Small Business Unit Operating in Music World | Assignment
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Added on 2020-02-05
Small Business Unit Operating in Music World | Assignment
Added on 2020-02-05
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Case study 1
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3Critical evaluation of the senior citizen music market, explaining nostalgia marketing and role of internet..............................................................................................................................................3TASK 2.................................................................................................................................................4(A). Spreadsheet with the formula....................................................................................................4(B) Graphs representing ‘% of total’ and ‘% of total profits’...........................................................5TASK 3.................................................................................................................................................5(A). Analysis of the results from the combined data set and assessing the interest of customers in music.................................................................................................................................................5(B). Meaning of biasness and assessing its implication for the conducted survey...........................8(C) Methods to improve data collection...........................................................................................9TASK 4.................................................................................................................................................9(A). Median age group to buy and listen to the preferences of new age group................................9(B). Cross tabulation.........................................................................................................................9(C) Interns survey results in terms of suitability............................................................................10(D) Best test to find out a meaningful data.....................................................................................10TASK 5...............................................................................................................................................10REFERENCES...................................................................................................................................12APPENDIX........................................................................................................................................132
INTRODUCTIONIn the British economy, music industry depicts a rapid and fast growing because people lovelistening music and songs to satisfy their entertainment requirement. Looking to the recentpublished reports, the total contribution of the music industry has been reported to 4.1 GBP million.Composers, lycricts, song writetrs, music players and others make the biggest contribution to thetotal revenues of the music sector worth 2 & 2.7 million. The current project assignmentemphasizes upon a small business unit operating in the music world, named Tribute Ltd. Thecompany aims at boosting the tribute work and looking to recently recruit Jonnie who plays music,write songs and compos music. Company has approached him as a tribute artist of the famous andpopular singer, named Hendrix. In the earlier time, he was awarded with the many prizes in themusic world for the best music songs written and outstanding performance. The research reportaims at identifying and examining the desires and expectations of the British senior citizens towardsmusic. It will examine the usefulness of nostalgia marketing for the promotional plans of the TributeLtd whether it will be helpful or not to drive crowd to the business. Moreover, secondary dataregarding sales and profitability will be analyzed to devise plans for the effective logistic &distribution channel. Apart from this, distinctive statistical techniques will be utilized for thepurpose of making rationalized & informed business decisions. TASK 1Critical evaluation of the senior citizen music market, explaining nostalgia marketing and role ofinternetNow-a-days, marketing plays a great role in driving high customer base through attractingand motivating them to come and demand the business offerings. Looking to the music world, in thetoday’s period, music companies make use of the nostalgia marketing practices where they payslarger focus to the previous memories that embark an strong memorable image in everyone’s mind,thus, it can be used by Tribute Ltd to encourage people by reminding Hendrix’s outstanding playedthrough Jonnie’s music performance, songs and guitar play (Rutter, 2016). With this, senior citizenscan be highly attracted towards the business because senior aged people beloved the Hendrix’smusic. Thus, it can be said that by incorporating and applying the nostalgia marketing under thepromotional strategy, Tribute Ltd can drive crowded audience to the firm, which in turn, maximizeits sales, profitability and competitive benefits to a substantial extent. Senior citizens will considerJonnie’s music acts as a tribute to the iconic and phenomenal music player, Hendrix and will bedesire to watch his play, listen his songs and live performance (Nostalgia marketing, 2016). It will3
remind people and energize them by the outdated memories of Hendrix and encourage them to buyJonnis’s CDs, music, guitar and so on. In the technological era, online-operations like website marketing, e-mail marketing, social-media marketing and others gains a considerable importance in the music industry. It is because, itprovides flexibility to the customer, where, they can order online and receive the goods offered attheir home (Cloonan, 2016). Thus, it is considered advisable to the Tribute ltd to design officialwebsite where senior citizens can update themselves about the performance of the Jonnie and watchhis performance, guitar played, live music performance & others through a multi-channel i.e.facebook, Youtube and others. Statistical reports also evident the significance of internet in themarketing operations for the music industry, as per this, about half of the revenues of the industrycomes from the online operations and it is continuously growing which clearly shows the risinginterest among the senior citizens towards online buying (UK Music industry, 2016). TASK 2(A). Spreadsheet with the formulaAs per the case, presently, Jonnie offers his music to the consumers in a CD format whichrequire a cost of 2GBP/CD. However, under the distribution channel, it use multi channels such ascomplimentary, web order, mail, retail, Brighton pubs, general and site of live concerts. Here, % oftotal, estimated profit and % of total profit has ben computed using following formulas:% of total: Number of CDs sold by Tribute Ltd through independent channel/Total CDs soldEstimated return/profit = (Units sold*price/CD) – (2GBP * units sold)% of total profitability = Estimated profitability at independent location/Total profitabilityCalculations made in Appendix 14
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