Nostalgia Marketing in Music Industry

This report examines the use of nostalgia marketing in the music industry, specifically targeting senior citizens. It explores the role of the internet in marketing and promoting music, as well as analyzing sales data and customer preferences for CD purchases. A survey is conducted to understand the target audience, and hypothesis testing is applied for data analysis.

CASE STUDY: TRIBUTE
LIMITED
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INTRODUCTION
In present time, there is growth and development in music industry which can be noticed
through the data report. It earn profit more than 5.1 million in past two years. Growth and
development in music industry is only because of famous composers instrumental players and
musicians. They all assist in earning profit and in making one of the fastest growing industry in
United kingdom. There are different companies in music industry who are making huge profit by
launching different type of music of famous artist. Tribute Ltd, is one of the company who
operates its business at small scale. Further it launch music .of different bands and organized live
concert in order to make high profit.at present Tribute ltd appoint Hendrix who is one of the
famous singer and guitar player it launch music. Further Music industry also awarded Hendrix
for its best singing. Along with this the organization also hire Jonnie Jones who is famous
instrument player so that it can promote its album. For promoting new album Tribute ltd. Take
support of Nostalgia marketing concept. In the report critical evaluation will be done for
evaluating this concept whether it is useful or not. Further it assist in order to identify that it
attract senior citizen or not in order to drive greater yield. Apart from this manager of Tribute ltd
also ensure that all its album can be sold out through different distribution channel that are
websites and retail store, through primary research manager want to identify number of people
who are interest in listening song of Jonnie. So that it can target those customers.
TASK 1
Critical exploration of senior citizen music market, nostalgia marketing and role of internet in
marketing
It is in context to the music industry of Britain where there exists dissimilar music
preferences among the young age individuals and senior citizens. It is where the aging people are
more desired to hear music at the time of walking, workout and restoration, etc. However, the
contemporary people representing the young age individuals are self-reliant music fans and listen
it for entertainment. It is where in accordance to the old age people, listening to music at the time
of working out is assistive in increasing the physical stimulation that together improves the
personal experiences. They are also in huge preference of hearing the music of tribute artists
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where in UK, there exists a substantial population of elderly people where this in turn necessities
the marketers to study their actual music related preferences and implement the same in their
business practices.
It is according to the given case script of Jimi Hendrix who was a well-known tribute
artist have obtained an immense recognition all across UK among all age groups where he was
also a song composer, singer and guitar player. Even the elderly group people are extremely fond
of his composed music and due to which, Tribute Ltd opted to promote one of his recently
composed album with the help of Jonnie as a way of conducting nostalgia marketing
(Introducing the Future Music Forum. 2016.). This was done to fetch the interest of old age
groups in UK along with the use of various digitalised tools such as Facebook and YouTube,
etc., to upload the pictures clicked in the concerts and uploading videos, etc. It is basically in this
digitalized world where social media is the foremost mean for communication with the help of
several interactive tools. It is also referred to be one of the easiest way to buid strong relationship
with the customers.
(Source: Introducing the Future Music Forum. 2016)
The above depicted graph has clearly illustrated a crucial use of internet for the
promotion of music by the artists of today’s digitalized era by using distinct multimedia channels
to drive-in the millennial traffic by achieving greater level of success.
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TASK 2
A.)
There are large number of CD which are sold at different location through retail store. The
number of CD sold from retail store are 4789. Company make huge profit by selling CD through
retail store as compared to mobile and email.
B.)
Analyzing and interpretation: from the above graph it has been observe that there are large
number of CDs which are sold out from retail store, It is more than half percent that is 515. It
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clearly reflect that there are large number of buyer who like to buy CD from retail store which
include both senior citizen and younger age people. Further there are 28% CD are sold out to
customer at live show of Jonnie. On the other hand there was lowest sale at Brighton pub which
is only 1 %.
Further from the above second graph it show that their total percent of profit earned from
complimentary is -0.75%, General is 8.12%, order through website is 5.13% , concert
performance 39.57% . hence the lowest sale is at complimentary. So it is concluded that people
of old age and young generation prefer to buy CD from retail store not from other option.
Therefore, company can generate huge profit through selling CD at retail shop.
TASK 3
A) Analysis and interpretation of the combined results
At this current task those data are shown after making combination which derived from
the Brighton mall as well as The Theatre. Further, graphs of the current data combination along
with interpretation stated as below:
Analysis
The above mentioned graph of the combined data reflects that at the first minute there are
number of followers and people attracted concert of Jonnie Jones are like as 14 as well as 11 in
the mall and theatre respectively. Apart from this, it can be clearly visualized that at the second
minute number of the followers of the Jonnie Jones are at the highest in both cases which are
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such as 41 and 19 for mall and The Theatre respectively (Cattaneo and Guerini, 2012). Further,
at the end such as fourth or more minute level of the followers reduces from the second minute.
When looking at the overall table then it can be reflected that towards the Brighton mall
followers are attracted at higher number as compare to The Theater.
Analysis
Looking at the aforementioned graphs of the age groups it can be assessed that in the
Brighton mall there are most of the people and followers are of the 61 to 75 years. Very lower
number of customers are relies and falls under the age group of 16 to 30 years which indicates
that songs of the Tribute limited attracted to the old age people and senior citizens. While
looking on The Theatre concert there are 61 years to 75 years age of the people and followers are
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to be attracted and in the mall also same situation occurs. At the theatre also there are lower than
15 years age of people are at the very low number. Hence, it can be stated that in mall as well as
theatre number of the customers are of the old age (Hunt and Johns, 2013).
