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: TRIBUTELIMITED
INTRODUCTIONUK music industry has attained tremendous growth now days as compared to the pastyears. It has supported 119000 jobs and thereby made significant contribution in the economicgrowth and development. Along with this, UK music sector generated £2.2 billion in the form ofexport revenue. Further, total audience for live music in UK was 27.7 million. Out of this, 24millions are attending concerts and remaining 3.7 million going to music festivals (UK musicworld, 2017). This report is based on the case scenario of Tribute Ltd that has attained leadingposition in the small segments. The main focus of this report is to highlight the importance ofnostalgia marketing in music sector. Besides this, it will also develop understanding about themanner in which statistical tools present suitable solution from large data set. TASK 1Critical evaluation of the interest level of senior citizens in music and role of nostalgia marketingMusic provides highly peaceful environment to the individuals and thereby enables themto reduce the level of tension to a great extent. Hence, music makes the moment joyful andthereby helps individual in living good life. However, on the critical note, it can be stated thatnow old people are listening music with the higher rate as compared to young individuals. Therationale behind this, in UK ratio of aging population is higher in comparison to young people.Hence, old people listens music with the higher percentage while carry out several activities.Thus, old people lay emphasis on listens music while doing exercise. It is the part of livingstandard of people and music provides high level of relaxation to them (Introducing the FutureMusic Forum. 2016). Besides this, at the time of walking old people also prefers to listen musicwhich in turn develops high level of satisfaction among them. By doing investigation, it has beenidentified that senior citizens place emphasis on listening music which is written and composedby Tribute Ltd. This in turn shows that senior citizens have positive attitude regarding the musicof Tribute Ltd. Besides this, for the purpose of entertainment young people also listen musicwhich is introduced by such organization. Hence, business units which are operated in UK musicsector needs to make focus on offering services by keeping in mind the preferences andexpectation level of customers (Towse, 2016). Given case scenario presents that Hendrix andJonnie are the main guitar players of Tribute Ltd. In the field of senior citizen, Hendrix is themost popular singer whose music is liked by the number of people in the category of senior1
citizen. Hence, Hendrix has built effectual image in the mind of individuals in the group of oldand young people.In the current times, Tribute Ltd is placing emphasis on adopting nostalgia marketingstrategy with the motive to promote Jonnie music. Nostalgia marketing strategy is highlyeffectual and significant which in turn helps in enhancing the attention level of individuals. Inthis, firm is required to revive the memories of individuals which are associated with the liveconcert and musical shows (Cloonan, 2016). In addition this, by giving advertisement onnewspaper, social media firm can entice the decision making aspect of old age people. With themotive to maximize productivity and profitability Tribute Ltd organizes live concerts and theatremusical shows of Jonnie music. In this, by placing the images of live concerts and videos onsocial sites Tribute Ltd can grab the attention level of individuals. The reason behind this, fromyoung to old age people use of social networking sites increased significantly. Now, to satisfythe social needs people spend their huge amount of time on social sites (Ju and et.al., 2016).Thus, by undertaking the concept of nostalgia marketing Tribute Ltd can develop positiveattitude among the people regarding music albums and Jonnie music. Thus, such modern conceptof marketing will make contribution in the growth and success of firm to a great extent. TASK 2a. Presenting formula of % of total and % of total profits Sales level % of total CD’s sold by Tribute Ltd on different locations = Number of CDs sold (differentlocations) / Sum of CD’s sold (in units) * 100CDs sold (in numbers) = 130+353+167+223+1376+2459+72 = 4780Profit level % of total profit generated (at different locations by Tribute Ltd) = Estimated profit at eachlocation / Total profit attained * 100Profit margin: Sales revenue – cost levelSales revenue: CD’s sold (in number) * selling price per CD Cost: CD’s (in number) * cost such as £22
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