Tribute Ltd Marketing Strategies

This assignment examines the marketing strategies employed by Tribute Ltd, a company specializing in nostalgic music experiences. The report utilizes analytical methods to assess customer preferences, the impact of nostalgia marketing, and the effectiveness of live concert associations. Data collection techniques are evaluated, and recommendations are provided for improving data gathering and enhancing long-term business objectives.

CASE STUDY B:
TRIBUTE LIMITED

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Evaluating senior citizen, market of music as well as concept of marketing.........................1
TASK 2............................................................................................................................................2
A) Completion of table...........................................................................................................2
B) Representation of data using graphs..................................................................................2
TASK 3............................................................................................................................................4
A) Analysis and evaluation of results of combined................................................................4
b) Mean of the biasness as well as biasness in the data collection.........................................7
C) Ways for improving the data collection............................................................................8
TASK 4............................................................................................................................................8
A) Age group's median value along the interpretation...........................................................8
B) Cross tabulation.................................................................................................................9
C) Research with the help of survey.......................................................................................9
D) Applying a hypothesis test in order to obtain and determine information........................9
TASK 5............................................................................................................................................9
Outcomes of above analysis along with different assumptions..............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDIX....................................................................................................................................12
Appendix 1. Percentage of total CDs sold and same of profit.............................................12
Appendix: 2. Results of observation at Theatre and Mall....................................................12
Appendix 3. Median ranking................................................................................................12

