Case Study of Nostalgia Marketing

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Added on 2020-01-23

Case Study of Nostalgia Marketing

Added on 2020-01-23

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Case study 1

Table of ContentsINTRODUCTION........................................................................................................................................3Analysis of Individual Tasks..................................................................................................................32.1 Analysis of Senior Citizen Music Market.........................................................................................32.2 Analysis of Secondary Data.............................................................................................................4(B). Graphical presentation..................................................................................................................52.3 Analysis of Primary Data (Field Observations)................................................................................5(A). Combined results...........................................................................................................................5(B). Biasness.........................................................................................................................................6(C). Improvement in data collection.....................................................................................................62.4 Analysis of Primary Data (Questionnaires).....................................................................................6(A). Calculation of median ranking for Young at heart and seniors......................................................7(B). Determining significant difference.................................................................................................7(C). Survey Intern’s results....................................................................................................................8(D) Statistical test.................................................................................................................................8CONCLUSIONS..........................................................................................................................................8REFERENCES...........................................................................................................................................10APPENDICES...........................................................................................................................................11Appendix 1: Calculations of % of total CDs sold, estimated profits and % of total profits..................11Appendix 2 Field observations results................................................................................................11Appendix 3 Calculation of median ranking at Young at heart and seniors.........................................11Appendix 4 Determination of significant difference between younger and seniors...........................122

INTRODUCTIONTribute Ltd is a UK based micro entity that specialises in the promoting the tributeartistic work and company has approached Jonnie Jones as a young and independent guitarist.Jonnie is a tribute artistic of Hendrix who was the famous singer, rock guitar player and songwriter. He was well-famous for his excellent guitar performance and won many awards for hiswell-played music and built a distinctive reputation throughout UK for the best quality tributeperformance across the age limit of senior citizens as well. In order to promote Jonnie’s album,Tribute Ltd utilized nostalgia marketing so as to strengthen their market position and gain aleading position in the music industry. In such regards, nostalgia marketing can be defined as aprocedure of marketing the current products and services featuring to the same marketingpractices of the past period that was famous, generated crowded audiences and brought successto the entity. Although, it is using nostalgia marketing featuring Hendrix’s music products,retail stores and websites in his home town, Brighton & throughout the South East of Englandso as to boost sales, profitability and market share across UK. Therefore, its managers areconcerned with what they actually need to use either music in digital format, songsdownloading facilities from the internet or consider retail outlets for business growth &progress. Thus, the report is prepared with the aim to explain the nostalgia marketing whetherthe internet plays a major role in the marketing practices for Jonnie’s performance or not in thefuture period. Moreover, it will also examine various primary & secondary data sources usingvariety of techniques for the purpose of decision-making. Analysis of Individual Tasks2.1 Analysis of Senior Citizen Music MarketNostalgia marketing refers to the marketing strategies of the firms tapping with thestrong positive cultural memories of the historical period that are used in the current marketingand promotional plans for driving energies and create a strong impact on the consumers toboost sales. With the stated scenario, it is clearly stated that Hendrix was well-famous for hisexcellent guitar performance and won many awards for his well-played music and built adistinctive reputation throughout UK for the best quality tribute performance across the agelimit of senior citizens as well (Cloonan, 2016). Thus, it is the main reason why Tribute Ltdconsidering to incorporates his websites, music and others into the current marketing practicesfor promoting Jonnie’s music albums for the business growth. It will bring substantial benefitsto the Tribute Ltd in many ways such as generating millennial audiences by encouragingsenior citizens and others with the past lovely music memories of the Hendrix. 3

In UK’s music industry, statistical data reported that the total album equivalent sales(AES) rose by 3.7% to 121.6m whilst the total retail value of music recording rose up from1.02bn to 1.06bn by 3.5% (UK Music industry, 2016). In the modern competitive marketplace,companies started marketing their goods and services using digitalized techniques likewebsites for the online also called e-marketing. No-doubt, in the current era of advancedtechnology, internet plays a major role in Tribute Ltd’s growth which is used to generatecustomer traffic by encouraging them through using electronic media tools i.e. website, social-media (Facebook, Twitter etc.), Video-Sharing (You-tube) and others. It can be evident that inUK music industry, 50% of the total income is obtained in the form of digital sales whichclearly shows the rising trends towards listening music on internet and downloading as well(UK to the world, 2016). Thus, it becomes clear that by the help of internet in nostalgiamarketing, Tribute Ltd can leverage optimistic expression and feelings of the senior citizenstowards music listening via representing a connection between Hendrix & Jonnie’s musicalbums, guitar playing and so on and helps to boost sales in the future period. 2.2 Analysis of Secondary DataAs per the scenario, Tribute Ltd’s managers are concerned towards analysing the salesperformance of the Jonnie’s music CDs for the latest two years, 2014 to 2016. Presently,Jonnie’s sells his music in the CDs format however, in order to create album, it incurs a cost of2GBP/CD. It also comprises the cost of hiring the recording studio, technician cost & blankCDs as well. There are 7sales location in total at where Jonnie’s music has been sold to theaudiences that are Complementary (free of cost delivery), general (personal contact), mail(post), web order(website), concert (venues of live performance) and retail (retail stores). (A). Excel presentation % of total CD: CD sold at individual location/Total CD sold in two yearsEstimated profits: (Price of CD*Number of CD sold)-(Cost of CD, £2*Number of CD sold)% of total profits: Estimated profits/Total profits of the Tribute LtdCalculations attached in appendix 1 4

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