Tribute Ltd: Nostalgia Marketing and Senior Citizen Music Market Analysis

This report analyzes the senior citizen music market, nostalgia marketing concept, and the role of internet marketing for Tribute Ltd. It also includes a critical analysis of the effectiveness of nostalgia marketing in attracting the target population. The report suggests methods of improving data collection and presents the results of a survey conducted to assess consumer interest in music. The report concludes that nostalgia marketing can be profitable for Tribute Ltd.

Tribute Ltd

Contents
Introduction.................................................................................................................................................3
Task 1..........................................................................................................................................................3
Critical analysis of senior citizen music market, nostalgia marketing concept and internet marketing
role..........................................................................................................................................................3
Task 2..........................................................................................................................................................5
A) Excel spreadsheet with formula.........................................................................................................5
B) Graphical presentation........................................................................................................................6
Task 3..........................................................................................................................................................7
A) results from the combined data set and assessing the consumers interest in music..........................7
B) Biasness meaning and its implication for conducted survey.............................................................10
C) Methods of improving data collection..............................................................................................10
Task 4........................................................................................................................................................10
A) Median age group for purchasing and listening preferences by new age group...............................10
B) Cross tabulation................................................................................................................................11
C) intern’s survey research in terms of appropriateness.......................................................................11
D) The best test for finding out the meaningful information.................................................................11
Task 5........................................................................................................................................................12
Conclusion.................................................................................................................................................12
REFERENCES..............................................................................................................................................13
APPENDIX..................................................................................................................................................14

Introduction
UK is the well developed country and music industry is working tremendous in the
economic growth of the nation. Statistical report shows that recently it is contributed
approx 4.1 GBP billion. Records show that in the year 2015 musicians, lyricists etc.
related persons have generated approximately 2GBP billion turn over (Anderson and et.al,
2016). Present report is based on the Tribute Ltd which is working at small scale and
promotes tribute artistic music in the UK. Jonnie Jones has recently joined the cited firm,
person is good guitar player and write songs. Hendrix’s tribute artist was the most
popular guitar artists and awarded many times by music industry. Mr. Jonnie Jones has
appointed as Hendrix. Assignment will discuss the marketing concepts of nostalgia
marketing, it will critically evaluate the aspect that whether this marketing concept would
be useful in attracting population or not (Berman and Wang, 2017). Managers of cited firm
are paying attention of the distribution channel so that maximum number of people can
listen this music and get attracted towards the firm. In addition, study will collect data
from primary and secondary sources in order to make sound business decisions.
Task 1
Critical analysis of senior citizen music market, nostalgia marketing concept and internet
marketing role
In the modern era people like to listen music but music preferences of senior citizens and
younger’s are differed from each others. Elders like to listen music while doing any
exercise, rehabilitation and getting relax whereas for the young generation music is the
kind of entertainment medium (Cramér, 2016). People those who are in the age of 50 or
above they think that music can help them in increasing physiological arousal and can
make them relax. Tribute music is the first choice of senior citizens. Most of the old
persons have collection of songs, albums of Tribute music. In the UK there are number of
old persons those who have interest in such type of music so it is very essential for the
marketers to pay attention on their needs and fulfill those. Jimi Hendrix was the world
popular guitar artist, singer, song write. His music was appraised by the population all the
time Range of people mostly senior citizen like his music mostly (Greenwood and Hartley,

2017). In order to attract more people towards the brand Tribute Ltd has decided to take
support of nostalgia marketing for promoting music of Jonnie music. They have target the
senior citizen those who like to listen his music.
Being a small sized company taking support of nostalgia marketing would be effective
approach for tribute Ltd. In this company will make the positive connection with
audience by promoting the Tribute music (Introducing the Future Music Forum. 2016). It will
evoke excitement among senior citizen and they will take high interest in this. The
marketing strategy will promote the music in such manner so that people buy Jonnie
music album , song. In the modern digitalization world social media and internet are best
ways of making connection with the mass audience. It will develop old memories and
will generate new positive energies among those who like the music most. In addition to
this, there are many other ways of promoting and marketing the brand. Tribute ltd can
develop its own website and can promote the music album and songs by offering extra
discounts (Berman and Wang, 2017). To senior citizen. Company can use the Face book
and Twitter and can upload video or pictures of music album in order to enhance interest
of the audience that will attract more people towards the Jonnie’s work.
It is fact that social media has become the biggest way of promotion and advertisement.
Most of the people use the internet and they operate these social networking sites
frequently. By promoting the music on these sites can help in making strong connection
with the customers and it can support in achieving the brighter success to Tribute Ltd
(Anderson and et.al, 2016).