INTRODUCTION
Music is one of the fastest growing sector in the overall market which lead to attract
various ages of the customers in the world. In the music industry there are different types of
music are available which are like as silent, sophisticated etc. According to the present report the
music industry is valued up to the four billion GBP which is the highest value in the overall
market. Further, at the end of an accounting year 2015 the sales level of music valued up to the
two billion GBP. The current case study is on the basis of Tribute limited company which
appoints Jonnie Jones who is the musician as well as guitar player. In order to provide music
services and make aware to the customers the company doing marketing with the help Nostalgia
concept. The current report shows that there are how much CDs are sold in the market of the
respective music and how much profit is to be generated. Apart from this the report analyse that
in the mall or theatre at where more number of customers attend concert of Jonnie Jones
according to the age and gender. Moreover, there are different tables and graphs are to be
prepared and then analysed that up to which level the Tribute limited able to generate profit and
on the basis of analysis the decisions are to be made.
TASK 1
Evaluating senior citizen, market of music as well as concept of marketing
In the market for attracting the customers in order to sell the products and services there
are various strategies as well as techniques are used by the firms. There are various kinds of
marketing available with the business entity and among them one is Nostalgia marketing in
which old and antique items of the firm are to be marketed and attracted to the individuals
(Berman and Wang, 2017). On the basis of the Nostalgia marketing kind of concept there are
Tribute limited company which operating in the musical sector able to aware the music listeners
and customers about its different types of musics. The Jonnie Jones which provide musical
services to the listeners along with the guitar playing behalf of the Tribute company. The
respective guitar player providing slow music to the customers and in this there are senior
citizens are mostly attractive (Nostalgia as marketing strategy, 2017). Apart from this in the
market there are various kinds of services and products are to be provided and under which the
music concept is to be analysed at the current case. In addition to this, the Nostalgia type of
marketing is highly used method under which there is the Tribute Limited able to attract the
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senior citizens by providing the slow music. Hence, it can be said that the marketing concept of
Nostalgia is highly appropriate as well as attract to the senior citizens.
TASK 2
A) Completion of table
In the current table there is number of CDs are to be shown which are sold in the market
through various kinds of methods as well as ways. Table of the current analysis is to be provided
and made in the appendix one and by that it can be said that most of the number of CDs such as
total 1376 are sold in the concert performance which is given by the Jonnie Jones. Apart from
this, there are from the retail stores and shops CDs of the current music are sold up to 2459 units
in the market. Very lower numbers of the CDs are sold in the Brighton Pubs which is only 72 by
which it can be said that the Tribute Limited needs to focus on the retails. Further, total profit is
estimated at the highest level through two methods which is like as concert performance as well
as the retail stores.
B) Representation of data using graphs
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Analysis and findings
By considering the above presented graphs it has been ascertained that most of the
number of CDs are to be sold via concert as well as the retail stores. Percentage of the total CD
sold in the market in the concert performance is such as 28.79% as well as in the retail is such as
51.44%. When talking about the profit level which is generated by the Tribute Limited via music
is also same as mentioned above interpretation (Anderson and et.al., 2016). In terms of
generating the highest profit in the music industry is 42.43% which is with the help of retail
stores and provide more benefits to the company. In addition to this, there are through the
concert performance total profit earned is such as 39.57%. By doing the whole analysis it can be
said that the management of Tribute Limited needs to increase the retail stores as well as the
concerts which helps to it in order to enhance the profitability ratios.
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TASK 3
A) Analysis and evaluation of results of combined
Analysis and findings
The above stated graph shows number of the followers of music of Jonnie Jones at two
public places which are like as Brighton Mall as well as The Theatre. It has been observed from
the above graph that in one minute there are total 14 and 11 number of people attracted towards
concert at mall and theatre respectively. When talking about the third minute then there are
number of followers are such as 25 and 9 at the mall and theatre respectively. Further, by
considering the overall graph it can be found that in the Brighton Mall there are more number of
the followers are attracted towards the music as compare to The Theatre.
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Analysis and findings
The collected primary data reflects that more old age people are interested for the
program which is being conducted in the mall. It reflect that people in the age range of 45-60
goes frequently for viewing the program occurring in the mall. In this manner, around 70%
participants like to go for the mentioned program. It has been found that, more old age people are
interested in referring the program which is being promoted under in the mall in comparison to
the young one.
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Analysis and findings
The data extracted from primary sources reflects that higher proportion of female are
interested in joining the concert program as their satisfaction level meet to the higher extent by
using the same. It has been found that, 61% female went for the concert organized in the mall
whereas only 38% male went for the same. On the other hand, 58% female and 42% male prefer
to visit the theatre for listening the music of Jonnie. Therefore, female seem more interesting for
getting the services for the mentioned singer (Lazer and et. al., 2014).
b) Mean of the biasness as well as biasness in the data collection
Biasness is faced in the procedure of collection of data under which basically appropriate
sample size is selected. For this purpose, researcher generally prefer different kind of sampling
design in order to collect the data. At this juncture, it is important to select the right sample size
which represent the population effectively. However, the people selected under the sampling
should be free from any kind of bias. According to the given case, biasness is there in the
procedure of collected of data as it was mentioned in the study that data were collected from
mall. Through, data collected from theatre seems not relevant as no any specific information
related to the same has been provided (Hsiao, 2014). Furthermore, people who listen the music in
the mall might listen the same anywhere. Owing to this, it is not possible to rely on the data
related theatre as it is biased.
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C) Ways for improving the data collection
There are several methods to improve the data collection procedure under which research
must select the most suitable size of sample. At the same time, probabilistic sampling design can
be used under which all objects have equal chance to get selected in the study. For this purpose,
people selected for the sample must be reviewed in accordance with their entry or exit time in the
concert. It will be helpful to make the data more reliable related to effectiveness of signer or and
song sung by him. However, stratified random sampling can be selected in order to gather the
information from respondents. It aids to make the collected data more reliable and draw the valid
outcome effective to support the tribute ltd effectively (Charnes and et. al., 2013). Furthermore,
the gathered information will be unbiased for meeting the objectives of the research in the right
manner.
TASK 4
A) Age group's median value along the interpretation
The data collected from research reflects that majority of the young people are giving
preference to retail outlets in order to purchase the CD. However, old age people are not focusing
only on the retail outlets but also the concert which they have joined to enjoy the music. They are
referring both kind of sources of listening the old music in accordance with their preferences. In
addition to this, many other sources are being referred by the people to purchase the CD and
accordingly there are several sources to approach customers.
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B) Cross tabulation
The data mentioned under the cross table is provided the information related to collected
Tribute Ltd in context of singing.
The collected information bringfourht outcome that young people and old are referring
the same kind of mode of the purchasing of CD. This aids to meet their requirement in a best
suitable manner and catering their requirement effectively so as to get the right kind of product
on right time. Furthermore, buying pattern of both the groups is changing in the same manner but
their preferences are different.
C) Research with the help of survey
According to the collected information, it has been found that concert and retail store
both are appropriate for purchasing the CD. This in turn selected group of people such as young
and old both can effectively access good quality of services which are being provided by the
Tribute's singer. In addition to this, collected information is showing that buying preferences of
both group is same. However, they do not like to same kind of songs but refer the same mode for
purchasing the CD to listen their preferable songs (Fusch and Ness, 2015).
D) Applying a hypothesis test in order to obtain and determine information
The collected information are tested with the application of statistical tool such as Chi-
Square. This would be effective to derive the valid outcome and ensure the relationship between
two variables in the right manner.
TASK 5
Outcomes of above analysis along with different assumptions
As per the completion of the investigation, it has been found that application of
Nostalgia-marketing is the most effective aspect to increase the fan club of the singer. It is
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because songs are advertised effective such as remix version of old and new through which
attention of many people can be grabbed. The application of such kind of marketing strategy
tends to create positive attitude among respondents and allow the access the effective quality of
services which are being provided through singer of Tribute Ltd (The nostalgia trend in
marketing, 2017). Moreover, people who are old and young both mostly like to listen to songs
from Radio and CD. In this manner, Tribute Ltd can effectively frame the appropriate kind of
strategies for meeting the expectations of all related parties.
CONCLUSION
The aforementioned report concludes that suitable analytical methods proves to be
effective to derive the valid outcome and presenting the data in a most effective manner. This is
helpful for meeting the expectations of related stakeholders and accomplish long as well as short
term objectives of Tribute Ltd. It can also be concluded that nostalgia marketing and association
of live concert have the significant impact on the people accessing the services provided. This
proves to be effective to increase the sales turnover and profitability of the business in the
upward direction. Moreover, data collection method can be improved by selecting the right kind
of sampling design and size.
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REFERENCES
Books and journals
Lazer, D., Kennedy, R., King, G. and Vespignani, A., 2014. The parable of Google Flu: traps in
big data analysis. Science. 343(6176). pp.1203-1205.
Hsiao, C., 2014. Analysis of panel data (No. 54). Cambridge university press.
Charnes, A., Cooper, W.W., Lewin, A.Y. and Seiford, L.M. eds., 2013. Data envelopment
analysis: Theory, methodology, and applications. Springer Science & Business Media.
Cressie, N., 2015. Statistics for spatial data. John Wiley & Sons.
Fusch, P.I. and Ness, L.R., 2015. Are we there yet? Data saturation in qualitative research. The
Qualitative Report. 20(9). p.1408.
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
The nostalgia trend in marketing. 2017. [Online]. Available
through:<http://www.thedrum.com/opinion/2016/07/15/nostalgia-trend-marketing-can-
brands-enjoy-same-success-second-time-round>. [Accessed on 25th April 2017].
Nostalgia as marketing strategy, 2017. [Online]. Available through :<
http://3doordigital.com/nostalgia-marketing/>. [Accessed on 18th 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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