Evaluating Nostalgia Marketing Strategies for Tribute Ltd.

The assignment discusses the effectiveness of nostalgia marketing as a strategy for Tribute Ltd., a music company. The analysis concludes that nostalgia marketing is the best approach to develop awareness among customers, enhance sales and performances, and achieve business objectives. This strategy can also help assess purchasing patterns and outcomes. Additionally, it suggests that the company can create a suitable strategy based on its target audience's preferences. Finally, the conclusion highlights the potential of nostalgia marketing in generating revenue and attracting senior citizens.

CASE STUDY: TRIBUTE
LIMITED
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
Evaluating the senior citizen, music market and marketing concept...........................................4
TASK 2............................................................................................................................................5
A) Analysis of the completed table..............................................................................................5
B) Graphical presentation of the derived data along with the analysis........................................6
TASK 3............................................................................................................................................7
A) Analysis the combined results................................................................................................7
(B) Mean of biasness and biasness in the collected data...........................................................10
(c) Methods to improve data collection.....................................................................................11
TASK 4..........................................................................................................................................11
(a)Median age group .................................................................................................................11
(b) Cross tabulation....................................................................................................................12
(c) Survey research....................................................................................................................12
(d) Application of test to collect information............................................................................12
TASK 5..........................................................................................................................................12
Starting the output for analysis in the section along with the assumption.................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
APPENDIX....................................................................................................................................15
Appendix 1. Percentage of total CDs sold and same of profit...................................................15
Appendix: 2. Results of observation at Theatre and Mall.........................................................15
Appendix 3. Median ranking.....................................................................................................16
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Appendix 4. Cross tabulation.....................................................................................................16
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INTRODUCTION
In the market there is various numbers of businesses operate in different kinds of
segments and among all them one of the fastest growing sector is the music which never ends. In
the UK within the musical industry there are high value is comes and generated more profit level
which lead to increase the contribution level of its in the GDP rate of UK. At the previously there
is value of the musical industry in the country is up to the four billion. Apart from this almost at
the end of the financial year 2015 the musical firm is to be valued up to two billion which shows
that the sales of such segment enhance consistently. In the current case there is a person such as
Jonnie Jones who is a well known singer as well as guitar player both. The songs which he sing
are of the very silent mode by which most of local communities of the senior age are attracted
towards it. Further, the Jonnie Jones is to be recruited and selected by the Tribute limited
company which is operating and providing services to the customers in the industry of music. In
the present study the Nostalgia marketing concept is to be shown which is adopted by the Tribute
limited for attracting the old age people. Apart from this, the company doing marketing of the
songs is through the concert at the mall which is such as Brighton as well as at the theatre and
many more places. The number of CD sold as well as profit generated by the Tribute limited is
analysed with the help of graphs and charts. In addition to this, it shows about the primary
research where survey is done according to the age, gender etc.
TASK 1
Evaluating the senior citizen, music market and marketing concept
The music and songs are to be preferred by different kinds of people which are belonging
from the various levels of the age group. In the current case study the company such as Tribute
Limited going to attract those customers and people who are belongs from the old age groups
because of providing the silent type of the music and songs by it. The music market is the highly
attracted industry by the customers up to the higher and greater number which lead to enhance
the sales and revenue of Tribute limited. In this for doing the marketing there is Nostalgia
marketing strategy is to be used by the stated business organizations for attracting the consumers
and followers towards it (Berman and Wang, 2017). In this kind of marketing technique and
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strategy there are old age of the people are to be focused and then enhance its sales. By
considering this type of strategy the business entity is highly able to enhance the level those
people who are of the senior ages and having senior citizenship. (Nostalgia as marketing
strategy, 2017)
It can be observed that the Nostalgia marketing is a concept under which the old
memories are to be used for doing the marketing as well as advertising of the songs which are
provided by the Jonnie Jones. For this the Tribute limited company marketing and promoting its
songs through the concert at the malls and theaters, using the retail stores, CDs etc. Among these
all CD as well as the concerts both are little old concept through which the company able to
attract the people and customers of the old age. Such kinds of the people are to be called as
senior citizens who are attracted up to the silent and proper songs which are offered by the
Jonnie Jones (Kessous, 2014).
