Case Study on Tribute Ltd Assignment
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Added on 2019-12-28
Case Study on Tribute Ltd Assignment
Added on 2019-12-28
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Case Study - Tribute Ltd
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Critical analysis of senior citizen music market, nostalgia marketing and role of internet inmarketing.....................................................................................................................................1TASK 2............................................................................................................................................3(A). Excel spreadsheet with formula...........................................................................................3(B). Graph representing % of total & % of total profits..............................................................3TASK 3............................................................................................................................................4(A). Analysis of the results from the combined data set and assessing the consumers interestin music.......................................................................................................................................4(B). Meaning of biasness and assessing its implication for the conducted survey.....................7(C). Methods to improve the data collection...............................................................................8TASK 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......................................9TASK 5............................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThere 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 manyartists 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 deliverartistic work. As per its recent achievement, they have signed contract with Jonnie Jones who is aguitarist and composes songs. Further, there is another artist named Hendrix who was a famousguitarist and has also received many rewards for his compositions. With this respect, it isimportant to promote him so that people will make purchases of the songs that are composed byhim and this way firm will get benefited. This repost will cover proper analysis of the seniorcitizen 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 consumersinterest in music. In addition to this, it will also provide wide range of help in understandingdifferent aspect that are followed by firms in order to promote music. TASK 1Critical analysis of senior citizen music market, nostalgia marketing and role of internet inmarketingDifferent people have diverse set of perception towards music. In this context, thepreference of young and senior citizens are also different at British music industry. It is beingidentified that people who are old generally prefer to listen to music during the time when theyare exercising, walking, etc. (Brady and Nauta, 2013). On the other hand, young people prefer tolisten to music for their entertainment. As per the perception of old people, with the help ofmusic during the time of exercise is helpful in increasing the rate of subjective experience andphysiological arousal. Further, senior people also prefer to listen tribute artistic music, albumsand songs. As per the total population of UK, majority of people are seniors and they so isbecomes important for markets to consider and put more focus this side. In accordance with thecase, it is identified that Jimi Hendrix is one of the most popular musician who developreputation and popularity among all age groups and specially among senior citizens. This can bedetermined as the main reason due to which they have decided to make promotion for Jonnie'salbums with the help of nostalgia marketing. This way they will be able to attract greaterproportion of senior citizens. 1
This type of strategy will be favourable for the cited firm business as it also makes use ofstrong memories, familiar events, and positive connotation and music player. This will it willboost up the demand for Jonnie's album . More specifically, more and more elderly people willget to know about the songs that are composed by this artist with the help of live concerts andalbum (McPherson, 2015). For this purpose, this type of practice can be incorporated throughvarious ways like reviving the old memories and this can be done by featuring the same thatwere used in the albums of Hendrix. This way people will make comparison among the songs ofHendrix and Jonnie's. Further, in this modern world, internet is considered to be the mosteffective source that is helpful to conned with many people at a time. This way with the help ofsocial media, it will help to perform nostalgia marketing in order to leveraging optimistic feelingand for old memories. In other words, this can be helpful in creating meaningful connectionamong present world and the old memories that seniors citizens have (Forsyth, Lennox andEmslie, 2016). Further, with the help of social media like Facebook, YouTube, etc. can be usedin which live concerts, songs, videos can be uploaded through which people will get to knowabout the album that is made by Jonnie. 2
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