An Analysis of the Data on Young at Heart and Seniors' Buying Preferences

The provided content appears to be a dataset and statistical analysis related to an event or performance at the Theatre and Mall in Brighton. The data includes information on ticket sales, demographics, and preferences of attendees. There are four appendices: Field observation results at Theatre and Mall, Computing median ranking for young at heart & Seniors, Cross tabulation, and Order via mail/Order on website/Concert performance/Retail/Brighton Pubs. The dataset provides insights into the characteristics and behavior of attendees, including their age, gender, and preferences.

Tribute Ltd.

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
TASK 2............................................................................................................................................2
a)..................................................................................................................................................2
b).................................................................................................................................................2
TASK 3............................................................................................................................................3
a)..................................................................................................................................................3
b).................................................................................................................................................6
c)..................................................................................................................................................7
TASK 4............................................................................................................................................7
a)..................................................................................................................................................7
b).................................................................................................................................................8
c)..................................................................................................................................................8
d).................................................................................................................................................8
TASK 5............................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
Appendix........................................................................................................................................11
Appendix 1. Computing % of total CDs sold & % of total profit.............................................11
Appendix: 2. Field observation results at Theatre and Mall.....................................................11
Appendix 3. Computing median ranking for young at heart & Senior.....................................11
Appendix 4. Cross tabulation ...................................................................................................12