Task 2
A) Excel spreadsheet with formula
Excel sheet can help in presenting the overall sell of CDs of Jonnie music. Total number
of sales of Tribute Ltd in different locations:
=Total sold CDs at different locations/ Total sales*100
Total sales of CDs are= 130+353+167+223+1376+2459+72 = 4780
Percentage of total sales of Tribute Ltd= estimated profit/ total profit obtained*100
Profit= sales- cost
Sales= Sales of CDs* selling price
Cost= Sales of CDs* cost (2 Pound)

B) Graphical presentation
Interpretation: From the graphical presentation it can been seen that total sales from retail
stores are 51044%. By looking upon the sales figures it can be interpreted that most of the
London population like to buy the musical CD from retail stores. Collected from retail outlets
over two years are off 2459CDs. On other hand it is seen that 1376 CDs have been purchased
by the consumers from live concert place. That is the 28.79% of overall sales of the Tribute Ltd.
When it comes to profit earning then it is found that revenue earned by the Tribute Ltd from
retail outlets are worth of 14754 which is approx 42.43%. On other hand profit from live concert
was little lower , it was 13760 that is 39.57% of total sales volume of cited firm. In addition,

from the Brighton pubs sales was 72 and profit was 576 that means profit percentage was 1.66%
from this medium. From the general, mails and through social websites it is g sold 7.38%, 3.49%
and 4.67% and profit earned by these sources was 8.12%, 3.84% and 5.13%. However,
complimentary it is faced loss of 0.75%. From the above analyses it can be interpreted that
Tribute Ltd needs to focus more on retail outlet because this medium can help in accomplishing
objective of cited firm. For improving sales of the company Tribute can sell CDs and music
album at retail stores and can sell it in live concerts as well.
Task 3
A) results from the combined data set and assessing the consumers interest in music
appendix 2
In the scenario, Tribute Ltd has done filed observation. It has been conducted at two completely
differed locations. One of the location is Theater at Uxbridge and other is shopping mall
at Brighton. For collecting the primary data field observation is the effective technique
that can supports in identifying and observing the desires, experience, expectation,
feelings of consumers about the Jonnie’s music (Berman and Wang, 2017). Through
observation researcher can gather relevant information significantly without asking them
any question.

From the above discussion it is found that in the Mall there were 41 people or audience those
who liked the overall performance of Jonnie and they have appraised his musical performance.
On other hand in the Theater 19 people were there those who were listing to the music and they
approached to performance of Jonnie. Thus, it is found that out of 156 there were 60 visitors
those who liked the live musical concert very well. They had paid full attention and give their
positive response to entire performance.
Interpretation: From the graphical presentation it is shown that people who were interested
were belong to age of 61-75 year in the Mall. In the Theater there were approx 61.54% audience

were senior citizen. There were only 11 and 37 members those who were below 60 year age
those who like the Jonnie musical and guitar performance.

Interpretaion: Results show that there were 104 members in the Brighton Mall and out of 1.4
there were 62% candidates were female and remaining 38% were male. On other hand in
uxbridge Theater there were 58% female and 42% male condidtaes. Overall it can be intertred
that 61% feminine and 39% male persons were present in the Mall and theater. So it is found that
female have good interest in musical shows and they like to listen music and like to go in such
type of concerts.
B) Biasness meaning and its implication for conducted survey
Selection biasness is refers to selection of data or group of people by the observer with
the purpose of field observation in un organized and un randomized manner. In other woirds
Biasness can be termed as elimination of some collected facts in order to lead the in accurate
results.
According to given case study it can be said that in two different locations behaivour of
diffetent people are differed from each other. Tribute Ltd observed that at first place Jonnie
haplay the instrument and perform on the styage. Music of Hendix was played in high volume all
around the mall. But in theater these things did not happened. In the theater no song was played
represtation was very poor. That is biased and that is why results of two different locations were
completely differed from each other. That is observed that in the Mall crowd very loud and
paied concentration and enjoying hmusic whereas in Theater results were differed.
C) Methods of improving data collection
Tribute Ltd could take into account to audience in order to ccollect the information at
selected locations. Both Mall and Theater were good crowed places and having equal
characteristics (Anderson and et.al, 2016). It iFor improving the data collection observer
can obser the things at same time for same duration. That would help in getting proper
response and it will declear interest of audience in Jonnie’s performace.
Task 4
A) Median age group for purchasing and listening preferences by new age group
Appendix 3

