proportion of senior citizen in the population.However, advertisement framed to market product or services for this segment is required tomatch with their lifestyles, attitudes, interest, social rules, employment status etc. The companiestailor made advertisement campaign based upon the taste and preferences of senior citizen(Merchant and Rose, 2013). It helps them to relate with these advertisements. Tribute Ltd. Havebeen involved in promoting the work being performed by Tribute artists through various singersinvolved in it. Jonnie Jones, who is a tribute artist of Jimi Hendrix, is achieving heights due tohis quality of tribute performances. Since, the singer, he gives tribute to was, an artist during the1960s, the major audience consist of senior citizen who love to listen his voice again. It isdifficult to approach senior citizens through social media marketing and it is required for TributeLtd. To approach in different manner. Nostalgia marketing is a type of marketing activity adopted to connect the customerthrough using retro roots such as culture, fond memories etc. Senior citizens are Jimi Hendrixhave been very famous in his times and to promote a person given tribute to him will attractsenior citizen segment. People belonging to the age segment above 50 can be tapped byconnecting them to their fond memories with the performance of that singer. In case of seniorcitizens, nostalgia marketing will very well work due to its high engagement possibility amongthem (Kessous, 2014).. It will help Tribute Ltd to connect people with their retro roots. It revivesthe cultural memories in the minds of the customers from past decades (Cui, 2015). It helps the1
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