Music Industry Consumer Preferences

This assignment analyzes consumer preferences within the music industry, particularly examining the buying habits of both younger and older generations. It involves interpreting survey data to determine popular purchasing channels, preferred products (CDs, DVDs, albums), and influences on decision-making. The analysis also highlights similarities and differences in purchasing behavior between age groups.

TRIBUTE LTD

Table of Contents

INTRODUCTION
In the present era, music industry is growing continuously and it assist in generating the
national income of the UK. This industry has contributed the GDP of 4.1 billion to the gross
value added. In the present era, the musician, artist, songwriter are the biggest contributor who
assist in generating the national income of the UK. As per the research it has been founded that
these mentioned people generated the turnover of 2GBP billions of 2.7 GBP billion in the
2015.AS per the given case study, Tribute Ltd is the small sized organisation deals with the
music and singing (Anderson and et.al., 2016). It invites the artist and promote them for the
effective performing. The cited venture has recently appointed Jonnie Jones who plays a guitar,
write songs and plays music. As per the given case scenario, Jonnie Jones who plays a guitar was
appointed as the Hendrix's tributes artist who was the world famous guitarist and singer and also
appreciated by the awards in the music industry many time\for his unforgettable and ultimate
performance. Now Tribute Ltd has decided to promote the album of Jonnei's so as that it looking
for the nostalgia marketing concept. This is a unique concept of marketing which is used to
promote the product and services in the market and attract the large number of customers in a
limited time. The following project report provides a depth knowledge and understanding about
the nostalgia marketing concept and its impact on the company image in the market. In addition
to this, following report also defined the systematic analysis of the data of the company and its
financial techniques which is used to make the decision about the business.
TASK 1
Analysis of the nostalgia marketing, role of internet and senior citizen music market
In the present era, music industry is continuously growing because all age of people like
children, young, and old age prefer to listen the music in their ideal time. In the UK, the presence
of music in the senior citizens and younger age is different. As per the reserve it has been
founded that younger age of people prefers to listen music in the duration of walking, driving,
exercising, rehabilitation and other activities. On the other hand old age people prefers to listen
the music at the time of worshipping and exercising because at that time music assist them in
enhancing physiological arousal and improve the subject experience (Berman and Wang, 2017).
The old age people mostly prefers to listening tribute music, songs and albums. In the UK, senior
citizens has a sizeable population in the economy which makes it essential for the marketers to
1

consider their desires and expectations which marketing of the music, albums and video in the
market. As per the given case scenario, Jimi Hendrix is the most famous artist who is singer,
song writer and effective guitarist and he has impressive brand image in the UK market. Most of
the people like young age and old age people prefers to purchase the CD, DVD and album of that
mentioned artist. Therefore, Tribute Ltd has decided to promote the album and CD's by use of
the nostalgia marketing which is the most effective tool of the marketing through which
company can attract the greater population of the senior citizens.
In order to promote and advertise the albums, CD's and DVD's of the Jonnies Johnes , Tribute
Ltd has decided to use the Nostalgia marketing so as it can attract the large number of customer
in the UK market and by use of this marketing, firm will use the positive connotation, strong
memories and familiars events of iconic guitarist and music players. The major objective of this
marketing strategy is to push the new promotional campaign to attract the large number to
customers toward the business enterprises. This marketing strategy will attract millennial elderly
aged people for purchase the Jonnie's music album, songs and live concerts. This marketing
strategy aids in renewing the song album and musical CD of Hendrix and it will aid in
promoting the album in the senior citizens in the UK market. In the present era, digital and
internet marketing also aid to the company in order to promote and advertise the product and
services in the market (Howell, 2016). With assistance of the internet, the Tribute company can
promote the product and attract the large number of customer towards the album, music CD and
DVD. In the present digitalised connected world, internet and social media is one of the best
medium to build strong connection through the nostalgia marketing. In this digital medium,
Tribute Ltd can generate its won page or website which assist customer in taking the information
about the CD, DVD and album. This internet medium will aid in uploading the latest video,
music and album of the artists by use of various social media platform like You tube, Facebook,
instagram and Twitter etc. In the present era, internet marketing will assists in promoting the
album of the Tribute Ltd musical company. With assistance of these social media channels,
company can promote their music and drive the millennial traffic for attain the success.
2

TASK 2
(A). Excel spreadsheet with formula
% OF THE TOTAL CD'S SALE BY THE TRIBUTE LTD IN THE DIFFERENT LOCATIONS
= Total CD's sale at various places/ Total number of CD sold*100
CDs sold = 130+353+167+223+1376+2459+72 = 4780
% of total profit arisen at various places by the cited venture= Estimate revenue at each
place/total profit obtained *100
Calculation of profit: sales-cost
Sales: umber of CDs sold*selling price
Cost: Number of CDs*cost (2 pound)
See appendix 1
(B). Graph representing % of total & % of total profits
3

