Harnessing Nostalgia Marketing for Tribute Ltd.

The assignment suggests that nostalgia marketing can be an effective approach for Tribute Ltd. to achieve its goals, particularly in targeting elderly people who are more likely to respond positively to familiar and comforting experiences. The use of famous artists like Jimi Hendrix and Jonnie, as well as retail promotions and live concerts, can help to evoke emotions such as comfort, fondness, and excitement among seniors. Additionally, the company should consider launching new albums and identifying the needs and wants of fans in order to maintain their happiness and loyalty.

Case Study - Tribute Ltd

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Critical analysis of senior citizen music market, nostalgia marketing and role of internet in
marketing.....................................................................................................................................1
TASK 2............................................................................................................................................3
(A). Excel spreadsheet with formula...........................................................................................3
(B). Graph representing % of total & % of total profits..............................................................3
TASK 3............................................................................................................................................4
(A). Analysis of the results from the combined data set and assessing the consumers interest
in music.......................................................................................................................................4
(B). Meaning of biasness and assessing its implication for the conducted survey.....................7
(C). Methods to improve the data collection...............................................................................8
TASK 4............................................................................................................................................8
(A). Median age group for purchasing and listening preferences by new age group.................8
(B). Cross tabulation...................................................................................................................9
(C) Evaluating the intern’s survey research in terms of appropriateness....................................9
(D) Applying the best test for finding out the meaningful information......................................9
TASK 5............................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
There is a drastic growth in the music industry with advancement in technology. Further,
the total contribution is about 4.1 GBP billion by this industry. For this purpose, there are many
artists that have come up and have developed an effective impact over the business (Blumenfeld,
2014). Present report is about Tribute Ltd which is a small sized business and focus on deliver
artistic work. As per its recent achievement, they have signed contract with Jonnie Jones who is a
guitarist and composes songs. Further, there is another artist named Hendrix who was a famous
guitarist and has also received many rewards for his compositions. With this respect, it is
important to promote him so that people will make purchases of the songs that are composed by
him and this way firm will get benefited. This repost will cover proper analysis of the senior
citizen music market with the help of nostalgia marketing and its role of internet in marketing.
Further, it covers analysis of the results from the combine's data set and assessing the consumers
interest in music. In addition to this, it will also provide wide range of help in understanding
different aspect that are followed by firms in order to promote music.
TASK 1
Critical analysis of senior citizen music market, nostalgia marketing and role of internet in
marketing
Different people have diverse set of perception towards music. In this context, the
preference of young and senior citizens are also different at British music industry. It is being
identified that people who are old generally prefer to listen to music during the time when they
are exercising, walking, etc. (Brady and Nauta, 2013). On the other hand, young people prefer to
listen to music for their entertainment. As per the perception of old people, with the help of
music during the time of exercise is helpful in increasing the rate of subjective experience and
physiological arousal. Further, senior people also prefer to listen tribute artistic music, albums
and songs. As per the total population of UK, majority of people are seniors and they so is
becomes important for markets to consider and put more focus this side. In accordance with the
case, it is identified that Jimi Hendrix is one of the most popular musician who develop
reputation and popularity among all age groups and specially among senior citizens. This can be
determined as the main reason due to which they have decided to make promotion for Jonnie's
albums with the help of nostalgia marketing. This way they will be able to attract greater
proportion of senior citizens.
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This type of strategy will be favourable for the cited firm business as it also makes use of
strong memories, familiar events, and positive connotation and music player. This will it will
boost up the demand for Jonnie's album . More specifically, more and more elderly people will
get to know about the songs that are composed by this artist with the help of live concerts and
album (McPherson, 2015). For this purpose, this type of practice can be incorporated through
various ways like reviving the old memories and this can be done by featuring the same that
were used in the albums of Hendrix. This way people will make comparison among the songs of
Hendrix and Jonnie's. Further, in this modern world, internet is considered to be the most
effective source that is helpful to conned with many people at a time. This way with the help of
social media, it will help to perform nostalgia marketing in order to leveraging optimistic feeling
and for old memories. In other words, this can be helpful in creating meaningful connection
among present world and the old memories that seniors citizens have (Forsyth, Lennox and
Emslie, 2016). Further, with the help of social media like Facebook, YouTube, etc. can be used
in which live concerts, songs, videos can be uploaded through which people will get to know
about the album that is made by Jonnie.
