Market Analysis of Tribute Ltd.

This assignment focuses on analyzing the marketing strategies of Tribute Ltd., a company promoting Jonnie music. The analysis delves into consumer preferences, particularly those of younger and older demographics, examining their listening habits, purchasing behaviors, and responses to marketing strategies like nostalgia-based campaigns. The report utilizes survey data and chi-square tests to evaluate differences in preferences and presents recommendations for Tribute Ltd. to enhance its sales and appeal to both target audiences.

Case Study: Tribute Ltd.

Table of Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
Evaluation of senior citizen music market, and marketing concept.......................................3
TASK 2......................................................................................................................................4
(a)Completion of table...........................................................................................................4
(b)Graphical representation of data........................................................................................4
TASK 3......................................................................................................................................6
a. Analyzing the combined results.........................................................................................6
b. Assessing the extent to which gathered data is biased.......................................................8
c. Identifying the methods for making improvement in the data collection..........................8
TASK 4......................................................................................................................................8
a. Finding median age group of people who listen and purchase CD’s.................................9
b. Identifying the level of differences in the preference level of individual..........................9
c. Presenting the aspects of intern’s survey research.............................................................9
d. Stating the test that is applied on data set to assess meaningful information..................10
TASK 5....................................................................................................................................10
Evaluating the responses of respondents..............................................................................10
CONCUSION..........................................................................................................................10
REFERENCES.........................................................................................................................12
APPENDIX..............................................................................................................................13

INTRODUCTION
Music industry is one of the largest industries in the UK and currently large number of
people is employed in the mentioned industry. Music industry cover large portion of the UK
GDP and due to this reason it have its own importance for the nation. In current time period
people preference is changing at fast and old age as well as new generation people are
preferring different sort of songs. It became very important to satisfy needs of all sorts of
customers so that maximum revenue can be earned in the business. In the current report,
Tribute Ltd is the firm that is considered in order to evaluate the music industry ( Hracs,
2012). It must be noted that old age people prefer old songs and new generation people prefer
rocking songs. Mentioned firm is giving due priority to maintaining balance between
different sort of customers in the business. Thus, it is planning to make remix of the songs
that are sung in old days by the singers to tribute them. In this regard contact is established
with the Jonnie which is the singer and prepare entire music album. In the current report, data
analysis is also done that is gathered from the performance that was given by the Jonnie in
the mall. Different charts and tables as well as calculations are done and on basis of same
interpretation is made.
TASK 1
Evaluation of senior citizen music market, and marketing concept
UK is the one of the nation in the world that is known for the largest music industry in
the world. Currently, entire customer segment can be divided in to multiple parts namely
youngsters and old people. It is observed in many researches that are conducted earlier that
old age people prefer to listen old songs. On other hand, youngsters are preferring rocking
music. Thus, it can be said that old age people and youngsters preference is different from
each other. There are number of reasons due to which old people prefer old songs. One of
them is that they prefer calm environment and old songs have medium or low sound music
(Lieb, 2013). Due to this reason old people are preferring old songs. It is normally observed
that at time of morning walk people prefer to listen old song because at that time calm
environment is required. Hence, there is high demand of old songs in the market.
It can be observed that in UK old people proportion is very high in comparison to
youngsters. Due to this reason it become very important to focus on old songs. In the current
situation business firm cannot afford to focus only on the young segment. It is very important

to maintain balance between both so that market share can be increased in the industry. It can
be observed that people preference in respect to old songs is also different. Some people
prefer to listen specific singer songs. On other hand, there are some old people that prefers to
listen old songs that are related to the specific album. Thus, it can be said that there are
different behavior and preference of the people in respect to listening old music. So, while
preparing old songs album it is very important to understand people listening behavior and
accordingly decision must be made about the way in which album must be prepared.
Nostalgia marketing is the one of the main tool that is used to do marketing of the
product in the market. This is the different strategy in comparison to other one. Under this
strategy old memory that is associated with the specific time period is used to marketing of
the product. There are few songs that are quite popular among the old people and there are
lots of memorable events that are associated with such songs (Roberts and Cohen, 2014).
Collection of those songs can be prepared in the album. By using this strategy number of
customers can be increased at rapid rate in the business. It can be said that there is huge
importance of the mentioned sort of marketing for the business firms because by using same
firm is getting an opportunity to increase its market share in the industry.
TASK 2
(a)Completion of table
Results are clearly reflecting that there are number of channel of distribution from
which product can be sold in the market. In the table that is given in the appendix it can be
seen that number of CD sold is different for all channels of distribution. Results are clearly
depicting that large number of products are sold through small shops and programs through
which singer is giving presentation of songs. There are also other channels through which
same product is sold in the market. Results are clearly reflecting that from the program that is
organized there 39.57% of profit is earned. But on other hand from the small shops earning of
42.43% is made. This is reflecting that total return of high percentage is earned from the retail
stores and concerts. Firm can focus on these channels of distribution (retail and concerts) but
can also focus on other alternatives in order to increase revenue at rapid pace in the business.
(b)Graphical representation of data

Complimentary
General
Order via mail
Order on website
Concert performance
Retail
Brighton Pubs
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
% CD sold
Complimentary
General
Order via mail
Order on website
Concert performance
Retail
Brighton Pubs-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
% of total profit
Interpretation
On the basis of analysis of figures it can be observed that percentage of CD sold in the
market is very high in case of concert. It is clear that sale of 28.79% is made through the
concert and 51.44% is sold through the retail stores. There are only 3.49% of total CD
produced that is sold through mail followed by 7.38% of overall production is sold through
general. It is very important to take a look at the percentage of profit that is earned on the sale
of CD through different channel of distribution. It can be observed that through concert
39.57% of profit can be earned in the business followed by 42.43% of profit can be gained
through retail stores. Thus, main focus of the business firm must be on these two channels of
distribution (ALBakr and Khojah, 2014).