INTRODUCTION
As per the recent statistical report, it has been evident that UK music industry is growing
at a rapid scale and thus contributes around 4.1 GBP billion to the gross value added. Thus,
musicians, lyricists and composers are considered as the great contributor as they are generating
a high turnover of 2 GBP billion of 2.7 GBP in 2015 (Parry, Vendrell‐Herrero and Bustinza
2014). Here, Tribute Ltd has been undertaken which is a small size business which specialises in
promoting the work of tribute artists. In the recent time, Tribute has appointed Jonnie Jones who
is a guitarist, song writer and music player. Hence, in regard to promote the albums of Jonnie,
Tribute decides to get assistance of nostalgia marketing concept. Report also obtains data from
both primary and secondary sources in regard to apply suitable and financial tools in regard to
make crucial decisions.
TASK 1
British music industry is growing rapidly and thus music preference among senior
citizens and youngsters are different. It is due to change in preferences as elderly people prefer to
listen music during walking, exercise and other recreational activities. While, it is totally
different with young people as they are music addicted and they listen it for entertainment
purpose. As per the psychology, senior citizens thought that listening music during exercise is
very helpful and thus enhance physiological arousal. Hence, they prefer to listen the music
developed by Tribute Ltd (Reynolds 2014). Senior citizens within UK is very limited and thus
marketers are required to adopt nostalgia marketing in which they need to identify the needs and
wants of target market and then provide them similar products so that their needs could be
fulfilled. Here, Jimi Hendrix is one of the famous Tribute artist and thus it was in huge demand
within UK market. He was more preferred by the senior citizens who are music lovers and thus
using nostalgia marketing helps company to influence senior citizen towards business
(Hammond 2014).
Thus, through adopting effective marketing strategy Tribute Ltd. Helps in influencing
senior citizens to purchase Jonnie's music albums and thus enhance the market share of firm.
With the help of adopting effective marketing strategy it results in satisfying the needs of senior
citizens by providing them Hendrix music album. Tribute also creates its own website for
promoting the music album, CDs and DVDs to influence senior citizens across UK and improve
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the brand image of firm in market (Hadida and Paris 2014). Also, it is significant for business to
use internet for promoting the music albums and thus influence target customers towards firm.
TASK 2
a)
Percentage of total CD sold by Tribute Ltd over different locations= Number of CDs sold at
different locations/ Total number of CD sold*100
Total number of CDs sold = 130+353+167+223+1376+2459+72= 4780
Percentage of total profit earned by Tribute= Estimated profit at every location/Total obtained
profit*100
Calculating profit= sales – cost
Sales = Total number of CD's sold*selling price
Cost = Total number of CDs * cost (2 Pound)
Refer Appendix 1
b)
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It can be evaluated from the study that the above drawn graph reflects that more than
50% of sales has been obtained from retail stores. Total of 51.44% sales has been identified
which is the highest among other sellers. Therefore, it clearly showcases that majority of the
buyers prefer to buy CDs from retail stores and around 2459 CDs have been sold over two year
time period. While, 28.79% CDs were sold during the live concert venues which was around
1376 CDs. Thus, Tribute Ltd aims to focus upon retail stores as it is the major place where buyer
is attracted and therefore high profit has been earned which is worth 14754 around 42.43%.
While, live concert places performance was a little bit lower as compared to retail stores i.e.
13760 and thus it showcases that 39.57% of total profit. However, within the Brighton pub it
indicates the lowest sale i.e. 72 which is 1.51% at a profit of 576 1.66%. While, e-mail and
website sales were around 7.38%, 3.49% and 4.67%. Further, the % of total estimated profit
founded to 8.12%, 3.84% and 5.13%. Thus, it is showcased that business reported to the lowest
sales percentage to 2.72% which is at the loss of .75%. Hence, it could be assessed that Tribute
Ltd should sale Jonnie's CDS at retail stores and live concerts that would help in enhancing the
sales and profitability of firm.
TASK 3
a)
Refer Appendix 2
Through carrying out field evaluation, it helps Tribute Ltd to two different location i.e.
Theatre at Uxbridge and shopping mall at Brighton. Thus, adopting field observation is the
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technique that results in collecting primary data and thus assess the preferences of people
regarding Jonnie's music albums.
Through the analysis it helps in assessing that within the shopping mall, majority of the
target population i.e. 41 liked Jonnie's music album and show their performance for 2 minute
while, in theatre it involves only 19 people who heard the music. However, in total 60 visitors
out of 156 were found interested to view the live concert of Jonnie.
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Through the above graph it could be analysed that respondents mostly aged people were
interested in the Jonnie's performance. It was around 61-75 age group people prefer to view the
performance in the shopping mall and theatre. While, there are 64 and 41 members out of 104
and 52 assessed at 61.54% and 78.85% were senior citizens. However, only 37 and 11
respondents were below the age of 60 years who wish to enjoy the performance of Jonnie.
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It could be evaluated from the graph that at Brighton Mall out of 104 respondents 62%
were female and 38% were male. While, at theatre in Uxbridge 58% candidates were female and
42% were male. However, as per the combined results it assesses that 61% in total were female
respondents and 39% were male. Thus, it assesses that females were more interested in music
performance of Jonnie as compared to male.
b)
Biasness within the survey is considered as selected individuals, data or group of people
for carrying out field observation in un-randomized way. Thus, it showcases that the selected
sample is not at all representative sample and termed as selection effect. Furthermore, biasness is
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referred as distorting statistical analysis helps in collecting material information and thus lead to
