Case Study On Tribute Ltd | Music Industry Assignment

Added on - 11 Feb 2020

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Case Study: Tribute Ltd.
Table of ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................3Evaluation of senior citizen music market, and marketing concept.......................................3TASK 2......................................................................................................................................4(a)Completion of table...........................................................................................................4(b)Graphical representation of data........................................................................................4TASK 3......................................................................................................................................6a. Analyzing the combined results.........................................................................................6b. Assessing the extent to which gathered data is biased.......................................................8c. Identifying the methods for making improvement in the data collection..........................8TASK 4......................................................................................................................................8a. Finding median age group of people who listen and purchase CD’s.................................9b. Identifying the level of differences in the preference level of individual..........................9c. Presenting the aspects of intern’s survey research.............................................................9d. Stating the test that is applied on data set to assess meaningful information..................10TASK 5....................................................................................................................................10Evaluating the responses of respondents..............................................................................10CONCUSION..........................................................................................................................10REFERENCES.........................................................................................................................12APPENDIX..............................................................................................................................13
INTRODUCTIONMusic industry is one of the largest industries in the UK and currently large number ofpeople is employed in the mentioned industry. Music industry cover large portion of the UKGDP and due to this reason it have its own importance for the nation. In current time periodpeople preference is changing at fast and old age as well as new generation people arepreferring different sort of songs. It became very important to satisfy needs of all sorts ofcustomers 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 preferrocking songs. Mentioned firm is giving due priority to maintaining balance betweendifferent sort of customers in the business. Thus, it is planning to make remix of the songsthat are sung in old days by the singers to tribute them. In this regard contact is establishedwith the Jonnie which is the singer and prepare entire music album. In the current report, dataanalysis is also done that is gathered from the performance that was given by the Jonnie inthe mall. Different charts and tables as well as calculations are done and on basis of sameinterpretation is made.TASK 1Evaluation of senior citizen music market, and marketing conceptUK is the one of the nation in the world that is known for the largest music industry inthe world. Currently, entire customer segment can be divided in to multiple parts namelyyoungsters and old people. It is observed in many researches that are conducted earlier thatold age people prefer to listen old songs. On other hand, youngsters are preferring rockingmusic. Thus, it can be said that old age people and youngsters preference is different fromeach other. There are number of reasons due to which old people prefer old songs. One ofthem 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 observedthat at time of morning walk people prefer to listen old song because at that time calmenvironment 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 toyoungsters. Due to this reason it become very important to focus on old songs. In the currentsituation 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 canbe observed that people preference in respect to old songs is also different. Some peopleprefer to listen specific singer songs. On other hand, there are some old people that prefers tolisten old songs that are related to the specific album. Thus, it can be said that there aredifferent behavior and preference of the people in respect to listening old music. So, whilepreparing old songs album it is very important to understand people listening behavior andaccordingly 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 theproduct in the market. This is the different strategy in comparison to other one. Under thisstrategy old memory that is associated with the specific time period is used to marketing ofthe product. There are few songs that are quite popular among the old people and there arelots 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 ofcustomers can be increased at rapid rate in the business. It can be said that there is hugeimportance of the mentioned sort of marketing for the business firms because by using samefirm is getting an opportunity to increase its market share in the industry.TASK 2(a)Completion of tableResults are clearly reflecting that there are number of channel of distribution fromwhich product can be sold in the market. In the table that is given in the appendix it can beseen that number of CD sold is different for all channels of distribution. Results are clearlydepicting that large number of products are sold through small shops and programs throughwhich singer is giving presentation of songs. There are also other channels through whichsame product is sold in the market. Results are clearly reflecting that from the program that isorganized there 39.57% of profit is earned. But on other hand from the small shops earning of42.43% is made. This is reflecting that total return of high percentage is earned from the retailstores and concerts. Firm can focus on these channels of distribution (retail and concerts) butcan also focus on other alternatives in order to increase revenue at rapid pace in the business.(b)Graphical representation of data
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