Concept of Nostalgia Marketing in Tribute Ltd : Report

Case Study : Tribute Ltd.

Table of Contents
1.) INTRODUCTION......................................................................................................................3
2.) Analysis of individual task.........................................................................................................3
2.1 Analysis of senior citizen music market................................................................................3
2.2 Analysis of secondary data....................................................................................................4
2.3 Analysis of primary data (Field observation)........................................................................5
Conclusion.....................................................................................................................................10
REFERENCES..............................................................................................................................11
Appendix .......................................................................................................................................13

1.) INTRODUCTION
In modern, era there is fast growth in music industry in United Kingdom which can be
seemed through the statistical report. There are various tools and techniques which are used in
order to measure the growth of Music industry. It makes huge revenue that is upto 4.2 GBP
billion in present time. Main player of music industry are composers, songwriter, and Musicians.
Then all work together and make profit upto 3 billion in the year 2015. There are different type
of music company which operates their business in music industry and make huge profit. Among
all of them Tribute Ltd is one of that small size organization who specifically plays the music.
They promote different bands and instrumental player in order to make huge profit and
accomplish success. Now at present Tribute appoints Jonnie Jones who is one of the famous
guitar player. Along with this it composes song and play music which was many times awarded
because of its outstanding performance. For this purpose Tribute Ltd decided to promote get help
of nostalgia marketing concept in order to promote music artist. Therefore, in present report, the
concept of nostalgia marketing is critically evaluated. It is very useful in understanding whether
it is useful or not for the business in order to target large number of audience. Along with this, in
this report main target is to analyse the senior citizen music market and what they tend to listen.
2.) Analysis of individual task
2.1 Analysis of senior citizen music market
Senior citizen Music market
In UK most of senior citizens like to listen music. Most of old age people like to listen
music at the time of exercising, walking etc. from research it has been identified that demand of
music among senior citizen is higher as compare to youngster.
In terms of revenue
Music industry made an estimated economic contribution also knowns as gross value
added upto £4.1bn to the UK economy in 2015 and it also provide job to 119000 people. Th total
audience for live music in the UK was 27.7m. Therefore, it can be stated that music industry is
making huge profit and also lead to provide job opportunity.

2.2 Analysis of secondary data
As per data and information gathering it has been identified that senior citizens are more
attached to music especially toward the old songs. They listen song for increasing their
physiological arousal. It also recognizes that older age prefer to listen music mostly at the time
of morning exercise and at the time of physical therapy. On the other hand younger age people
prefer to listen music for only enjoyment purpose (Greenwood and Hartley, 2017). They mostly
listen song rocking song and latest version and remix of old songs. If comparison is done
between older age people and senior citizen, then it can be stated that interest of music toward
buying the CDS is various song is higher in senior citizens. From the case study of Jimi Henrix
was very famous, who was an singer rock guitarist and also song writer. Further it built a good
reputation in United Kingdom market among all range of peoples. Therefore, it was the reason
due to which Tribute Ltd launch Jonnies album in order to grab attention of large number of
peoples through Nostalgia-marketing.
Nostalgia-marketing: it is marketing which main aimed is to evoking a feeling of nostalgia
among the customers.
In nostalgia-marketing concept music composers try to come up with old memories by
making remix of old songs. In this concept old memorise are analysed and new version of all the
old memories are composed.
Use of nostalgia-marketing is one of the effective approach in which Tribute ltd. Can
created a, strong memories familiar events and positive significance among the people. It show
that if Tribute ltd used this marketing strategy then it can easily attract large number of customer
for purchasing Jonnies music album and its live show ticket. This practices can be merged in
different ways that is reviving old songs (Anderson and et.al., 2016). It can be done by using the
same features which are used by Hendrix album because it was highly popular among the people
of all age. In present time to make a strong relation with customers through the help of nostalgia-
marketing which help in coming up with old memories by using internet and social media. One
of the another benefit of it is that it help in making a strong connection between the historical
memorable days and present time. Apart from this, Tribute Ltd. Is launching new Jonnies album
for this purpose it can create its own websites, so that people can easily buy music albub from its
websites. It can also upload its live concert video on you tube, Facebook and internet in order to
increase the number of its followers of all age group.