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From the above illustration, it can be stated that use of internet is done by artists as it
enables to provide them, with better reach for customers and to achieve better success.
TASK 2
(A). Excel spreadsheet with formula
Percentage of total CD sold by Tribute Ltd
over different locations:
= Number of CDs sold at different
locations/Total number of CD sold*100
Total number of CDs sold =
130+353+167+223+1376+2459+72 = 4780
Percentage of total profit generated at
different location by Tribute Ltd:
= Estimated profit at each location/Total profit
obtained*100
Sales: Number of CDs sold*selling price
Cost: Number of CDs*cost (2 pound)
Table 1: See appendix 1
(B). Graph representing % of total & % of total profits
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Interpretation and analysis: As per the conduced analysis, it can be stated that the
majority of the contribution percentage wise is done by retail. From this it can be stated that
people prefer to make use of retail stores to purchases music CD's. On the other hand, the least
purchases that are being made is from Brihton pubs. This show that the type of artist who have
contributed for songs in CD's are not preferred in pubs. Specifically, it can be stated that out of
100%, total percentage of purchases done from retail is 51. Further, the rate of purchases was
high through concert performance. This is a type of platform in which individuals get to know
more about the type of music that are developed. This the rate of purchases made by concert
performance is about 29%. Contribution made other sources like mail orders, web orders, etc. are
lowest. From this, it can be stated that the rate of preference done for online purchases is lowest.
In addition to this, the total number of CD's that were bought from retail is 2459. Further, the
total number of CD's that were sold was about 4780. This way, it can be stated that the type of
marketing strategy that is being used has helped in promoting the work that is performed by
artists.
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TASK 3
(A). Analysis of the results from the combined data set and assessing the consumers interest in
music
In accordance with the given case scenario, it is identified that Tribute Ltd. Has
conducted field observation of two locations. One is shopping mall at Brighton and another one
if a Theatre at Uxbridge. In this context, field techniques can be determined as a helpful
technique that make use of primary data collection (Macfarlane and Beasley, 2015). This enables
to make proper analysis of experience, desires, feelings and interest of people regarding the
album of Jonnie. People are asked questions and they enable to come up with an appropriate
outcome.
The data that is collected from the mall, it can be stated that people who are at the mall
liked the performance of Jonnie. On the other hand, at theatre, there were 19 of the respondents
who have heard the music of Jobbie. This way it can b stated that out of 156, there are 60 of the
people in total who are interested.
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Interpretation and analysis: Higher audience were founded from the 61 to 75 who prefer
to listen to the music of Jonnie. More specifically, there are 104 and 52 from mall and Theatre.
From this the majority of people who listen to album of Jonnie is from the age from of 61 to 75.
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Interpretation and analysis: In accordance with the above table, it can be stated that
females are in majority who like the album of Jonnie. On the other hand, male are just 38%. This
data was gathered from Mall (Welch, Saunders and Himonides, 2014). Further, as per the data
collected from theatre, it is found that male percentage is more when compared with female.
(B). Meaning of biasness and assessing its implication for the conducted survey
Selection through biasness can be determined as a survey that is helpful to select
individuals, group or data with an aim to conduct field analysis. This is done in an unrandomly
manner. Further, it can also be defined as the disordered statistical analysis through which facts
are gathered.
Observation was conducted by Tribute Ltd in two locations and this way they Jonnie
presented his appearance and this was helpful enough to develop strong image or perception
within the mind of people (Hayes, Barthet and Bryan-Kinns, 2016). Further, he also arranged his
own music instrument and his performance was held for 3 hours in the mall. On the other hand,
the preference and the analysis made according tot eh result from theatre was not the same.
Further, the crowd is twice at mall when compared with theatre.
(C). Methods to improve the data collection
There are number of audience that should be kept in mind when field observation is
conducted. In this context, there should be equal characteristics determined in mall as well at
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theatre (Marcone, 2014). Further, it is also important to make sure that proper observation is
made and for same duration. In addition to this, interest of people should also be considered.
