CASE STUDY : TRIBUTE LIMITED
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Added on 2020-01-07
CASE STUDY : TRIBUTE LIMITED
Added on 2020-01-07
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CASE STUDY: TRIBUTELIMITED1
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INTRODUCTIONIn present time, there is growth and development in music industry which can be noticedthrough the data report. It earn profit more than 5.1 million in past two years. Growth anddevelopment in music industry is only because of famous composers instrumental players andmusicians. They all assist in earning profit and in making one of the fastest growing industry inUnited kingdom. There are different companies in music industry who are making huge profit bylaunching different type of music of famous artist. Tribute Ltd, is one of the company whooperates its business at small scale. Further it launch music of different bands and organized liveconcert in order to make high profit. At present, Tribute ltd appoint Hendrix who is one of thefamous singer and guitar player it launch music. Further Music industry also awarded Hendrixfor its best singing. Along with this the organization also hire Jonnie Jones who is famousinstrument player so that it can promote its album. For promoting new album Tribute ltd. Takesupport of Nostalgia marketing concept. In the report critical evaluation will be done forevaluating this concept whether it is useful or not. Further, it assist in order to identify that itattract senior citizen or not in order to drive greater yield. Apart from this manager of Tribute ltdalso ensure that all its album can be sold out through different distribution channel that arewebsites and retail store, through primary research manager want to identify number of peoplewho are interest in listening song of Jonnie, So that it can target those customers.TASK 1Critical exploration of senior citizen music market, nostalgia marketing and role of internet inmarketingIt is in context to the music industry of Britain where there exists dissimilar musicpreferences among the young age individuals and senior citizens. It is where the aging people aremore desired to hear music at the time of walking, workout and restoration, etc. However, thecontemporary people representing the young age individuals are self-reliant music fans and listenit for entertainment. It is where in accordance to the old age people, listening to music at the timeof working out is assertive in increasing the physical stimulation that together improves thepersonal experiences. They are also in huge preference of hearing the music of tribute artistswhere in UK, there exists a substantial population of elderly people where this in turn necessities3
the marketers to study their actual music related preferences and implement the same in theirbusiness practices.It is according to the given case script of Jimi Hendrix who was a well-known tributeartist have obtained an immense recognition all across UK among all age groups where he wasalso a song composer, singer and guitar player. Even the elderly group people are extremely fondof his composed music and due to which, Tribute Ltd opted to promote one of his recentlycomposed 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 agegroups 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 thisdigitalized world where social media is the foremost mean for communication with the help ofseveral interactive tools. It is also referred to be one of the easiest way to buid strong relationshipwith the customers. (Source: Introducing the Future Music Forum. 2016)The above depicted graph has clearly illustrated a crucial use of internet for thepromotion of music by the artists of today’s digitalized era by using distinct multimedia channelsto drive-in the millennial traffic by achieving greater level of success. 4Illustration 1: Free streaming audience and music buyer
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