Tribute Ltd Case Study: Nostalgia Marketing & Consumer Data Analysis

This case study examines Tribute Ltd's marketing strategies, focusing on nostalgia marketing and consumer behavior within the UK music industry. It evaluates senior citizens' interest in music and the effectiveness of nostalgia marketing for promoting Jonnie music. The analysis includes statistical tools to interpret sales data, revealing the significance of retail stores and live concerts as primary sales channels. Consumer preferences are analyzed using combined datasets, highlighting age and gender demographics. The study also addresses data bias and suggests improvements for data collection. Hypothesis testing is conducted to assess differences in buying behavior between age groups. Recommendations are provided to Tribute Ltd for optimizing marketing efforts based on these findings. Desklib provides a platform for students to access this and other solved assignments and past papers.

Case Study: Tribute Ltd
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TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
Critical evaluation of the interest level of senior citizens in music and role of nostalgia
marketing................................................................................................................................3
TASK 2......................................................................................................................................4
a. Presenting formula of % of total and % of total profits.....................................................4
b. Stating the graphical presentation of given figures of total profit.....................................5
TASK 3......................................................................................................................................6
A) Analysing nature of the consumers by combination of two data sets...............................6
B) Explanation about the data biasness..................................................................................9
C) Methods in order to improve collection of data................................................................9
TASK 4......................................................................................................................................9
A) Evaluation of preferences of customers in order to purchase and listen music as per the
age groups..............................................................................................................................9
B) Identification of significance among people of different ages........................................10
C) Assessment of research of survey...................................................................................10
D) Evaluating the hypothesis test in order to determine appropriate decision....................11
TASK 5....................................................................................................................................11
1Analysing and recommending to Tribute limited for marketing.......................................11
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................12
APPENDIX..............................................................................................................................13
Appendix 1...........................................................................................................................13
Appendix: 2..........................................................................................................................13
Appendix 3...........................................................................................................................14
Appendix 4...........................................................................................................................15
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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. 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
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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 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
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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
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
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
% CD sold
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.
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Complimentary
General
Order via mail
Order on website
Concert performance
Retail
Brighton Pubs-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
% of total profit
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
On the basis of Age group
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Brighton Mall
Below 15
16-30
31-45
46-60
61-75
76 & above
The Theatre
Below 15
16-30
31-45
46-60
61-75
76 & above
On the basis of Gender
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63%
38%
Brighton Mall
Female Male
58%
42%
The Theatre
Female Male
Female
61%
Male
39%
Combined results
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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 under which the information are not collected appropriately
which lead to hamper the overall research which going in proper way. 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 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
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15%
20%
22%
16%
18%
9%
Number of respondents
Under 44 45-54 55-64
65-74 75-84 85 and above
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.
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
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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
1Analysing 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. 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 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.
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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
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 25th April 2017].
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