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Analysis
When looking at the graph which prepared according to the gender it can be analysed that
in the mall and theatre both there are more followers are from the male rather than female.
Further, when looking at the combined results then level of the female is such as 61% as well as
male are of the 39%.
(B) What is biasness and biasness in context to collecting data
In the data collection and analysis there are biasness means is that discretion which
occurs at the workplace while doing research in the proper manner. in the current case study
there are when data are taken from the different followers then it has been determined that in the
Brighton Mall there are more number of people are attracted compare to the theatre. Apart from
this, while looking at the primary kind of data collection method then it has been assessed that
through the retail stores the customers are attracted towards the songs of Jonnie Jones as
compare to the performance through the concerts (Kessous, 2014). Apart from this, at the time of
taking the data from mall and theatre then it is not clearly said and communicated that on which
parameters the overall data are gathered.
(C) Techniques in order to enhance the data collection
There are various kinds of methods and ways which help to the Tribute limited in order to
improve gathering data. For taking the data in effective manner then the company needs to set
time for the entry as well as exit from the mall and theatre at the time of concert performance.
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When the people and local community will enter as well as exit in the concert at the same time
then the form able to collect data at the proper ways (Niemeyer, 2014).
TASK 4
(a)Median age group
Table of the median is attached in Appendix 3
At the current analysis there are number of the sample people as well as respondents are
to be shows where it has been analysed that most of the music listeners of Jonnie Jones are
belongs and falls under the age of 55 to 64 years. It shows that at the starting age of senior
citizens most of the people are giving response. Furthermore, 18% respondents are comes under
the age of 75 to 85 years which are of the old age.
(b) Cross tabulation
Look at the table which attached in Appendix 4
From the table provided in the Appendix it can be said that when the young at heart
people and old age local community going to buy the listen the music then there are not any
significant difference are ascertained (Muehling and Pascal, 2012).
(C) Survey of the research
By doing the current and overall research it has been analysed that most of the people and
customers purchase the CD from two methods which are like as concert performance as well as
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the retail stores. Among these both retail stores attract at the huge number as compare to the live
performance from concert. Further, it has been carried out from the research then old age of
people as well as senior citizens are attracted more and huge number towards the Jonnie Jones
music compare to young age. From the statistics it can be assessed that between young at heart
and old age people there is not any difference (Hunt and Johns, 2013).
(D) Applying the hypothesis test for collecting the information
At the current task in order to derive that the data collected as well as gathers are whether
appropriate and reliable or not there is chi-square test is to be applied which is one the bets
hypothesis test comes under the statistical techniques.
TASK 5
Starting the output for analysis in the section along with the assumption
From the overall analysis it can be said the for the Tribute limited company there is
Nostalgia marketing is the best method which lead to attract senior citizens by doing marketing
with the old and unique methods such radio, CD etc. Moreover, there are most of the followers
are choosing the retail stores as well as concert which both are form of the Nostalgia marketing
strategy and technique (Kessous, 2014). Hence, after take caring of such aspects the management
of Tribute limited needs to make the promotional and marketing strategy.
CONCLUSION
The above report have summarised certain beneficial use of nostalgia marketing with the
help of investigating its trend among two leading group of individuals. This involved a group of
elder citizenries along with young aged group. It was done with the help of an experiment done
by conducting concerts with Hendrix’s music albums performed by a renowned artist named
Jonnie. This resulted in maximum number of sales by the delivery of Jonnie’s CDs and music
albums. Apart from this, a secondary analysis was together conducted over here that resulted in
some leading findings where the retail stores along with the live concerts. These were the places
that resulted in largest number of sales with huge profits and people from both the groups largely
preferred listening music from CDs and radio bought from the retail outlets.
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REFERENCE
Books and journals
Cattaneo, E. and Guerini, C., 2012. Assessing the revival potential of brands from the past: How
relevant is nostalgia in retro branding strategies?. Journal of brand management. 19(8).
pp. 680-687.
Greenwood, J. A. and Hartley, H. O., 2017. Guide to tables in mathematical statistics. Princeton
University Press.
Howell, D. C., 2016. Fundamental statistics for the behavioral sciences. Nelson Education.
Hunt, L. and Johns, N., 2013. Image, place and nostalgia in hospitality branding and
marketing. Worldwide Hospitality and Tourism Themes. 5(1). pp. 14-26.
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.
Lindsay, A. E., Bernoff, A. J. and Ward, M. J., 2017. First passage statistics for the capture of a
brownian particle by a structured spherical target with multiple surface traps. Multiscale
Modeling & Simulation. 15(1). pp.74-109.
Muehling, D. D. and Pascal, V. J., 2012. An involvement explanation for nostalgia advertising
effects. Journal of Promotion Management. 18(1). pp. 100-118.
Niemeyer, K., 2014. Media and nostalgia: Yearning for the past, present and future. Springer.
Online
Introducing the Future Music Forum. 2016. [Online]. Available through:
https://musicindustryblog.wordpress.com/category/music/. [Accessed on 27th April 2017].
Why Nostalgia marketing works. 2016. [Online]. Available through: <
https://www.searchenginejournal.com/nostalgia-marketing-works/134771/>. [Accessed
on 27th April 2017].
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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
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Appendix 4. Cross tabulation
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