Case Study on Nostalgia Marketing - Tribute Ltd

Added on - 15 Jan 2020

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Case Study B: TributeLtd
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Critical analysis of senior citizen market and nostalgia marketing along with the role in themarketing of Johnnie's work in the future...................................................................................3TASK 2...........................................................................................................................................5(a)Completion of table.................................................................................................................5(b) Graphical representation of data............................................................................................6TASK 3...........................................................................................................................................7a) Analysis of combined results...................................................................................................7b) Mean of biasness and biasness in the collected data.............................................................10c) Method to improve data collection........................................................................................10TASK 4..........................................................................................................................................10(A). Median age group and interpretation.................................................................................10(B). Cross tabulation..................................................................................................................11(C) Survey research...................................................................................................................12(D) Application of test to obtain information............................................................................12TASK 5.........................................................................................................................................12Stating the output for analyzed in above section along with the assumptions..........................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing of a product is regarded as one of the important approach used in enhancingoverall performance of an entity. This approach is used in aware customers about the currentproducts or services offered by an entity to its variety of users so it is important for anorganization to enhance their current products in order to grab higher market share in the nearfuture. This project is all about the critical evaluation of senior citizen marketing and adoption ofnostalgia marketing in improving performance of the organization in relation to the externalmarket parameters. It also emphasises on collecting primary data and using statistical tools inorder to analyze the data accuracy in order to achieve desired aims and he objectives within agive period as role of an entity gits increases by adopting various functions in generating highermarket share in order to grab higher market opportunities. Marketing nurtures all the skills andthe capabilities of an entity in order to handle complexities in the external market.TASK 1Critical analysis of senior citizen market and nostalgia marketing along with the role in themarketing of Johnnie's work in the futureCritical analysis of senior citizen marketSpecial study is conducted by an individual related to the senior citizen music market inwhich all the preferences of all senior citizen individuals will be ascertained in order to sellsvarious musical CD and arranging concerts as per their views (Pérez, 2017). The senior citizen inthe UK prefer to listen silent music which excludes all DJ and artificial musical instruments usedin the original songs in order to increase the current sales and the revenue of the businessenterprise. The evaluation of all the markets is essential for an entity John in order to design allthe products and services according to their tastes and preferences of various senior citizenmarkets. The music produces an entity according to various kinds of persons as it is essential tomeet all their needs and he expectations in order to accomplish desired aims and the objectiveswithin a given time span. It is important for the business to emphasises on all their needs and theexpectations of the external market in order to grab external market opportunities to enhance thecurrent skills and the capabilities of an entity.
Nostalgia marketingJohn has adopted nostalgia marketing in order to improve their current sales and therevenue as their major aim is to accomplish various aims and the objectives in order to grabhigher market opportunities in the near future (Jain, Chandani and Ganesh, 2016). The termnostalgia refers to considering emotional factors of an individual in the current products orservices in order to get competitive advantage in the external market. This particular marketingapproach emphasises on needs and the expectations of senior citizen that focuses on the old thisrather than adopting new technological changes takes places in the external market.Old music is silent which is highly enjoyed by the users as they can feel the emotionalthought conveyed by the singer through their music which is not at all fund in the new rockingmusic which will not create a link between the user and a singer through their song (Sakunia andJha, 2016). The relationship will be formed by an individual in order to maintain a good relationwith the buyer which helps in satisfying all their needs ad the expectations which is essential inorder to gain higher market advantage.Role of internet in marketingIn the modern corporate world, the role of technology has increases with the passage oftime as it enhances overall business of an entity in order to grab higher market opportunities inthe external market. With the increasing change in the external business environment turbulencewill be created which needs to be controlled in order to provide competitive advantage over itsvariety of consumers exists in the external market.Internet is a group of networks which is important source of collecting information foraccomplishing desired aims and the objectives of an entity. With the help of internet anindividual can generate any kind of information to resolve all their doubts and problemscurrently faced by an individual as it is important an individual in order to consider each andevery factors in improving their overall business (Jain, Chandani and Ganesh, 2016). Internetmarketing is the latest trend adopted by an entity owner in increasing popularity of theirbusiness. Social media sites is one o the essential approach used by an entity under the internetmarketing. Social media is that platform through which an individual can communicate withvariety of people simultaneously. It is regarded as the less expensive moped of marketing in
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