Study on Tribute Ltd | Nostalgia Marketing Assignment

Added on - Dec 2019

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Tribute Ltd.
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................2a)..................................................................................................................................................2b).................................................................................................................................................2TASK 3............................................................................................................................................3a)..................................................................................................................................................3b).................................................................................................................................................6c)..................................................................................................................................................7TASK 4............................................................................................................................................7a)..................................................................................................................................................7b).................................................................................................................................................8c)..................................................................................................................................................8d).................................................................................................................................................8TASK 5............................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10Appendix........................................................................................................................................11Appendix 1. Computing % of total CDs sold & % of total profit.............................................11Appendix: 2. Field observation results at Theatre and Mall.....................................................11Appendix 3. Computing median ranking for young at heart & Senior.....................................11Appendix 4. Cross tabulation...................................................................................................12
INTRODUCTIONAs per the recent statistical report, it has been evident that UK music industry is growingat 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 generatinga high turnover of 2 GBP billion of 2.7 GBPin 2015 (Parry, Vendrell‐Herrero and Bustinza2014). Here, Tribute Ltd has been undertaken which is a small size business which specialises inpromoting the work of tribute artists. In the recent time, Tribute has appointed Jonnie Jones whois 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 fromboth primary and secondary sources in regard to apply suitable and financial tools in regard tomake crucial decisions.TASK 1British music industry is growing rapidly and thus music preference among seniorcitizens and youngsters are different. It is due to change in preferences as elderly people prefer tolisten music during walking, exercise and other recreational activities. While, it is totallydifferent with young people as they are music addicted and they listen it for entertainmentpurpose. As per the psychology, senior citizens thought that listening music during exercise isvery helpful and thus enhance physiological arousal. Hence, they prefer to listen the musicdeveloped by Tribute Ltd (Reynolds 2014). Senior citizens within UK is very limited and thusmarketers are required to adopt nostalgia marketing in which they need to identify the needs andwants of target market and then provide them similar products so that their needs could befulfilled. Here, Jimi Hendrix is one of the famous Tribute artist and thus it was in huge demandwithin UK market. He was more preferred by the senior citizens who are music lovers and thususing nostalgia marketing helps company to influence senior citizen towards business(Hammond 2014).Thus, through adopting effective marketing strategy Tribute Ltd. Helps in influencingsenior 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 seniorcitizens by providing them Hendrix music album. Tribute also creates its own website forpromoting the music album, CDs and DVDs to influence senior citizens across UK and improve1
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