TASK 4
(A). Median age group for purchasing and listening preferences by new age group
As per the result that is founded, it can be stated that retail stores are considered to be
most important by elderly people. Further, it can be determined that the rate of age group that has
made purchases is of 55 to 64 which is 22%. Moreover, the lowest purchases are made by the
age group of 85 and above which is 9%. As per the rate of older people have purchased that CD's
more and this can be stated to be the main cause due to which use of retail is high. In case the
purchases done youngster would have been high, then it could have been through online sources.
(B). Cross tabulation
As per the result that is present in the cross table in the excel. It shows that there are no
significant difference among senior citizen and youngsters with regard with the buying
preferences. The rate of purchases made by older people are high.
(C) Evaluating the intern’s survey research in terms of appropriateness
The analysis shows that the preference that is made for retail is high when compared with
other online sources like mail orders. This is because the majority of people who made purchases
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are older people. It is the research due to which retail are more used than other sources. Further,
the result that was found from cross tabular analysis, it was found that there is difference
between seniors and youngster in buying preferences.
(D) Applying the best test for finding out the meaningful information
In order to determine the buying preference of seniors and youngster, it can be stated that
Chi-square test can be conducted.
TASK 5
To: BOD of Tribute Ltd
From: Financial analysts
Date: 25th April 2017
As per the analysis made, it can be determined that nostalgia marketing is highly
effective approach that should be preferred by Tribute Ltd. More specifically, it will use of
positive connotation, familiar event and strong memories. Further, to evoke comfort, fondness
and excitement among seniors citizen, Hendrix played vital role through the CD's. Further, with
the influence of Hendrix, firm was able to make their purchases for album of Jonnie. Further, it
is also important for the organization to make use of retail so that they can promote the songs or
the CD's that are composed by artists. Further, it can be determined that retail store and live
concerts are most important in order to sell out the albums.
CONCLUSION
Nostalgia marketing can be used by Tribute Ltd. in order to achieve its goals. In order to
grab attention of elderly people, it is not possible as they do not like the idea of internet. Further,
to sell CD’s, retail can selected. Special promotional programs can be done during the time of
occasions and festivals. Further, famous artists like Jimi Hendrix and Jonnie can be used so that
more and more people can be attracted. Moreover, new album should be launched by Tribute
Ltd. in order to maintain the happiness among people. In addition to this, proper attention should
be made so that needs and wants can be identified of fans.
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REFERENCES
Blumenfeld, J., 2014. Tribute to John H. Laragh, MD. American journal of hypertension. 27(8).
pp.1011-1012.
Brady, J. V. and Nauta, W. J. eds., 2013. Principles, Practices, and Positions in
Neuropsychiatric Research: Proceedings of a Conference Held in June 1970 at the Walter
Reed Army Institute of Research, Washington, DC, in Tribute to Dr. David Mckenzie Rioch
upon His Retirement as Director of the Neuropsychiatry Division of That Institute.
Elsevier.
McPherson, G. E., 2015. The child as musician: A handbook of musical development. Oxford
University Press.
Forsyth, A. J., Lennox, J. C. and Emslie, C., 2016. “That's cool, you’re a musician and you
drink”: Exploring entertainers’ accounts of their unique workplace relationship with
alcohol. International Journal of Drug Policy. 36. pp.85-94.
Macfarlane, G. J. and Beasley, M., 2015. Alcohol Consumption in Relation to Risk and Severity
of Chronic Widespread Pain: Results From a UK Population‐Based Study. Arthritis care &
research. 67(9). pp.1297-1303.
Welch, G., Saunders, J. and Himonides, E., 2014, July. An evaluation of children’s instrumental
learning in the Every Child a Musician (ECaM) programme. In Proceedings of the
Research Commission Seminar of the International Society for Music Education. João
Pessoa: ISME/UFPB.
Hayes, K., Barthet, M. and Bryan-Kinns, N., 2016, May. A participatory live music performance
with the Open Symphony system. InProceedings of the 2016 CHI Conference Extended
Abstracts on Human Factors in Computing Systems (pp. 313-316). ACM.
Marcone, S., 2014. UK Music, The Intellectual Property Office, and Aardman
Animations. MEIEA Journal. 14(1). pp.312-314.
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Appendix
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