Tribute Ltd: Evaluating Marketing and Distribution for Tribute Music

This report analyzes Tribute Ltd's marketing strategies within the music industry, particularly focusing on the senior citizen market and the application of nostalgia marketing. It assesses the potential of digital formats and evaluates distribution channels for CDs and albums. The report includes a critical analysis of the senior citizen music market, exploring consumer preferences and behaviors. It examines the effectiveness of nostalgia marketing through live concerts and social media promotion. Furthermore, the report presents an Excel spreadsheet analysis of CD sales across different geographical locations, along with graphical representations to interpret sales and profit data. The study also incorporates a survey analysis to understand consumer interest in music, addresses potential biases in the data collection process, and suggests improvements for future data gathering. The findings suggest that retail outlets and live concerts are the most effective distribution channels, and the report concludes with recommendations for the company's Board of Directors, emphasizing the importance of nostalgia marketing and retail sales strategies. The report also evaluates the intern's survey research and suggests the use of the Chi-Square test for meaningful information.

Tribute Ltd
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INTRODUCTION
Music is the tool that connects the people. Tribute artistic music is the well known and
popular 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. Records
show 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 that
has 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 people
those who belong to other nations like the Tribute music as well. For the present report
Tribute Ltd is being taken into account which is working in musical industry and
promoting the work of Tribute artists. Jonnie Jones is the young guitarist and in depended
artist who has been appointed by the cited firm recently. Jimi Hendrix was the famous
Tribute artist who has won numerous awards for its Tribute music and tremendous guitar
playing. In order to gain high profit cited firm is planning to use marketing strategies and
take support of social media so that this music can be promoted across the world. For this
purpose company has taken assistance of nostalgia marketing concept. Report will
discuss the concept whether Tribute Ltd should move to digital format or not. It will
critically analysis the senior citizen musical market and will discuss about the nostalgia
marketing (Lindsay, Bernoff and Ward, 2017). It will find out that whether internet will
be good for future growth of the organization or not. In addition, distribution channel for
CDs of Tribute music, albums will be evaluated in this study. It will try to find out which
distribution medium can give the return to the entity. In the present assignment, focus
will be on collecting primary data and financial techniques so that Tribute Ltd can attain
its target soon (Cramér, 2016).
TASK 1
Critical analysis of the senior citizen music market and explanation of nostalgia marketing
Over 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 listen
music with different purposes (Introducing the Future Music Forum. 2016). Old or senior
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citizens like to listen clam and slow music while doing walk and rehabilitation. On other
hand, people those who belong to age between 18-35 they like to listen fast and energetic
music. It gives them enjoyment and they feel good whenever they listen such type of
music (Why Nostalgia marketing works. 2016).
UK is the country where number of senior citizen are high in number so by it has been
important for the Tribute Ltd to pay attention on these people and their expectation. Old
people those are above 60 they like to listen music so they are the main target market so
while planning for marketing cited firm has to look upon this part of economy and they
should market the album in such manner which can send message to these people
significantly (Hutter. and et.al, 2013). Jimi Hendrix was the famous and competent
songwriter 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 the
population gathered in single place just to enjoy his musical instruments and its
performance. That is main reason that to promote tribute music of Jonnie. For that
company has gone with the nostalgia marketing. This concept of marketing is very
popular in the nation and that can help the entity in attracting more audience. By
organizing live concert of Tribute music and by refreshing the memories of population it
will be able to gain attention of mass audience significantly. Hendrix guitar and music
evoke 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 be
able to attract millions of people or music lovers towards live concert and they will buy
CDs 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 to
promote the music of Tribute well and it will make its future tremendous. Social media
platform is the easiest way of connecting with the mass public. Combination of internet
with nostalgia marketing can create re-movement and can develop freshness among
senior citizens. With the help of internet Tribute Ltd can also develop its company
website where it can sell the CDs and albums of Jonnie’s music (Cramér, 2016). Apart
from this on the website cited firm can upload new songs and live concert videos and
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images in order to gain attention of mass audience. Face book, Twitter is the favorite
social networking sites of old people and company can offer them attractive discounts
through these sites. That would enhance interest of customers and people will admire the
Jonnie’s work in future defiantly (De Vries and Carlson, 2014).
Graph shows that maximum people buy the songs and other related products through
online platform, so if Tribute Ltd go with this medium and it would be option for the entity to
create new history and gain high profit in the music industry (Love, 2016).
TASK 2
A) Excel spreadsheet and formula
Total percentage of sold CDs in several geographical locations:
=Number of sold CDs/ total sales*100
=total number of sold CDs=130+353+167+223+1376+2459+72 = 4780
Percentage= estimated profit/obtained profit*100
Profit= sales-cost incurred
Sales= CDs sold* selling price
Cost number of CDS (2Pound)
Appendix 1
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B) Graph of percent of total sales and profit
Interpretation: From the above graphical it is shown that maximum or more than 50% people buy
the music CDs from retail stores (BUCHAN, 2016). 51.44% sales have been done through retail
outlets. 2459 CDs have been purchased by the consumers in two year. The number of CDs have
been purchased by the people from live concert are 28.79% which is 1376 in numbers. The
earned profit of the Tribute Ltd in that year in worth are 14754 and in percentage it is 42.43%.
