Report On Primary and Secondary Data Analysis | Tribute Ltd
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Added on 2020-01-16
Report On Primary and Secondary Data Analysis | Tribute Ltd
Added on 2020-01-16
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CASE STUDY : TRIBUTELTD
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Evaluation of senior citizen music market, and marketing concept............................................3TASK 2...........................................................................................................................................3(a)Completion of table.................................................................................................................3.....................................................................................................................................................4(b)Graphical representation of data ............................................................................................4TASK 3 ...........................................................................................................................................6(a) Analysis of combined results..................................................................................................6b) Mean of biasness and biasness in the collected data...............................................................9c) Method to improve data collection........................................................................................10TASK 4..........................................................................................................................................10(A). Median age group and interpretation .................................................................................10b) Cross tabulation.....................................................................................................................12c) Survey research......................................................................................................................12d) Application of test to obtain information..............................................................................12TASK 5 .........................................................................................................................................12Stating the output for analysed in above section along with the assumptions...........................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONMusic is that weapon used by Tribute Ltd in order to capture higher market share in theexternal business environment. This project is all about Tribute Ltd which deals in providingmusic related services who have appointed Johnnie the guitar layer who performed live inBrighton Mall and The thereat in order to attract customers towards the retail store of Tribute LtdIn buying various music CD. This report includes conducting primary and secondary dataanalysis which help an entity owner in order to know its current market performance.TASK 1Evaluation of senior citizen music market, and marketing conceptCurrent research study is all about analyzing the current behavior of all the customers located in the existing business environment in order to apply various marketing strategies in order to boost the current level of sales and the revenue (Mannering, Shankar and Bhat, 2016). Selling of CD is regarded as the normal business activity for Johnnie who plays guitar by giving live music performance at various locations as this entity believes in facilitating all their clients by offering their services at their door step by selling Cd through online medium, giving complimentary gifts to attract variety of customers just to grab the offer.Nostalgia-marketing will b used by Tribute Ltd in order to sell old songs in fusion way inorder to cater different segments of the market such as both youngsters or senior citizen markets. it is that kinds of marketing in which old memories of old age people will get rejuvenate that helps an entity in return in generating higher amount of sales and the revenue in the near future in order to grab higher market advantage in the external business environment (Bruner, 2016). In this way songs will be sold by an entity to its particular market segment of senior citizen people.TASK 2(a)Completion of tableParticularsFormula% of total CD sold by Tribute Ltd overdifferent locationsNumber of CDs sold at different locations /Total number of CD sold * 100
Total number of CDs sold130+353+167+223+1376+2459+72 = 4780% of total profit generated at different locationby Tribute LtdEstimated profit at each location/Total profitobtained * 100ProfitSales revenue – cost of manufacturing Sales revenueNumber of CD’s * selling price per unit CostNumber of CD’s * cost per unit (b)Graphical representation of data Interpretation All these tactic are applied by an entity in order to attract wide umber of customers towards the business of an entity as their main motive is to earn higher market advantage over the external market customers located in the business environment which may affect financial performance of entity in the future (Pashiardis, Kalogirou and Pelengaris, 2017). Higher percentage of sales earned by an entity through retail store and concert performance as these two particular modes attracts various kinds of customers.
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