Interpretation and analysis: From this above graph it has been analysed that in the retail stores
50% of sales has obtained. From this table it has clearly stated that in the two year 2459 CD has
been sold and most of customer purchase the product from the retail outlet. In addition to this
1376 CD's has sold by the cited venture and 28.79% CD's has disposed at the live concert. The
cited venture has gained the revenue by 14754 and calculated to 42.43% on the other hand
performance sites lower to 13760 indicate 39.57% of total yield.
4

TASK 3
(A). Analysis of the results from the combined data set and assessing the consumers interest in
music
See appendix 2
As per the given scenario, it has been analysed that Tribute Ltd has organised the field
observations at two various places that is Theater at Uxbridge and another is shopping mall at
Brighton. In the context of the primary data observation techniques has been used to analyse the
thoughts, interest , experience and feeling of customer about the mentioned artist that is Jonnies
From the above graph it has been analysed that in the theatre there was only 19 people heard the
music of the mentioned artist. On the other hand in the mall 41 customer likes the performance
of the Jonnies. On the other hand only 60 audience out of the 156 likes to attend the live show of
music concert.
5

Analysis and interpretation: From the above table it has been analysed that in the Brighton
mall and in the theatre have major difference in the number of audience. From the table ot has
been founded that most of the audience were founded the population lies under 61-75 years in
the mall and in the theater there was 64 to 41 members out of the 104 and 52.
6

7

Analysis and interpretation- In the above table it has been founded that from the total 104
audience, 38% are male and 62% were female. In the theatre of Uxbridge 58% candidate were
under female and other are 42% of males candidates
(B). Meaning of biasness and assessing its implication for the conducted survey
Biasness refers to the process under which selection of the individual, data and group of
people for field observation in an randomised manner. In this process, investigator chose the
people on the basis of the random number sampling. In simple word it can be said that biasness
is the distorting survey analysis of the gathered material facts and lead to generate ineffective
outcomes.
(C). Methods to improve the data collection
Tribute Ltd must used the method of field observation under which number of audience
are selected. In this manner people who chose from the different place must have equal
characterised and that was one in the mall and other was in theatre.It is very important to observe
the people for the same duration and at the same time.
TASK 4
(A). Median age group for purchasing and listening preferences by new age group
See appendix 3
8

As per the above table of the excel, it had ascertained that there are mostly similar of the
purchasing preferences of the young age people and senior citizens related in the music industry.
There is not any major differences between these two people has founded by this above table. As
per the outcome it has been founded that people gives their first preference to the retail outlets
from where they often used to buy the CD's, DVD,s and album. On the other hand it has also
founded that people gave very low priority to phone, email etc. Senior citizens has gave
preferences to retail outlets and concert sites. In the cross tabulation, it has been analysed that
there is not many differences in the young heart and senior regarding the purchasing of product
and services in the music industry.
(B). Cross tabulation
See Appendix 4
As per the above table of the excel, it had ascertained that there are mostly similar of the
purchasing preferences of the young age people and senior citizens related in the music industry.
There is not any major differences between these two people has founded by this above table. As
per the outcome it has been founded that people gives their first preference to the retail outlets
from where they often used to buy the CD's, DVD,s and album. On the other hand it has also
founded that people gave very low priority to phone, email etc. Senior citizens has gave
preferences to retail outlets and concert sites. In the cross tabulation, it has been analysed that
9

there is not many differences in the young heart and senior regarding the purchasing of product
and services in the music industry.
(C) Evaluating the intern’s survey research in terms of appropriateness
From the entire table and interpretation, it has been founded that there is not any
difference in the purchasing preferences of the young at heart and senior .People gave top
priority to the retail outlet and they used to buy the CD's album and other and gave lever low
priority to mail and phones. Senior citizen purchase CD and DVD from the live concert.
(D) Applying the best test for finding out the meaningful information
TASK 5
To: BOD of Tribute Ltd
From: Financial analysts
Date: 27 April 2017
In the Tribute Ltd nostalgia marketing highly helped to the company in attracting the large number of
customers and developed strong memories, organise family event of iconic guitarist and music player and
positive connotation. This marketing strategy assisted to the cited venture in developing its won brand
image on the market and push the new promotional campaign to attract the millennial elderly aged people
to purchase the album, songs and CD of Jonnies. In addition to this it is very important for the artist to use
the internet in order to promote and advertise their album and songs with help of Facebook, twitter,
instagram etc. Furthermore, live concerts plays a very crucial role to attract the old age people toward the
CD's, DVD's and album of the famous artists. Both kind of buyers in the music industry like old age
citizens and young age people are mostly similar in the purchasing process.
10

11

12