On other hand from the live concert company has earned 13760 profit which shows of 39.57%
profit. The lowest sales have been made in the Brighton pubs which is 72 and in percentage it is
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1.51%. Profit from this place is 576 or 1.66%. From general sales is 7.38, from email it is 3.49%
and from website company has sold 4.67%. Profit respectively are such as 8.12%, 3.84% and
5.13% (Street, 2015). complimentary has gained lowest sales and profit which is only 0.75%.
From the above records it can be interpreted that selling the CDs through retail stores are
beneficial because it can give huge profit to the entity.
TASK 3
A) Analysis results from the combined data set and assessing the consumers interest in music.
Appendix 2
According the given scenario Tribute Ltd has conducted survey or field observation so that
buying behavior and interest of population can be identified. It has organized this field
observation at two place where crowd are heavy (Introducing the Future Music Forum.
2016). These are Theater at Uxbridge and second is shopping mall at Brighton. For the
collection of primary information regarding interest, desires, feeling about music, field
observation is one of the great technique (Smith and Akenson, 2015).
From the graphical presentation it is found that in mall liked the performance of
Jonnie and they have watched the 2 minute performance of the person closely. On other
hand in mall situation was completely differed. There were only 19 people those who
have heard the musical performance and have taken interest. Thus it is found that 60/156
were majorly interested in such type of live concert and tribute musical performance.
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Interpretation: From the graph it is reflected that maximum people those who took
interest were belong to age group of 61-75 years in mall and as well as in Theater. Out of
all population were available at these place only 64/1045 and 41/52 were senior citizens.
When it come to percentage then it can be said that 61.54% and 78.85 in mall and theater
people were old and they liked the performance well. It is found that below 60 age people
were 37 and 11, they came in such places to enjoy the guitar performance of Jonnie.
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Interpretation: From the presentation it is found that in mall 62% out of 104 members
were female candidates and 38% were male audience. In theater 58% were female and
442% were male. Overall percentage of feminine was 61% an male was 39%. That shows
that female have high interest in live concert and Jonnie performance.
B) biasness and assessing its implication for the conducted survey
Selection biasness can be defined as selection of group or\f people in the survey in un-
randomized manner. By this way overall statistical analyses failed to generate accurate
results from the survey (Berman. and Wang, 2017). According to give scenario there
were two places where survey have been conducted in mall and in Theater. In the
Brighton mall Jonnie has performed well for three hours continuously. Individual has
sang song and played guitars that has attracted maximum people in the concert. On other
hand in the Theater Jonnie has not paid much attention, in both places timing of concert
was deferred. So it can be said that it was biasness and due to this less audience has taken
interest in Theater as compare to mall.
C) Improve collection of data
Tribute Ltd needs to conduct the field observation by considering the choice of audience
at venues. Places which have been chosen for the observation must have same features
and observation for the same duration so that accurate and relevant data can be gathered
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and it can give good expected results to the cited firm (Why Nostalgia marketing works.
2016).
TASK 4
A) Median age group for purchasing and listening preferences by new age group
appendix 3
From the analyses it is found that younger group and senior citizen both give top priority to buy
the CDs from retail outlets. On other hand if they do not get CDs on retail store themn their
second choice is purchase from live concert. Thereafter they prefer to mail, phone and
lowest priority is given by them to online shopping.
B) Cross tabulation
Appendix 4
Results show that choice of younger group and senior citizen are almost same and they
both give same priority to retail outlets.
C) Evaluating the intern’s survey research in terms of appropriateness
From the results it can be evaluated that both young and senior citrizen gives same
preference to retail outlets and live concert. There is no difference between them in their buying
preferences.
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D) the best test to find meaningful information
The best method for the same is Chi-Square test by this way it can be analsyued that
preferences of both are same or differed.
TASK 5
To,
BOD of Tribute Ltd
Financial analysts
Date: 26th April 2017
From the results it can be said that nostalgia marketing concept is highly effective
approach and it can give optimistic results to the Tribute Ltd. Company needs to sell its
album and CDs through retail outlets because it is the great way that can help in increasing
sales of the organization. Apart from this firm can concentrate on live concert as well.
Buying preferences of senior citizen and younger people are almost same.
CONCLUSION
From the above discussion it can be said that nostalgia marketing can be profitable
concept for the Tribute Ltd , it can support in increasing sales and returns of cited firm to
great extent. It can be articulated that retail outlet and live concert are best ways where
people like to buy. So by focusing more on thee platform company can gain success and
can achieve its target.
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