logo

Marketing Assignment | Nostalgia Marketing Concept

14 Pages3209 Words191 Views
   

Added on  2020-01-16

Marketing Assignment | Nostalgia Marketing Concept

   Added on 2020-01-16

ShareRelated Documents
TRIBUTE LTD
Marketing Assignment | Nostalgia Marketing Concept_1
TABLE OF CONTENTSINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................1Critical analysis of senior citizen music market, nostalgia marketing and role of internet in marketing..........................................................................................................................................1TASK 2.................................................................................................................................................3(A). Excel spreadsheet with formula................................................................................................3(B). Graph representing % of total & % of total profits...................................................................3TASK 3.................................................................................................................................................4(A). Analysis of the results from the combined data set and assessing the consumers interest in music.................................................................................................................................................4(B). Meaning of biasness and assessing its implication for the conducted survey...........................6(C). Methods to improve the data collection....................................................................................7TASK 4.................................................................................................................................................7(A). Median age group for purchasing and listening preferences by new age group.......................7(B). Cross tabulation.........................................................................................................................8(C) Evaluating the intern’s survey research in terms of appropriateness.........................................8(D) Applying the best test for finding out the meaningful information............................................8TASK 5.................................................................................................................................................8CONCLUSION....................................................................................................................................8REFERENCES...................................................................................................................................10APPENDIX........................................................................................................................................10Appendix 1. Computing % of total CDs sold & % of total profit..................................................10Appendix: 2. Field observation results at Theatre and Mall...........................................................11Appendix 3. Computing median ranking for young at heart & Senior...........................................11Appendix 4. Cross tabulation..........................................................................................................11
Marketing Assignment | Nostalgia Marketing Concept_2
INTRODUCTION UK music industry shows a rapid growth over the period and as per the recent statisticalreport, the industry made a contribution of 4.1 GBP billion to the gross value added. Musicians,lyricists, composers and songwriters are the biggest contributor who generated a turnover of 2GBPbillion of 2.7GBP billion in the year 2015. Tribute Ltd is small sized business unit who promotetribute artistic work in the industry. Recently, it has appointed Jonnie Jones who play guitar, writesongs and play music also. He has been appointed as a Hendrix’s tribute artist who was the mostpopular guitar player and singer and awarded many times in the industry for his phenomenalperformance. In order to promote Jonnie’s albums, Tribute Ltd has decided to get assistance ofnostalgia marketing concept thus, the report will critically evaluate this concept whether it is usefulor not to for the business to generate millennial audiences, more importantly, senior citizens so as todrive greater yield. Besides this, the business managers are also concerned about their distributionchannel i.e. retail outlets, hometown, websites, venue of live concerts and other where maximumnumber of visitors can be attracted for the highest turnover. Thus, the main target of the report is toanalyze generated data from both the primary as well as secondary sources applying suitablestatistical & financial techniques to make informed decisions and attain targets. TASK 1Critical analysis of senior citizen music market, nostalgia marketing and role of internet in marketingIn British music industry, the music preference among senior citizens and younger age isdifferent. It is because, elderly aged people prefers to listen music during walking, exercise,rehabilitation and others, unlike this, modern age people are music lovers for the entertainment.Senior citizens thought that listening music during the period of exercise is really helpful forincreasing physiological arousal & improve the subjective experiences as well. They also preferlistening tribute artistic music, songs and albums. In UK, senior citizens has a sizable population inthe economy which makes it essential for the marketers to consider their desires & expectationswhile marketing their music albums, videos & visiting venues (Anderson and et.al., 2016). As perthe case study, Jimi Hendrix was a very popular tribute artist, singer, songwriter and guitarist andbuilt a huge reputation through UK across all the age ranges people, more importantly, amongsenior citizens. This is the reason why Tribute Ltd has decided to promote its recently approachedmusic player, Jonnie’s albums through nostalgia marketing to attract greater proportion of seniorcitizen audiences. 1
Marketing Assignment | Nostalgia Marketing Concept_3
It will be definitely highly effective approach for the Tribute Ltd, in which, it will use thepositive connotation, strong memories and familiar events of iconic guitarist and music player,Hendrix to evoke comfort, excitement and fondness among senior citizens (Why Nostalgiamarketing works, 2016). This marketing strategy will be surely push the new promotional campaignto attract millennial elderly aged people to purchase the Jonnie’s music albums, songs and liveconcerts as well. Such practices can be incorporated in distinctive ways such as reviving oldmemories by using the same features of the Hendrix’s albums that was highly popular among thesenior citizens, reminiscing outdated memories and others. In the digitalized connected world,internet and social media usage is considered as the best and easier way for building strongconnection through the nostalgia marketing for leveraging the old memories and optimistic feelings.It helps in creating a meaningful connection between the historical memorable days & present.Thus, Tribute Ltd can create its own website and offer their music albums, CDs and others to thecitizens (Howell, 2016). Moreover, uploading latest live concerts picture, videos and others onYoutube, Facebook and internet will assist it in generating higher number of audiences from theaging population for Jonnie’s work in the future. (Source: Introducing the Future Music Forum. 2016)Looking to the graph, it can be seen that in the digitalized age, it becomes essential for theartists to use the internet for promoting their music work on multimedia channels for drive-inmillennial traffic and achieve brighter success. 2
Marketing Assignment | Nostalgia Marketing Concept_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Tribute Ltd: Nostalgia Marketing and Senior Citizen Music Market Analysis
|16
|2376
|203

Study on Tribute Ltd | Nostalgia Marketing Assignment
|15
|2715
|370

Nostalgia Marketing Concepts | Tribute ltd.
|15
|2832
|160

Report Tribute Ltd - Analysis Of UK Music Industry
|16
|2719
|287

Project Report On Tribute Ltd - Nostalgia Marketing Concept
|15
|2234
|173

Senior citizen music market and nostalgia marketing regarding Jonnie music
|18
|3084
|99