Analysis of Music Market for Senior Citizens: Tribute Ltd

This report provides a comprehensive analysis of the music market, specifically targeting senior citizens and exploring the impact of nostalgia marketing. It examines CD sales performance, customer preferences, and the effectiveness of various marketing strategies for Tribute Ltd. The report delves into data collected from customer surveys, analyzing their views on Jonnie Jones' music and the methods used for data collection. It also assesses the ranking of music-listening tools, age categories of listeners, and gender demographics to understand market trends and inform decision-making for future operations. The analysis includes interpretations of sales data, customer feedback, and the influence of factors like concert attendance and retail selling, offering valuable insights into how Tribute Ltd. can optimize its strategies to cater to the preferences of senior citizens and enhance its market presence. The report concludes with recommendations for improving data collection methods and making informed decisions based on the analyzed information.

Analysis
of
Data

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Market analysis of senior citizen music and nostalgia-marketing..............................................1
TASK 2............................................................................................................................................2
a) Sales performance of Jonnie's last year sold CDs...................................................................2
b) Analysis and advices for selling Jonnie Jones CDs................................................................2
TASK 3............................................................................................................................................3
a) Customers' views and interest in Jonnie's music.....................................................................3
b) Justification for unbiased data collection................................................................................3
c) Manner to improve data collection.........................................................................................4
TASK 4............................................................................................................................................4
1) Ranking for buying Jonnie Jones music.................................................................................4
2) Ranking on music listening tools............................................................................................4
3) Age categories of music listeners...........................................................................................4
4) Gender.....................................................................................................................................5
TASK 5............................................................................................................................................5
Decision making for further operations for Tribute Ltd.............................................................5
CONCLUSION................................................................................................................................5
REFERENCE...................................................................................................................................6
APPENDICES.................................................................................................................................7
Illustration Index
Illustration 1: Percentage of CD has sold........................................................................................7
Illustration 2: Percentage of Profit...................................................................................................8
Illustration 3: Views on customers on companion...........................................................................8
Illustration 4: Ranking of buying CDs of Jonnie's composed song.................................................9
Illustration 5: Ranking of preference songs.....................................................................................9
Illustration 6: Age group listeners....................................................................................................9
Illustration 7: Listeners at theatre..................................................................................................10

Illustration 8: Listeners at theatre and Brighton Mall....................................................................10
Illustration 9: At Brighton mall......................................................................................................10
Illustration 10: At Theatre..............................................................................................................11
Illustration 11: Gender combined at both theatre and Brighton mall............................................11

INTRODUCTION
Music plays an important role for changing the person's behaviour and attitude. It highly
influences the life of person (McGlone and Wilmshurst, 2016). The present report is related with
the choices of different people which are different as per the situation. It describes the role of
nostalgia-marketing and also analysis the music market as per the need of senior citizens. It also
expressed the various data which are collected as per the responses given by the respondents. At
last, by making comparison with Johnnie's composition, data can be analysed in this report.
TASK 1
Market analysis of senior citizen music and nostalgia-marketing
Analysis of music market of senior citizen: As per the collected data it is found that
maximum people those who are above 60 age like to listen old songs. They like to listen such
type of old song which can remind them. Their old memories can refresh them. It is found that
old songs create peace full environment in the atmosphere and make senior citizens happy. From
the data it can be said that old song music market is highly influenced and it can help Tribute Ltd
in increasing its revenues. Tribute Ltd is planning to attract more senior citizens' ad trying to
compose such type of memorable songs for them. That makes them relax and senior citizens like
such type of songs to great extent (Brady and Shankweiler, 2013).
Nostalgia-marketing: This concept refers to such condition in which composer make
new songs by making some changes in old songs. It is beneficial to develop old memories by
listening new version songs. It also creates a positive environment which is useful to minimize
the loneliness of aged people. In respect to this, effective marketing strategies build positive
attitude in people's behaviour. As a research, it is found that old people highly influenced with
old songs. Hence, there interest and preferences make great impact on the sell of CDs in the
market. In this way, nostalgia-marketing helps to develop old songs by making some alteration in
it. All these strategies are highly affected the buying-decision of customers and profitability of an
organisation too. By using these process Tribute Ltd can make effective reputation in the market
and also increases the level of performance by developing new skills or techniques in their
workplace.
On the other hand, by adopting innovative changes and make modification in old songs
by creating new version are the best way to attract the people. For example: Using remix songs
1

