Tribute Ltd Case Study: Analyzing Marketing in the Music Sector

This case study analyzes Tribute Ltd's marketing strategies within the UK music industry, focusing on nostalgia marketing and consumer behavior, particularly among senior citizens. The report evaluates the effectiveness of marketing approaches, including the use of statistical tools to analyze sales and profit data. It examines consumer preferences across different age groups and genders, exploring the impact of nostalgia marketing on sales and brand recognition. The case study presents data visualizations, performs hypothesis testing to understand buying behavior, and offers recommendations for improving marketing campaigns, such as focusing on live concerts and promotional strategies. The analysis highlights the importance of adapting marketing efforts to consumer preferences and leveraging nostalgia to enhance brand engagement and sales within the music sector. The study concludes with recommendations for Tribute Limited to enhance marketing effectiveness.

CASE STUDY: TRIBUTE
LIMITED

INTRODUCTION
UK music industry has attained tremendous growth now days as compared to the past
years. It has supported 119000 jobs and thereby made significant contribution in the economic
growth and development. Along with this, UK music sector generated £2.2 billion in the form of
export revenue. Further, total audience for live music in UK was 27.7 million. Out of this, 24
millions are attending concerts and remaining 3.7 million going to music festivals (UK music
world, 2017). This report is based on the case scenario of Tribute Ltd that has attained leading
position in the small segments. The main focus of this report is to highlight the importance of
nostalgia marketing in music sector. Besides this, it will also develop understanding about the
manner in which statistical tools present suitable solution from large data set.
TASK 1
Critical evaluation of the interest level of senior citizens in music and role of nostalgia marketing
Music provides highly peaceful environment to the individuals and thereby enables them
to reduce the level of tension to a great extent. Hence, music makes the moment joyful and
thereby helps individual in living good life. However, on the critical note, it can be stated that
now old people are listening music with the higher rate as compared to young individuals. The
rationale behind this, in UK ratio of aging population is higher in comparison to young people.
Hence, old people listens music with the higher percentage while carry out several activities.
Thus, old people lay emphasis on listens music while doing exercise. It is the part of living
standard of people and music provides high level of relaxation to them (Introducing the Future
Music Forum. 2016). Besides this, at the time of walking old people also prefers to listen music
which in turn develops high level of satisfaction among them. By doing investigation, it has been
identified that senior citizens place emphasis on listening music which is written and composed
by Tribute Ltd. This in turn shows that senior citizens have positive attitude regarding the music
of Tribute Ltd. Besides this, for the purpose of entertainment young people also listen music
which is introduced by such organization. Hence, business units which are operated in UK music
sector needs to make focus on offering services by keeping in mind the preferences and
expectation level of customers (Towse, 2016). Given case scenario presents that Hendrix and
Jonnie are the main guitar players of Tribute Ltd. In the field of senior citizen, Hendrix is the
most popular singer whose music is liked by the number of people in the category of senior
1

citizen. Hence, Hendrix has built effectual image in the mind of individuals in the group of old
and young people.
In the current times, Tribute Ltd is placing emphasis on adopting nostalgia marketing
strategy with the motive to promote Jonnie music. Nostalgia marketing strategy is highly
effectual and significant which in turn helps in enhancing the attention level of individuals. In
this, firm is required to revive the memories of individuals which are associated with the live
concert and musical shows (Cloonan, 2016). In addition this, by giving advertisement on
newspaper, social media firm can entice the decision making aspect of old age people. With the
motive to maximize productivity and profitability Tribute Ltd organizes live concerts and theatre
musical shows of Jonnie music. In this, by placing the images of live concerts and videos on
social sites Tribute Ltd can grab the attention level of individuals. The reason behind this, from
young to old age people use of social networking sites increased significantly. Now, to satisfy
the social needs people spend their huge amount of time on social sites (Ju and et.al., 2016).
Thus, by undertaking the concept of nostalgia marketing Tribute Ltd can develop positive
attitude among the people regarding music albums and Jonnie music. Thus, such modern concept
of marketing will make contribution in the growth and success of firm to a great extent.
TASK 2
a. Presenting formula of % of total and % of total profits
Sales level
% of total CD’s sold by Tribute Ltd on different locations = Number of CDs sold (different
locations) / Sum of CD’s sold (in units) * 100
CDs sold (in numbers) = 130+353+167+223+1376+2459+72 = 4780
Profit level
% of total profit generated (at different locations by Tribute Ltd) = Estimated profit at each
location / Total profit attained * 100
Profit margin: Sales revenue – cost level
Sales revenue: CD’s sold (in number) * selling price per CD
Cost: CD’s (in number) * cost such as £2
2

