Report On Tribute Ltd - Case Study On Jonnie Jones

Added on - 12 Feb 2020

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ANALYSING INFORMATION ANDDATA FOR PROBLEM SOLVING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Evaluation of senior citizen music market, and marketing concept............................................3TASK 2...........................................................................................................................................4a. Completion of table by using excel spreadsheet......................................................................4(b)Graphical representation of data............................................................................................5TASK 3...........................................................................................................................................7(a) Analysis of combined results.................................................................................................7b) Mean of biasness and biasness in the collected data.............................................................10c) Method to improve data collection........................................................................................11TASK 4..........................................................................................................................................11(A). Median age group and interpretation.................................................................................11b) Cross tabulation.....................................................................................................................12c) Survey research......................................................................................................................12d) Application of test to obtain information..............................................................................13TASK 5.........................................................................................................................................13Stating the output for analyzed in above section along with the assumptions...........................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONThe music industry of UK is considered as the one of largest one as it is growing withrapid speed. It is contributing towards the gross domestic product of the nation by its value of 4billion. According to the financial year 2015 total sales generated by the industry was 2 billionwith the presence of specific entities such as song markers, lyricists and musicians as well aswriters (Measuring the music 2016,2013). The present report is based on Tribute Ltd whichdeals with the formation of tribute songs in the sector. The case study shed light on Jonnie Jonesa guitar player who is expert in music also. Hendrix as the tribute artists has also been appointedby the Tribute in order to perform the songs. The promotion of all these concept will be donethrough Nostalgia marketing concepts under which demand will be raised for the songs.Furthermore, detail analysis has been done for the selected concepts along with availablealternatives for promotion of the products or services. In addition to this, data has been analyzedwith the application of suitable method (Gelman, Carlin, Stern, and Rubin, 2014).TASK 1Evaluation of senior citizen music market, and marketing conceptThe preference of all citizen differs from each other in term of listening the music due totheir associated or requirement the calm environment. For this purpose, it might be possible thatthey do not like to rocking songs which make the environment full of noise, instead they like toprefer to old songs. However, the duration of listening the music as well activities are alsoconsidered such as rehabilitation and exercise as well as other related activities are consideredfor the purpose of providing the right kind of music in accordance with their preferences. For thispurpose, marketing concept can be applied in accordance with the listening behaviour of seniorcitizen. For example, artistic music of tribute is preferred by old people to a great extent incomparison to other one. Owing to this, preferences of the customers must be considered andaccordingly songs or services which are being offered by the Tribute should be promoted. At thesame time, Jimi Hendrix's music can be promoted as he is the first preferences of people in UKin term of music.Furthermore, Nostalgia marketing under which people are attracted by using the positivememories is used for the purpose of promotion of the services or products among the target
audience. However, Jonnie's song can be promoted through making the old version song remixas per the current demand. Moreover, website and CD etc will be used for the promotion of thesongs (3 Ways to Incorporate Nostalgia in Marketing,2017).TASK 2a. Completion of table by using excel spreadsheetParticularsFormula% of total CD sold by Tribute Ltd overdifferent locationsNumber of CDs sold at different locations /Total number of CD sold * 100Total 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 manufacturingSales revenueNumber of CD’s * selling price per unitCostNumber of CD’s * cost per unitInterpretationIt is evident from the above table that music CD's are sold from various sources whichgenerates higher amount of sales and the revenue of an entity in order to create its higher marketvalue in the external environment. Music lovers in the UK mostly includes Old age groups asthey all like silent music which gives peace to relieve all their pain and sorrows (Kanehisa and et.al., 2014). The total number of CD sold by an entity is higher which shows that Johnnie'smarketing skills are strong enough in order to grab higher competitive advantages.
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