produce inappropriate results (Dobusch and Schüßler 2014). As per the given case, Tribute Ltd
observes people at different location i.e. theatre and Brighton Mall. While, carrying out the
performance in the Mall Jonnie played the music for three hours which has been heard all around
the mall. He also arranges his own music instruments and played the music. While, at theatre
there was no sign that he will be playing his tribute artistic work and thus it does not attract
people. Hence, mall venue was crowded as compared to theatre and in the mall 104 people were
present which is thrice of people present at theatre an thus it shows biased observation.
c)
It can be assessed that data collection could be improve through carrying out effective
field observation method. Thus, Tribute Ltd helps in selected the target audience and venue
which was mall and other is theatre. Therefore, it helps firm to identify the interest of people and
perform Jonnie's music concert at the venue (Marshall 2013).
TASK 4
a)
Refer appendix 3
Presentation of Medium table is Appendix 3
It can be evaluated that within the young group, majority of people gave top priority to
purchase CD's from retail outlets while the lowest was e-mail and phone. The senior citizens
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prefer to visit the retail outlets and purchase the CD. In the digital age, cassette were replaced by
CDs. Therefore, senior citizens gave more preference to radio and as compared to cassette and
CDs and do not prefer to listen music online (Bourreau, Lestage and Moreau 2017).
b)
Refer to Appendix 4
It can be evaluated from the result that cross table which has been prepared in excel and
thus assesses that there were no significant differences identified within youth at heart and senior
citizens regarding their buying preferences (Lindsay 2016).
c)
Through evaluating the results it could be identified that people gave top priority to retail
outlets because it is them most visited place from where CDs are sold by senior citizens. Thus,
using cross tabulation analysis it helps in detecting that youth at heat and senior have differences
regarding their buying decisions (Tilson, Sørensen and Lyytinen, 2013).
d)
Through using Chi-square test it could be applied in regard to assess that whether buying
preferences of youth and senior differs or not.
TASK 5
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To: BOD of Tribute Ltd
From: financial analysts
Date: 25th April, 2017
It was founded that for Tribute Ltd, nostalgia approach of marketing will be effective, which
uses highly positive connotation and similar events of guitarist, music players to evoke comfort,
excitement among senior citizens. These innovative events will attract millennial aged people to
purchase Jonnie's music album, songs. Internet will be essential for promoting their music on
social media channels to achieve higher success (Towse 2016). Top priority will be given to
retail outlet and live concert plays to buy music CDs and albums. No difference is found
between the young and senior citizen regarding their buying preference.
CONCLUSION
It can be concluded from the study that Tribute Ltd uses nostalgia marketing and thus
helps in providing benefit to senior citizens regarding their required music preferences. Thus, it
carries out data collection method and identify that retail outlets are the best place through which
sales of firm is being raised.
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REFERENCES
Books and Journals
Bourreau, Lestage and Moreau 2017. E-commerce and the market structure of the recorded
music industry. Applied Economics Letters, 24(9). pp.598-601.
Dobusch and Schüßler 2014. Copyright reform and business model innovation: Regulatory
propaganda at German music industry conferences. Technological Forecasting and Social
Change, 83. pp.24-39.
Hadida and Paris 2014. Managerial cognition and the value chain in the digital music
industry. Technological Forecasting and Social Change, 83. pp.84-97.
Hammond 2014. Profit Leak? Pre‐Release File Sharing and the Music Industry. Southern
Economic Journal, 81(2). pp.387-408.
Lindsay 2016. An Exploration into How the Rise of Curation Within Streaming Services Has
Impacted How Music Fans in the UK Discover New Music. Journal of Promotional
Communications, 4(1).
Marshall 2013. The 360 deal and the ‘new’music industry. European Journal of Cultural
Studies, 16(1). pp.77-99.
Parry, Vendrell‐Herrero and Bustinza 2014. Using Data in Decision‐Making: Analysis from the
Music Industry. Strategic Change, 23(3-4). pp.265-277.
Reynolds 2014. Navigating the Modern Music Industry From Production to
Distribution (Doctoral dissertation, Ohio University).
Tilson, Sørensen and Lyytinen, 2013, January. Platform Complexity: Lessons from the music
industry. In System Sciences (HICSS), 2013 46th Hawaii International Conference on (pp.
4625-4634). IEEE.
Towse 2016. Economics of music publishing: copyright and the market. Journal of Cultural
Economics. pp.1-18.
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Appendix
Appendix 1. Computing % of total CDs sold & % of total profit
Number
of CDs
sold
%age of
total
CDs
sold
CDs
selling
price Sales Cost
Profit
estimation
% of total
profit
estimated
Complimentary 130 2.72%
£
-
£
- £260.00 -£260.00 -0.75%
General 353 7.38% £10.00 £3,530.00 £706.00 £2,824.00 8.12%
Order via mail 167 3.49% £10.00 £1,670.00 £334.00 £1,336.00 3.84%
Order on website 223 4.67% £10.00 £2,230.00 £446.00 £1,784.00 5.13%
Concert
performance 1376 28.79% £12.00
£16,512.0
0
£2,752.0
0 £13,760.00 39.57%
Retail 2459 51.44% £8.00
£19,672.0
0
£4,918.0
0 £14,754.00 42.43%
Brighton Pubs 72 1.51% 10.00 £720.00 £144.00 £576.00 1.66%
4780 100% £60.00 £34,774.00 100%
Appendix: 2. Field observation results at Theatre and Mall
Brighton Mall The Theatre Combined results
1 minute 14 11 25
2 minute 41 19 60
3 minute 25 9 34
4 or more 24 13 37
Total 104 52 156
Age Brighton Mall The Theatre Combined results
Below 15 0 2 2
16-30 4 0 4
31-45 16 0 16
46-60 17 9 26
11

61-75 64 41 105
76 & above 3 0 3
Gender Brighton Mall The Theatre Combined results
Female 65 30 95
Male 39 22 61
Total 104 52 156
Appendix 3. Computing median ranking for young at heart & Senior
Buying preferences Young at heart Seniors Total
Retail 1 2 1.5
Concert 3 2 3
Online 2 4 3
Mail 4 3 3
Phone 4 3.5 4
Listening preferences
Cassette 5 3 4
CDs 2 3 2
Live 4 3 3
Digital 3 5 4
Radio 2 2 2
Appendix 4. Cross tabulation
Values
Row Labels Count of Young at heart Count of Seniors
Concert 1 1
Mail 1 1
Online 1 1
Phone 1 1
Retail 1 1
Grand Total 5 5
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