b. Stating the graphical presentation of given figures of total profit
Graphical presentation may be defined as statistical tool which in turn facilitates better
understanding regarding data set. By making evaluation of graphs firm and its stakeholders can
make assessment of data set in an effectual manner.
Complimentary
General
Order via mail
Order on website
Concert performance
Retail
Brighton Pubs
0 0.1 0.2 0.3 0.4 0.5 0.6
2.72%
7.38%
3.49%
4.67%
28.79%
51.44%
1.51%
% of CD sold
Column C
Complimentary
General
Order via mail
Order on website
Concert performance
Retail
Brighton Pubs
-0.05 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45
-0.75%
8.12%
3.84%
5.13%
39.57%
42.43%
1.66%
% of total profit
Column C
3

The above depicted graph shows that high number of CD’s such as 51.44% were sold by
Tribute td through the mean of retail store. On the other side, 28.79% CD’s of Jonnie music were
sold by Tribute Ltd by organizing live concert of performance. This aspect shows that majority
of the sales were made by Tribute Ltd through the means of retail shops and concerts. In addition
to this, orders which were placed by the individual through the means of mail and website were
highly lower such as 3.49% & 4.67% respectively. It presents that people were less interested to
purchase CD’s through the means of online. Further, CD’s which were sold through Brighton
pubs account for only 1.51%. By considering all the above presented aspects it can be said that
majority of people prefer to purchase CD through the means of store and in live concerts or
shows. Thus, Tribute can enhance the sales revenue regarding Jonnie music by strengthening
such mediums.
From the above graph, it has been assessed that sales and profit level is highly associated
with each other. Graph shows that profit of retail store and live concerts is high in accordance
with sales revenue. Thus, by making control on cost and enhancing sales revenue Tribute Ltd can
generate high profit margin significantly.
TASK 3
A) Analysing nature of the consumers by combination of two data sets
1 minute 2 minute 3 minute 4 or more
0
5
10
15
20
25
30
35
40
45
14
41
25 24
11
19
9
13
Brighton mall
The theatre
On the basis of Age group
4

Below 15 16-30 31-45 46-60 61-75 76 & above
0
10
20
30
40
50
60
70
0 4
16 17
64
3
Brighton Mall
Column B
Below 15 16-30 31-45 46-60 61-75 76 & above
0
5
10
15
20
25
30
35
40
45
2 0 0
9
41
0
The Theatre
Column C
On the basis of Gender
5

Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
63%
38%
Brighton Mall
Brighton mall
Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
58%
42%
The Theatre
The theatre
6

Female
Male
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
61%
39%
Combined results
Combined results
Interpretation
It can be clearly observed from the graph that there in the Brighton mall there are huge
number of music listeners attracted towards the Jonnie Jones while comparing with The Theatre.
At the each and every minute there are number of customers increases in both but in the Mall
enhances rapidly. Apart from this, while doing survey on the age group then higher people who
listen the music are belongs from the age group of 61 to 75 years. As per the gender it has been
ascertained that male are at the huge number than females.
B) Explanation about the data biasness
Data biasness is a concept which refers to the situation under which data is not collected
in proper manner by the researcher. In case researchers does not gather data from relevant sort of
people that are different from each other in terms of demographic features data is assumed
biased. At the current case there are data are collected from the primary sources where it has
been identified that CD are sold at the higher number and provide highest profit from the liver
concert performance as well as retail stores (Clayton, 2016). On the opposite side on the basis of
overall survey conducted it has been identified and analysed that highest profit is generated from
the Brighton mall compare to other sources. Hence, due to the respective way data are biased and
effective decision is not made.
C) Methods in order to improve collection of data
In order to improve and enhance data collection for doing research there are various kinds
of techniques as well as methods are available which helps to the researcher for gather the data
7

and information in proper manner. For conducting survey the investigator needs to derive sample
data with the help of probabilistic sampling techniques as well as stratified both. Apart from this
it needs to use suitable source for collecting various data in order to make enhance the data
collection ways.
TASK 4
A) Evaluation of preferences of customers in order to purchase and listen music as per the age
groups
The current graph is to be prepared using the data of table attached in the Appendix 3
which shows that which age groups like the music of which kind. It has been analysed that
middke age of people are highly attract towards the Jonnie Jones music which are belong from
age of 55 to 64 years and having ratio up to 22%. Apart from this, it can be stated that young
people are also like the music of respective guitar player and signer who are belong of such as
15% and 10% which are of the age group like as 44 years and 45 to 54 years respectively.
B) Identification of significance among people of different ages
In this there are testing is to be done using the null and alternative hypothesis which is
such as H0 and H1 respectively.
H0: There is no difference among buying behavior of young and old age people.
H1: There is difference among buying behavior of young and old age people.
8