are new strategies which are adopted by the tribute Ltd. On the other hand, it also makes
negative impact because new version songs can not satisfy the demand of customers special old
people. For example: DJ and remix songs does not influence the senior people so that the
demand of CDs will go down.
TASK 2
a) Sales performance of Johnnie's last year sold CDs
As per the collecting the data, it is beneficial for analysis the actual financial position of
Tribute Ltd by comparing its performance for the last year. Selling of CDs and its performance
are of 2014-16 are as follows:
Interpretation: As per the given case, it has been analysed that Johnnie adopt various
kinds of marketing strategies which make positive impact on their sell. By using these strategies
they sold large numbers of CDs to the people. They make various efforts such as making
connection with friends through email, phone, websites etc. By using these techniques, they will
get the feedback from customers and make effective changes as per the requirement. In addition
to this, selling strategies of Tribute Ltd. will also increase and it can use advanced technologies
for earning its profits. By making research, it is found that cited firm, earns 42.43% as a profit
ratio by selling their CDs in the market (Sousa, Vilela, Fonseca, Matos, Freire, Gruter, Coelho
and Silvestre, 2015). It can be said that firm has higher profit ratio as compare top their
competitors. 39.57% profit can be created by using effective performance strategies which is
totally based on use of innovative and advanced techniques. Furthermore, firm also present the
effective brand image by increasing the demand of music. Hence, it is determined that by making
fraction changes or adopting innovative techniques in music, organisation will increase their
profitability in a large scale.
b) Analysis and advices for selling Johnnie Jones CDs
From the collected data it is found that there is strong relationship between sell of CDs
and earned profit. Interpretation of sold CDs and received amount are as following:
Interpretation: Tribute Ltd has sold many CDs by using retail selling technique. That has
helped the company in increasing its sales volume to great extent. It can be interpreted that
demand of new composed songs are high. Data shows that approx 50% CDs were sold through
retailing that means company has good reputation and people like to shop from the retail store.
2

28% CDs has been sold by managing interest level of audience. From the discussion it can be
said that if Tribute Ltd make effective marketing strategies then it will support in increasing
revenues of the organization to great extent. Earned profit of Johnnie's new composed song by
selling CDs can be understand by appendix 3.
Interpretation: From the data it is found that retailing is the technique that can help in
increasing sales volume of CDs. With the assistance of this method company can earn high profit
in particular financial year. It has been found that 42.43% of CDs have been sold through this
method. It has been found that organizing concert is another method that can help the Tribute Ltd
in increasing revenue of the firm. It has been found that selling CDs by organizing wonderful
concert can support in attracting more people and that also explains that there is high demand of
CDs. From the discussion it can be interpreted that Tribute Ltd can improve its business
performance through advertisement strategies. That may enhance interest of consumers and it
will help in increasing sales of the CDs. It is found that company is required to compose songs as
per the needs and interest of target audience.
TASK 3
a) Customers' views and interest in Johnnie's music
In development of music industry, customers and buyers plays a significant role. Music is
highly effected by the demand and preferences of customers. In this, interest of person are
presented which is totally based on the events and its music which attract the people in Brighton
mall and theatre. These are presented in appendix 4.
Interpretation: In Brighton mall, there are number of people which attended the concert
in a large scale. As per the analysis of data, it was find that there are 41 people who watch the
show only for the 2 minutes, but there are some people who watch the show 3 to 4 minutes in
mall as well as theatre (McGlone and Wilmshurst, 2016). It also explained that people who visit
the show gave their positiver feedback and their will be high demand of CDs which are shown as
appendix 4. Hence, all the responses give positive feedback by which Tribute Ltd will be
motivated and adopt innovative strategies to accomplishes its planned growth.
b) Justification for unbiased data collection
By analysing the timing of watching show all the data are collected in a primary level
which provide the biased result. It has analysed that there are large number of people which like
3

to watching the show continuously. It can be said the result are not reliable and accurate as per
the collected data. In addition to this, the show time and visiting time were also not recorded by
an appropriate manner. There are some people who visit the concert which are not recorded and
create difficulty while analysing the data. Hence, it can be said that all the data which are
collected provide not a proper details and method which are used show the bias result. Hence, all
the inaccurate results reduced the value of firm which does not make complete analysis of
concert and watching tinning of people.
c) Manner to improve data collection
To reduce the biasses and making improvement of data by an appropriate manner a
survey has been conducted (Goodman, Cryder and Cheema, 2013). In order to identify the
interest of people for a particular music, organisation need to make specific strategies and
collecting the data to resolving the issues. If a person set the proper strategies and timing, then he
can collect the data by an appropriate manner.
TASK 4
1) Ranking for buying Johnnie Jones music
Interpretation: From the appendix 5, two different age group people are taken for
analysing the situation. While collecting the data researcher collect various information by
asking questions to the people. On the basis of collected data, they give rank as per the
responses. As per the research, it has been determined that young people give first rank to retail
selling but senior gave rank 2. On other hand, seniors highly influence with radio as a most
preferable instrument for listening new songs. In addition to this, Tribute Ltd. also get various
ranks of music as p[er the preferences and interest of people.
2) Ranking on music listening tools
From the collected data, it has been analysed that all the age group people show their
common or equal interest/rank. Hence, it is clear that organisation get positive responses from
their respondents. To getting the feedback from people, mall, concert etc. plays an important
role. Furthermore, quality of music and its prices also make great impact on the demand in the
marketplace. Hence, it can be said that people were highly satisfied with the Johnnie's
composition and its ways of presentation of their products in the market.
4