TASK 3
a. Analyzing the combined results

Male Female
0
10
20
30
40
50
60
70
Brighton Mall
Brighton Mall

Male Female
0
5
10
15
20
25
30
35
The theature
The theature
Graphs which are presented above clearly shows that ratio of female candidates are
higher who attended live concerts held at Brighton mall. In mall, 66% individuals were
female and rest such as 34% male listened Jonnie music in Brighton Mall. Along with this, in
Theatre percentage of female candidates is greater than male. Hence, by taking into account
such aspect it can be stated that females are highly interested in Jonnie music as compared to
males.
b. Assessing the extent to which gathered data is biased
Biasness is present in the gathered data set to some extent which in turn closely
influences its significance level. Moreover, survey has been conducted by the researcher on
the people of Brighton Mall and Theatre. This aspect shows biasness because sales as well as
profit data clearly show that most of Jonnie Music CD’s are sold through mall as well as
Theatre. In this, data k
c. Identifying the methods for making improvement in the data collection
Data collection can be improved by the researcher through the means of the selection
of suitable sampling technique. Probabilistic sampling techniques such as simple random etc.
are highly effectual which in turn reduces the possibility of biasness to a great extent (Shamim,
Khan and Khalid, 2016). In this regard, by selecting sample for Jonnie music survey using
probabilistic technique researcher can present the fair view of study.
TASK 4

a. Finding median age group of people who listen and purchase CD’s
Graphical presentation
15%
20%
22%
16%
18%
9%
Number of respondents
Under 44 45-54 55-64
65-74 75-84 85 and above
From analysis, it has been identified that young people lays more emphasis on
purchasing CD’s from retail store. Further, old age people emphasized on both retail stores
and live concerts. This aspect clearly shows that very less number of people prefers to
purchase CD’s of Jonnie music through the means of mail and phone. Moreover, there are
several factors that have high level of impact on the decision making aspect of online
purchase such as privacy, delivery, quality etc (Boehm, 2016). In addition to this, by making
evaluation of data set it has been identified that it can be stated that large number of young
age people listens music through the means of radio rather than others mediums such as
cassettes. In addition to this, old people also entailed that radio is their first preference in
relation to listening music. This aspect clearly exhibits that preferences of young and old age
people are similar to the significant level.
b. Identifying the level of differences in the preference level of individual
To evaluate the differences in the decision making aspect of young and old age people
chi-square test has been employed by the researcher. Hence, table of chi-square mentioned in
Appendix shows buying behavior and preference in relation to listening music of young and
old age people do not vary from each other.
c. Presenting the aspects of intern’s survey research
Outcome of intern’s survey research clearly shows that young people placed emphasis
on purchasing CD’s through the means of retail store. Further, it has been found that old age

people also prefer to purchase CD’s of Jonnie music in the live concerts and from retail
stores. Hence, by taking into account the outcome of survey it can be stated that there is no
significant difference takes place in the purchasing preferences and decision making aspects.
It shows that purchasing preference in relation to purchasing CD’s of both young and old age
people is similar to a great extent.
d. Stating the test that is applied on data set to assess meaningful information
On the basis of cited case situation, researcher is required to assess the extent to which
responses senior citizen and younger at heart is similar. Hence, to resolve such issue chi-
square test has been applied by the researcher to identify whether preferences of males and
females in relation to purchasing CD’s differ or not.
TASK 5
Evaluating the responses of respondents
By evaluating the views of respondents it has been identified that nostalgia marketing
strategy will prove to be more beneficial for Tribute Ltd. Such marketing strategy lays high
level of emphasis on presenting services in a highly innovative manner. Along with this, it
also focuses on grabbing the attention level of customers regarding the services offered. In
this, awareness can be developed among the people regarding Jonnie music by Tribute Ltd
through the means of promotional campaign. Along with this, data analysis results clearly
show that majority of young and old age people prefers to purchase CD’s through retail stores
rather than other source. In this, by delivering quality services through the means of retail
stores Tribute Ltd can strengthen the sales significantly (Schmidt, Landais and Lovejoy,
2016). Further, through the means of marketing and other promotional aspect business unit
can also maximize sales of Jonnie music through the means of other sources. Further, it is
assumed that preferences of young and old people are similar in terms of decision making as
well as listening. Thus, by conducting evaluation it has been identified that both young
people at heart and old age people prefers to listen music from radio. Further, in terms of
buying behavior people of both the categories prefer to purchase CD’s of Jonnie music
through retail stores as compared to other mediums.
CONCUSION

By summing up this report, it has been articulated that large number of people likes to
listen Jonnie music. It can be seen in the report that most of the individuals hear Jonnie music
for 2 minutes in the live concert of mall. Thus, to attract individuals Tribute Ltd is required to
place emphasis on the aspects which are unique. This in turn helps firm in attracting more
viewers and thereby helps in getting the desired level of outcome or success. It can be
summarized from the report that by organizing live concerts or shows Tribute Ltd can
enhance sales significantly.

APPENDIX