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Critical Analysis of Senior Citizen Music Market

   

Added on  2020-06-04

17 Pages2790 Words87 Views
STATISTICS CASE STUDY
Critical Analysis of Senior Citizen Music Market_1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................4TASK 1............................................................................................................................................4Critical analysis of senior citizen music market and explaination on nostaligia marketing........4TASK 2............................................................................................................................................5(a)Completion of table.................................................................................................................5(b) Charts for percentage total of sales and profit.......................................................................5TASK 3............................................................................................................................................6(a)By combining the two sets of data what does this tell you about the nature of the consumerswho showed interest in Jonnie’s music........................................................................................6(b) Biasness and data collection...................................................................................................6© Ways need to be adopted for data collection...........................................................................7TASK 4 ...........................................................................................................................................8(a)Median age group ...................................................................................................................8b) Cross tabulation.......................................................................................................................8© Evaluation of intern’s survey research in terms of its appropriateness ..................................8(d) Things need to be done differently........................................................................................9TASK 5............................................................................................................................................9(a)Output for analysis and assumption........................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10APPENDIX....................................................................................................................................11Appendix 1. Percentage of total CDs sold and same of profit..................................................11Appendix: 2. Results of observation at Theatre and Mall.........................................................11Appendix 3. Median ranking.....................................................................................................12
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Appendix 4. Cross tabulation.....................................................................................................12
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INTRODUCTION Entertainment industry is one of the growing domain in the UK. In pastime period mentioned industry grow at rapid pace. Aslarge number of people irrespective of their age watch movie and songs. Hence, there is great demand of entertainment sources incurrent market. As per facts, that are available on varied sources it is observed that industry earn 5.1 million in last two years. On yearbasis composers are making many new songs and movie. This reflect that there is great demand in the industry. Currently, there arenumber of firms that are operating in the entertainment industry. In past years firms that are operating in the discussed industry earnhuge amount of profit in their business. In the current report data analysis is done by applying wide variety of statistical tools and onthis basis lots of things are trends are identified in the current report. Some calculations like median age group, cross tabulation andhypothesis testing etc. are performed in the current report on the given data set. Thus, it can be said that in the present research studyvaried aspects of the industry are covered in detail and discussed in proper manner.TASK 1Critical analysis of senior citizen music market and explaination on nostaligia marketingIn the music industry of the UK customers can be divided in to two categories namely old and young age people. Consumerbehaviour of the old and young age people is quite different from each other. This is because thinking and preferences of both sort ofpeople is different from each other. There are number of reasons behind this fact. One of them is that old people like to hear musicwhen they go for morning walk or in leisure hours (Burch and et.al., 2015). Old people listen music in these times for mental piece.Same thing in case of youngsters is totally different. It can be observed that youngster specially listen music for entertainmentpurpose. Whenever individuals got a free time or intends to listen music they listen. Youngsters specially prefer to listen rockingmusic. On other hand, old people like to listen mild music. This reflect that people behaviour is different in category of old and youngage group. Firms must accordingly formulate marketing strategy for their business. Moreover, by considering consumer behaviour ofold and young people allocation of product must be done in the business (Hahn, 2014). Nostalgia marketing is a term that iscommonly used by the business firms and under this by considering specific events product is associated. Means that there are lots of4 | P a g e
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