3) Age categories of music listeners
Present report mainly analysis the different age groups and their interest which are
differently affected an organisation (Davis, Sutherland, Wilton and Kwinn, 2014). It has been
analysed that age group of 61-75 years people like to listen music in mall. Whereas, age group
between 31-45 year are highly attracted with the composition of Johnnie's new version song and
Tribute Ltd old song. As per the figure, it has been concluded that age group between 55-64
years are like old song and their percentage will be 22%. All these records shows the positive
impact on the organisation.
4) Gender
Interpretation: By making research, it is examined that their were high majority of male
people who visit the concerts and show. As per the given figure, the number of male people is
higher than female and it also reflects that 58% people went to the theatre. On the other hand, the
number of female are higher while visiting the theatre in compare of male people. It can be said
that number of people are depends on the situation and their preferences which are changing in
nature.
TASK 5
Decision making for further operations for Tribute Ltd
 By analysing the recent position of organisation, it has good reputation in market.
 Tribute Ltd. also deal with high demand of music CDs.
 To manage the competitor's position with Johnnie's composition, firm need to adopt some
innovative techniques so that it can make great focuses on different aged group people.
 Cited firm should adopt effective marketing strategies so that it can expand its business
by making good market approach.
 Through social networking sites such as Facebook, Twitter and YouTube, cited firm
upload its new version and stay connected with people in a large level.
 Tribute Ltd. adopt unique strategy which minimizes its cost and maximizes its profit by
using an effective manner (Brady and Shankweiler, 2013).
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CONCLUSION
As per the above detailed report, it has been concluded that music highly effect the life of
person. It provides peaceful environment and minimize the loneliness. This report discovered the
importance of old song and new version song by analysing the demand in the market. It also
discovered the marketing strategies by comparing Tribute Ltd with their competitors so that cited
firm can analysis its actual performance level effectively. At last, it also presented the various
ideas and strategies which is beneficial for the Tribute Ltd. for accomplishing its desire goals.
6

REFERENCE
Books and Journal
Brady, S. A. and Shankweiler, D. P. eds., 2013. Phonological processes in literacy: A tribute to
Isabelle Y. Liberman. Routledge.
Davis, B., Sutherland, A., Wilton, M. and Kwinn, M. J., 2014, March. Evaluating army
geospatial data collection tools. In Systems Conference (SysCon), 2014 8th Annual
IEEE (pp. 235-242). IEEE.
Goodman, J. K., Cryder, C. E. and Cheema, A., 2013. Data collection in a flat world: The
strengths and weaknesses of Mechanical Turk samples. Journal of Behavioral Decision
Making. 26(3). pp.213-224.
McGlone, M. and Wilmshurst, J., 2016. A tribute to Neville Taylor Moar (31 July 1926-1 June
2016). Quaternary Australasia. 33(2). p.16.
Sousa, A. F., Vilela, C., Fonseca, A. C., Matos, M., Freire, C. S., Gruter, G. J. M., Coelho, J. F.
and Silvestre, A. J., 2015. Biobased polyesters and other polymers from 2, 5-
furandicarboxylic acid: a tribute to furan excellency.Polymer Chemistry. 6(33). pp.5961-
5983.
Online
Tribute. 2017. [online]. Avaialble through: <https://techcrunch.com/2013/01/13/pdf-tribute/>.
[Accessed on 10 August 2017].
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APPENDICES
1) Sales performance of composed song CD of Jonnie
2) Percentage of CD that has been sold
1 2 3 4 5 6 7
0
0.1
0.2
0.3
0.4
0.5
0.6
Column D
Illustration 1: Percentage of CD has sold
3) Profit percentage of Tribute Ltd
8

1 2 3 4 5 6 7
-0.1
0
0.1
0.2
0.3
0.4
0.5
Column I
Illustration 2: Percentage of Profit
4) Views of customers on companion of Tribute Ltd
1 minute 2 minute 3 minute 4 or more minute
0
5
10
15
20
25
30
35
40
45
Column C
Column D
Illustration 3: Views on customers on companion
5) Ranking of buying CDs of Jonnie's composed song
9

Illustration 4: Ranking of buying CDs of Jonnie's composed song
6) Preferences songs ranking
Illustration 5: Ranking of preference songs
7) Age group listeners at Brighton mall theatre and combined
4
16
17
64
3 1
2
3
4
5
6
Illustration 6: Age group listeners
10

2
9
41
1
2
3
4
5
6
Illustration 7: Listeners at theatre
2 4 16
26
105
3
1
2
3
4
5
6
Illustration 8: Listeners at theatre and Brighton Mall
8) Gender
62.5
37.5
1
2
Illustration 9: At Brighton mall
11

57.69
42.31 1
2
Illustration 10: At Theatre
60.90%
39.10%
1
2
Illustration 11: Gender combined at both theatre and Brighton mall
12