TASK 2
A) Analysis of the completed table
By considering the table which is completed and provided in the appendix it can be
analysed that higher number of the CDs are to be sell through the retail stores as well as shops
which are like as 2459 units. Apart from this at the second rank the number of the CD are to be
purchased by the customers from the concerts where the Jonnie Jones perform his music.
Further, in the concert number of the CD which are bought by the consumers are like as 1376
units. In addition to this, there are lower number of the units of CD are to be purchased by the
potential and new attracted customers are like as 130 as well as 72 which are from the
Complimentary as well as Brighton Pubs respectively (Merchant and Rose, 2013). Moreover, the
level of profit which is agreed as well as forecasted is also higher in the retail and concert
performance both.
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B) Graphical presentation of the derived data along with the analysis
Interpretation
It has been observed from the graphs that higher number of the units of CD are sold in
market through retail stores which are such as 51.44%. Further, with the help of doing
performance in the concert there are CD are to be purchased by the consumers are like as 28.79%
of the total number of available CD. It can be said that the Tribute Limited business entity must
needs to carry out marketing of the songs with the help of concert and retail stores for the
upcoming years. Apart from this while talking about the level of profit then total 42.43% of the
overall profit is generated in the retail only. At the second stage there is profit earned by the
concert performance which is like as 39.57%. By the overall analysis it has been addressed to the
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Tribute firm that it must consider and focus on these both the aspects for generating higher
revenue in the future (Muehling and Pascal, 2012).
TASK 3
A) Analysis the combined results
Interpretation
The following results is reflecting that within the Brighton mall and there are theatre facts
which consist effective results and performances and outcomes. With the help of the
following analysis, it can be interpret that with ascertain following outcomes, within the Mall
there are various people take place which views music concert in different areas. In this way,
minutes was followed by 41 that taken by 24 respondents (Berman and Wang, 2017).
Another respondents are also viewing the performances which can be identified in 3 minutes
that shown taken by the 25 respondents.
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Interpretation
From the above results, it can be reflect that majority of respondents are belong to the old
age so that they are taking interest in viewing the program in mall. In this aspect, there are
another people who perceive their programs in malls. There are majority of the people
ascertain their views in mall such as 46 to 60 people are almost view performances in their
areas. On the other hand, in case of theatre there are also certain programs can be views by
old age group of the people. In this aspect, trends in this market ascertain which is taking for
compering the results and performances in effective manner. Youngsters are only view recent
trends songs whereas other old people are like to listen old music (Cattaneo and Guerini,
2012).
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Interpretation
From the above analysis it has been shown that overall results of the theatre and mall
ascertain on the basis of male and female. There are various females who perceive services
more as compare to gents. It create results and performances in effective manner. This is also
proved that there are 62% male and other are females. Moreover, there are 58% females and
42% males are also visiting services of the company in effective manner. It can be
stated that there is vast comparison to demonstrate male and female that are taking services
from the theatres and other areas.
(B) Mean of biasness and biasness in the collected data
Biasness is the effective term which creates statistics that means sample is taken at own
desecration at workplace. It represent the whole population in front of customer to
demonstrate effective results and outcomes. As results, business can develops their results
and performances. With the help of sample units, it has been shown that there are various
outcomes which demonstrate in wrong manner. In respect to create right results and
performances, which is not relevant and making decisions. However, it is not effective to
make communication that when programs are organized in the theatre and songs was also
presented before the people. Therefore, data is the collected from theatre which is not
relevant. There are also such case study which is not exist with effective results and
performances (Niemeyer, 2014). With ascertain effective outcomes and performances, it has
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been shown that data not be bias so that goals and targets can be ascertain in the positive
manner.
(c) Methods to improve data collection
In respect to meet the objectives, there are various data which has been shown effective
results and performances. In respect to create discretion, that is not presented in the whole
population program. In case of taking sample units will also take which is creates in wrong
manner. From the whole population, then in the case of presented data different age group of
people taken as sample unit. With the help of sample unit, selection can be made in effective
way. As results, when people are taken as sample unit, it can be stratifies with told to enter in
new place. When same exit from the portion of the small premises concert. It is going in the
same manner which demonstrate in the same manner for developing the ideas and results. It will
also helpful to receive and exit time can be recorded. With the help of reliable data, respondents
are not biased at workplace (Hunt and Johns, 2013).
