Report on Tribute Ltd
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Added on 2020-02-05
Report on Tribute Ltd
Added on 2020-02-05
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INTRODUCTIONMusic is the tool that connects the people. Tribute artistic music is the well known andpopular music which has been appreciated by the population most. Statistics show that£3.5bn has been contributed by the core UK music industry in the last year. Recordsshow that musicians have made up to £1.6bn, £662m has been collected by live music.Apart from this music industry has given employment opportunity to the population thathas helped in increasing income level of the people of UK country(Berman. and Wang,2017). Music industry is not limited to single place, it is widely spread sector and peoplethose who belong to other nations like the Tribute music as well. For the present reportTribute Ltd is being taken into account which is working in musical industry andpromoting the work of Tribute artists. Jonnie Jones is the young guitarist and in dependedartist who has been appointed by the cited firm recently. Jimi Hendrix was the famousTribute artist who has won numerous awards for its Tribute music and tremendous guitarplaying. In order to gain high profit cited firm is planning to use marketing strategies andtake support of social media so that this music can be promoted across the world. For thispurpose company has taken assistance of nostalgia marketing concept. Report willdiscuss the concept whether Tribute Ltd should move to digital format or not. It willcritically analysis the senior citizen musical market and will discuss about the nostalgiamarketing (Lindsay, Bernoff and Ward, 2017). It will find out that whether internet willbe good for future growth of the organization or not. In addition, distribution channel forCDs of Tribute music, albums will be evaluated in this study. It will try to find out whichdistribution medium can give the return to the entity. In the present assignment, focuswill be on collecting primary data and financial techniques so that Tribute Ltd can attainits target soon (Cramér, 2016). TASK 1Critical analysis of the senior citizen music market and explanation of nostalgia marketingOver the few past years music industry has performed tremendous or over performed.Due to this industry GDP of the country has been grown by 10% between 2012 to 2015.Music is the think that connects many people and they feel relaxed. All people listenmusic with different purposes (Introducing the Future Music Forum. 2016). Old or senior3
citizens like to listen clam and slow music while doing walk and rehabilitation. On otherhand, people those who belong to age between 18-35 they like to listen fast and energeticmusic. It gives them enjoyment and they feel good whenever they listen such type ofmusic (Why Nostalgia marketing works. 2016). UK is the country where number of senior citizen are high in number so by it has beenimportant for the Tribute Ltd to pay attention on these people and their expectation. Oldpeople those are above 60 they like to listen music so they are the main target market sowhile planning for marketing cited firm has to look upon this part of economy and theyshould market the album in such manner which can send message to these peoplesignificantly (Hutter. and et.al, 2013). Jimi Hendrix was the famous and competentsongwriter and tribute artist who has made strong reputation in the eye of senior citizen(Berman. and Wang, 2017). When any new song of him launched then most of thepopulation gathered in single place just to enjoy his musical instruments and itsperformance. That is main reason that to promote tribute music of Jonnie. For thatcompany has gone with the nostalgia marketing. This concept of marketing is verypopular in the nation and that can help the entity in attracting more audience. Byorganizing live concert of Tribute music and by refreshing the memories of population itwill be able to gain attention of mass audience significantly. Hendrix guitar and musicevoke new excitement and happiness among senior citizens (Inversini and Masiero,2014). This would be surly great strategy for the Tribute Ltd because by this it will beable to attract millions of people or music lovers towards live concert and they will buyCDs or songs of this music (Lindsay, Bernoff and Ward, 2017). Social media and internet has become the important tool of personal and professional life.People use these sites frequently. By using internet effectively cited firm will be able topromote the music of Tribute well and it will make its future tremendous. Social mediaplatform is the easiest way of connecting with the mass public. Combination of internetwith nostalgia marketing can create re-movement and can develop freshness amongsenior citizens. With the help of internet Tribute Ltd can also develop its companywebsite where it can sell the CDs and albums of Jonnie’s music(Cramér, 2016). Apartfrom this on the website cited firm can upload new songs and live concert videos and4
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