Importance of Nostalgia Marketing in the Music Sector

Case Study: Tribute Ltd
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TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
Critical evaluation of the interest level of senior citizens in music and role of nostalgia
marketing................................................................................................................................3
TASK 2......................................................................................................................................4
a. Presenting formula of % of total and % of total profits.....................................................4
b. Stating the graphical presentation of given figures of total profit.....................................5
TASK 3......................................................................................................................................6
A) Analysing nature of the consumers by combination of two data sets...............................6
B) Explanation about the data biasness..................................................................................9
C) Methods in order to improve collection of data................................................................9
TASK 4......................................................................................................................................9
A) Evaluation of preferences of customers in order to purchase and listen music as per the
age groups..............................................................................................................................9
B) Identification of significance among people of different ages........................................10
C) Assessment of research of survey...................................................................................10
D) Evaluating the hypothesis test in order to determine appropriate decision....................11
TASK 5....................................................................................................................................11
1Analysing and recommending to Tribute limited for marketing.......................................11
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................12
APPENDIX..............................................................................................................................13
Appendix 1...........................................................................................................................13
Appendix: 2..........................................................................................................................13
Appendix 3...........................................................................................................................14
Appendix 4...........................................................................................................................15
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INTRODUCTION
UK music industry has attained tremendous growth now days as compared to the past
years. It has supported 119000 jobs and thereby made significant contribution in the
economic growth and development. Along with this, UK music sector generated £2.2 billion
in the form of export revenue. Further, total audience for live music in UK was 27.7 million.
Out of this, 24 millions are attending concerts and remaining 3.7 million going to music
festivals (UK music world, 2017). This report is based on the case scenario of Tribute Ltd that
has attained leading position in the small segments. The main focus of this report is to
highlight the importance of nostalgia marketing in music sector. Besides this, it will also
develop understanding about the manner in which statistical tools present suitable solution
from large data set.
TASK 1
Critical evaluation of the interest level of senior citizens in music and role of nostalgia
marketing
Music provides highly peaceful environment to the individuals and thereby enables
them to reduce the level of tension to a great extent. Hence, music makes the moment joyful
and thereby helps individual in living good life. However, on the critical note, it can be stated
that now old people are listening music with the higher rate as compared to young
individuals. The rationale behind this, in UK ratio of aging population is higher in
comparison to young people. Hence, old people listens music with the higher percentage
while carry out several activities. Thus, old people lay emphasis on listens music while doing
exercise. It is the part of living standard of people and music provides high level of relaxation
to them. Besides this, at the time of walking old people also prefers to listen music which in
turn develops high level of satisfaction among them. By doing investigation, it has been
identified that senior citizens place emphasis on listening music which is written and
composed by Tribute Ltd. This in turn shows that senior citizens have positive attitude
regarding the music of Tribute Ltd. Besides this, for the purpose of entertainment young
people also listen music which is introduced by such organization. Hence, business units
which are operated in UK music sector needs to make focus on offering services by keeping
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in mind the preferences and expectation level of customers (Towse, 2016). Given case
scenario presents that Hendrix and Jonnie are the main guitar players of Tribute Ltd. In the
field of senior citizen, Hendrix is the most popular singer whose music is liked by the number
of people in the category of senior citizen. Hence, Hendrix has built effectual image in the
mind of individuals in the group of old and young people.
In the current times, Tribute Ltd is placing emphasis on adopting nostalgia marketing
strategy with the motive to promote Jonnie music. Nostalgia marketing strategy is highly
effectual and significant which in turn helps in enhancing the attention level of individuals. In
this, firm is required to revive the memories of individuals which are associated with the live
concert and musical shows (Cloonan, 2016). In addition this, by giving advertisement on
newspaper, social media firm can entice the decision making aspect of old age people. With
the motive to maximize productivity and profitability Tribute Ltd organizes live concerts and
theatre musical shows of Jonnie music. In this, by placing the images of live concerts and
videos on social sites Tribute Ltd can grab the attention level of individuals. The reason
behind this, from young to old age people use of social networking sites increased
significantly. Now, to satisfy the social needs people spend their huge amount of time on
social sites (Ju and et.al., 2016). Thus, by undertaking the concept of nostalgia marketing
Tribute Ltd can develop positive attitude among the people regarding music albums and
Jonnie music. Thus, such modern concept of marketing will make contribution in the growth
and success of firm to a great extent.
TASK 2
a. Presenting formula of % of total and % of total profits
Sales level
% of total CD’s sold by Tribute Ltd on different locations = Number of CDs sold
(different locations) / Sum of CD’s sold (in units) * 100
CDs sold (in numbers) = 130+353+167+223+1376+2459+72 = 4780
Profit level
% of total profit generated (at different locations by Tribute Ltd) = Estimated profit at
each location / Total profit attained * 100
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