TASK 4
(a)Median age group
Median table which prepared in Appendix 3
In the following graph, results are uncertain which reflect that young age of people are
giving high importance to across the retail stores. It can be done through purchasing of DVD and
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CD. Similarly, in the case of old age of people, outlets and concert are very popular sources
which help to old age of people to listen music. It can be sold through multiple channel to create
results effective.
(b) Cross tabulation
See appendix 4
In this aspect, results are reflecting which is not creating significance in different between
the two groups, who are belong from different age of the people. As per the preferences of the
customers, it can be stated that there is different purchase pattern to dealing with situation.
(c) Survey research
The overall survey is indicating with developing outcomes and performances for
determines results. Due to importance of retail stores and concert is determines for purchase the
CD. There are also such places which creates effective results and performances to make
effective performances (Pickering and Keightley, 2014). With indicating no difference, both
group can be analysis in systematic way.
(d) Application of test to collect information
Chi-square hypothesis test is to be applied at workplace which assists to identify
correlation that is determines task for some reasons.
TASK 5
Starting the output for analysis in the section along with the assumption
With the help of conducting the evaluation program, it has been assess that nostalgia
marketing is the best strategy for assessment of the marketing within the environment. It is very
effective strategies to develop Tribute ltd. For assess their needs within the environment. With
the help of employing such strategy, firm can also develop awareness among different customers
which assist to enhance sales and effective performances within the business environment so that
objectives can be develops in the effective way. In addition to this, difference between
purchasing patterns of customers can be asses the outcomes and performances to make sure that
targets can be ascertain in effective way (Kessous, 2014). In addition to this, keeping in mind in
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all such ways, Tribute ltd, can easily make suitable strategy for their outcomes and
performances.
CONCLUSION
It can be concluded from the current analysis of Tribute Limited that by undertaking and
executing the Nostalgia marketing strategy the firm of music sector able to generated higher
revenue and enhance attraction of the senior citizens. It can be said that there are old and middle
age of the local communities are attracted up to the music of Jonnie Jones and in which male are
at the higher number compare to female. It has been assessed that Tribute entity able to generate
higher revenue from the Brighton mall compare to The Theatre.
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REFERENCES
Berman, E. and Wang, X., 2017. Essential statistics for public managers and policy analysts. Cq
Press.
Cattaneo, E. and Guerini, C., 2012. Assessing the revival potential of brands from the past: How
relevant is nostalgia in retro branding strategies?. Journal of brand management, 19(8),
pp.680-687.
Hunt, L. and Johns, N., 2013. Image, place and nostalgia in hospitality branding and
marketing. Worldwide Hospitality and Tourism Themes, 5(1), pp.14-26.
Kessous, A., 2014. Nostalgia, autobiographical memories and brand strategy: Marketing to the
post–World War I generation. Journal of Brand Strategy, 3(2), pp.148-154.
Merchant, A. and Rose, G.M., 2013. Effects of advertising-evoked vicarious nostalgia on brand
heritage. Journal of Business Research, 66(12), pp.2619-2625.
Muehling, D.D. and Pascal, V.J., 2012. An involvement explanation for nostalgia advertising
effects. Journal of Promotion Management, 18(1), pp.100-118.
Niemeyer, K., 2014. Media and nostalgia: Yearning for the past, present and future. Springer.
Pickering, M. and Keightley, E., 2014. Retrotyping and the Marketing of Nostalgia. In Media
and Nostalgia. pp. 83-94. Palgrave Macmillan UK.
Berman, E. and Wang, X., 2017. Essential statistics for public managers and policy analysts. Cq
Press.
Nostalgia as marketing strategy, 2017. [Online]. Available through :<
http://3doordigital.com/nostalgia-marketing/>. [Accessed on 18th April 2017].
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APPENDIX
Appendix 1. Percentage of total CDs sold and same of profit
Appendix: 2. Results of observation at Theatre and Mall
Appendix 3. Median ranking
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Appendix 4. Cross tabulation
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