From the graph it is clear that younger and other people give more focus to retail outlets
and they buy music albums from there. Apart from this it is found tgta mail and phones are on
less priority by tyem. Whereas in the senior citizen, people like to purchase music songs from
retail an live concerts. It is found that younger people like to listen the music on radio and CDs
whereas seniour citizen gives priority to cassette and CDs.
B) Cross tabulation
Appendix 4
From the results it can be said that there is no difference between younger and old people
at heart and their buying preferences.
C) intern’s survey research in terms of appropriateness
From the results it can be said that senior citizen and younger both give more priority to
the retail outlets abnd they like to buy CDs, albums the most.
D) The best test for finding out the meaningful information
Chi-square test can be applied here in order to know whether buying preferences of
senior citizen and younger’s are same or differed.

Task 5
To: Board of Director of Tribute Ltd
From: Financial analyses
Date: 25th April 2017
From the results it can be said that nostalgia marketing will be profitable for the Tribute
Ltd, it will support in making strong connection with the audience and will bring excitement
among senior citizens. It will attract people and they will surly buy the music album and songs
from retail outlets. No difference has been found between young and senior citizen in respect to
their buying preferences.
Conclusion
From the above report it can be concluded that using nostalgia marketing will be
profitable for the tribute Ltd and it will attract more old people and they will buy the albums and
songs,. It will help in increasing sales of the company and cited firm will be able to gain high
returns. From the discussion it is found that retail stores and live concert are two main places
where sales of CDs can be higher so on these place good profit can be generated.

REFERENCES
Books and Journals
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.
Cramér, H., 2016. Mathematical Methods of Statistics (PMS-9) (Vol. 9). Princeton university press.
Greenwood, J.A. and Hartley, H.O., 2017. Guide to tables in mathematical statistics. Princeton University
Press.
Online
Introducing the Future Music Forum. 2016. [Online]. Available through:
https://musicindustryblog.wordpress.com/category/music/. [Accessed on 25th April 2017].

APPENDIX
Appendix 1. Calculation of total sold CDs
Number
of CDs
sold
%age of
total
CDs sold
CDs
selling
price Sales Cost
Profit
estimation
% of total
profit
estimated
Complimentary 130 2.72%
£
-
£
- £260.00 -£260.00 -0.75%
General 353 7.38% £10.00 £3,530.00 £706.00 £2,824.00 8.12%
Email 167 3.49% £10.00 £1,670.00 £334.00 £1,336.00 3.84%
Through website 223 4.67% £10.00 £2,230.00 £446.00 £1,784.00 5.13%
Live Concert 1376 28.79% £12.00
£16,512.0
0
£2,752.0
0 £13,760.00 39.57%
Retail 2459 51.44% £8.00
£19,672.0
0
£4,918.0
0 £14,754.00 42.43%
Brighton Pubs 72 1.51% 10.00 £720.00 £144.00 £576.00 1.66%
4780 100% £60.00 £34,774.00 100%
Appendix: 2. Field observation
Brighton Mall The Theatre Combined results
1 minute 14 11 25
2 minute 41 19 60
3 minute 25 9 34
4 or more 24 13 37
Total 104 52 156
Age Brighton Mall The Theatre Combined results
Below 15 0 2 2
16-30 4 0 4
31-45 16 0 16

46-60 17 9 26
61-75 64 41 105
76 & above 3 0 3
Gender Brighton Mall The Theatre Combined results
Female 65 30 95
Male 39 22 61
Total 104 52 156
Appendix 3. Computing median
Buying preferences Young at heart Seniors Total
Retail 1 2 1.5
Concert 3 2 3
Online 2 4 3
Mail 4 3 3
Phone 4 3.5 4
Listening preferences
Cassette 5 3 4
CDs 2 3 2
Live 4 3 3
Digital 3 5 4
Radio 2 2 2
Appendix 4. Cross tabulation
Values
Row Labels Count of Young at heart Count of Seniors

Live Concert 1 1
E-Mail 1 1
Online website 1 1
Phone 1 1
Retail outlets 1 1
Grand Total 5 5