By considering the table mentioned in Appendix 4 it can be said that p value of the
testing comes at the 0.05 which shows that one hypothesis statement is accepted and other is
rejected (Tang and Zhang, 2013). On the basis of the value derived it has been stated that null
hypothesis is to be accepted which clearly shows and indicated that there is no difference among
buying behavior of young and old age people.
C) Assessment of research of survey
From the above conducted research and survey it has been observed that most of the
customers are purchase CD of the music of Jonnie Jones from the retail stores at the highest
units. Apart from this at the second number there are CD are bought from the retail store and in
opposite to this there are very few people purchase via mail as well as phones. On the basis of
the testing using the statistical technique it can be said that there is no difference among buying
behavior of young and old age people.
D) Evaluating the hypothesis test in order to determine appropriate decision
In the current task and question there is buying behavior as well as preference is to be
evaluating among two kind of people like as young as well as old age. By using and applying the
chi square test of hypothesis it has been identified that both types of the local community varied
and fluctuate from the mean value up to the some and greater extent ( Cloonan, 2016).
TASK 5
Analysing and recommending to Tribute limited for marketing
The current marketing technique and strategy like as Nostalgia is also one of the best and
profitable for the Tribute Limited company for aware to the individuals. There are middle age of
people as well as senior citizens are attracted towards the music of Jonnie Jones under the
Tribute limited firm needs to invest money in the promotional strategies (Why Nostalgia
marketing works. 2016). The live concert is profitable at the existing hence Tribute limited
requires to aware the people about such concert and come them for attending. This will be also
one of the best marketing way in order to raise number of customers.
CONCLUSION
From the current report of Tribute limited it can be articulated that Nostalgia marketing
concept takes place in Tribute limited up to highly great level in order to increase the customers.
Most of CDs of Jonnie Jone’s music are sold from the concert performance as well as retail store
compare to others. Apart from this, in the Brighton mall there are more and huge number of the
9

followers and music listeners are attracted as compare to The Theatre.in addition to this, there
are middle age of people taking more interest while making comparison with the young as well
as the senior citizens.
10

REFERENCES
Books and Journals
Clayton, D., 2016. Volunteers’ knowledge activities at UK music festivals: a hermeneutic-
phenomenological exploration of individuals’ experiences. Journal of Knowledge
Management. 20(1). pp.162-180.
Cloonan, M., 2016. Popular music and the state in the UK: culture, trade or industry?.
Routledge.
Cloonan, M., 2016. Popular music and the state in the UK: culture, trade or industry?. Routledge.
Ju, I. and et.al., 2016. Nostalgic marketing, perceived self-continuity, and consumer decisions.
Management Decision. 54(8). pp.2063-2083.
Tang, Q. Y. and Zhang, C. X., 2013. Data Processing System (DPS) software with experimental
design, statistical analysis and data mining developed for use in entomological research.
Insect Scienc. 20(2). pp.254-260.
Towse, R., 2016. Economics of music publishing: copyright and the market. Journal of Cultural
Economics. pp.1-18.
Online
Introducing the Future Music Forum. 2016. [Online]. Available through:
https://musicindustryblog.wordpress.com/category/music/. [Accessed on 10th July 2017].
UK music world. 2017. Online. Available through: <
http://www.thecreativeindustries.co.uk/industries/music/music-facts-and-figures/uk-
music-market-size-and-value>. [Accessed on 10th July 2017].
Why Nostalgia marketing works. 2016. [Online]. Available through: <
https://www.searchenginejournal.com/nostalgia-marketing-works/134771/>. [Accessed
on 10th July 2017].
11

APPENDIX
Appendix 1. Computation of % of total CDs sold & % of total profit
Appendix: 2 Field observation results
12

Appendix 3 Assessing median ranking
Appendix 4. Chi-Square test
13