Tribute Ltd Report: UK Music Industry, Senior Citizen Market Analysis

This report analyzes the UK music industry and the marketing strategies of Tribute Ltd, a company promoting tribute artists. The report focuses on the senior citizen music market, the effectiveness of nostalgia marketing, and the role of the internet in reaching customers. It examines the preferences of senior citizens versus younger demographics, analyzes sales data from different distribution channels (retail outlets, live concerts, websites, etc.), and assesses consumer interests through field observations. The report also includes an Excel spreadsheet with calculations, graphs, and cross-tabulations to support its findings. It evaluates the appropriateness of survey research, suggests methods for improving data collection, and provides recommendations for Tribute Ltd's marketing approach, including the application of the chi-square test to understand buying preferences. The report concludes with a summary of findings for the Board of Directors, emphasizing the effectiveness of nostalgia marketing.

TRIBUTE LTD

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1...........................................................................................................................................3
Critical analysis of senior citizen music market, nostalgia marketing and role of internet in
marketing.....................................................................................................................................3
TASK 2 ...........................................................................................................................................5
a) Excel spreadsheet with formulas. ...........................................................................................5
b) Graph representing % of total CD sold % of total profit.........................................................5
TASK 3 ...........................................................................................................................................6
a) Analysis of combined data and assessing consumers interests................................................6
b) implication of conducted survey............................................................................................10
c) Methods for improving data collection .................................................................................10
TASK 4..........................................................................................................................................10
a) Median age group for purchasing and listening preference by new age group....................10
b) Cross tabulation ....................................................................................................................11
c) Intern's survey research in terms of appropriateness.............................................................11
d) Application of the test finding and meaningful information ...............................................12
TASK 5 .........................................................................................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13
APPENDIX....................................................................................................................................13
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INTRODUCTION
UK music shown rapid growth in the last few years. From the statistical data it has been
founded that music industry contribute more than 5 GBP billion in national gross value added.
Along with this different types of Musicians and songwriters are also contributed in the music
industry. Tribute Ltd is small business which promote music for the tribute artistic work in the
industry. The company in recent appointed Jonnie Jones who play guitar. For making promotion
of the Jonnie’s albums the company is using the nostalgia marketing (Anderson and et.al., 2016).
So the present report make analysis on the UK music industry and Critical analysis of senior
citizen music market. Through this analysis they can understand the music industry and their
profits. Along with this it also makes analysis on the usefulness of the nostalgia marketing. In
addition, this report also make analysis on the different types of distribution channel which are
used by manager of the company i.e. retail outlets, websites or by live concert (Leyshon and
et.al., 2016) Through which they gain maximum number of customers in is business.
TASK 1
Critical analysis of senior citizen music market, nostalgia marketing and role of internet in
marketing
IN UK, there is huge difference in between young people and senior citizen with
regrading to the preference's music (Gooderson and Henley, 2017) There are many reasons of the
differences in between young people and senior citizen. Senior citizen like to listen music during
walking, exercises and other activities. On the other and young people like to listen music for
their entertainment. With the help o of music senior citizen increasing physiological arousal and
subjective experiences. Most of the senior citizen people like to listen music tribute artistic,
songs and albums. In UK number of aging people in increases so for the music marketers it is
important to consider their desires & expectations be fore making nay kind of music albums and
videos (Cramér, 2016). As per the case study, Jimi Hendrix who was very popular tribute artist,
singer and songwriter. He builds strong image in across UK. He builds strong reputation in all
the age ranges people, more importantly, among senior citizens. This is the only reason in that
tribute ltd decides to promoted is recently approached music player Jonnie's album through
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nostalgia marketing so they can easily attract more customers and focuses more on senior
citizens.
This marketing strategic is highly effective approach for the company (Wikström and
DeFillippi, 2016). Through this they can make positive connotation, strong memories and family
events of iconic guitarist and music player, Hendrix so they can make excitement in senior
citizens. This marketing strategy helps to them for gathering more people for Jonnie’s music
albums, songs and live concert and main focuses is based on attracting elderly aged people.
Such practices can be performed by using different types of ways such as reviving old memories
and use similar marketing strategy which they use for Hendrix’s album which was quit famous in
the senior citizens (Towse, 2016).
In today era where everyone is using digitized Tribute Ltd can easily promote their music
albums. With the help of internet and social media which is considered the best methods for
making connecting with international people (Howell, 2016). Throe ugh this the company can
create historical memories in between present and past. So for promoting Jonnie’s music albums
the company can use their social media account or create its own websites so they easily
communicated with many their customers easily (Introducing the Future Music Forum. 2016).
Along with this they can also upload their video albums, concerts pictures on You tube and
Facebook so the can easily generating more customers for their business.
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(Source: Introducing the Future Music Forum. 2016)
By assessing information through this graph it is assessed that use of digital technology is
become very important for the company. Organization are using various types of multimedia
channels for promoting their music albums.
TASK 2
a) Excel spreadsheet with formulas.
Percentage of total CD sold by the Tribute Ltd.
= Total number of CD sold* 100
= 130+353+167+223+1376+2459+72 = 4780
percentage of total profits
= Estimated profits / total profit*100
Calculation of profit: Sales – cost
Sales: Number of CD sold*selling price
Cost: Number of CD*cost (2 pound)
refer to appendix 1
b) Graph representing % of total CD sold % of total profit
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Interpretation: By looking at the graph is shown than more than 50% of sales generated by retail
stores as its as it reflect 51.44% sale. From this it has been assessed that majority of sales
generated by through retail stores. In which total 2459 CD's has been sold in last two year. At the
live concert performance more than 28.79% CD has been disposed off to the customer ad total
1376 CD's have been sold to customers. From the retail outlets the company obtained profit
worth 14,754 computed to 42.43% on the other hand from the concert performance they sold
more than 13,760 indicate 39.57% of total yield. In the similar graphs it is also assessed that
Brighton pubs showcase has the lowest sales to 72 at a profit of 576 (1.66%). Looking at the
graph general, email, and websites sales were 7.38%, 3.49% & 4.67% respectively. The total
estimated sales were 8.12%, 3.84% & 5.13% respectively. From the above graph it is assessed
that for Jonnie’s CD's the company have to choose the retail store and live concerts for
improving sales volume and yield as well.
TASK 3
a) Analysis of combined data and assessing consumers interests
Refers to appendix 2
By analysis of given scenario it is stated that the Tribute ltd has conducted field
observations over two different locations one is Theater at Uxbridge and shopping mall at
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Brighton. Field observation is technique of conducting research regrading to primary data. In
this investigation researcher make research to people desires, thoughts, experience and their
interest in context with Jonnie’s music without interrogative any types of query.
From the above report is has been assessed that In mall people listen Jonnie’s music and
41 people like his music and enjoy performance for 2 minutes. On the other hand in thereat there
were 19 people who enjoyed the performance. Hence, 60 out of 156 visitors like live concert
and performance.
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Interpretation
From the above graph it is has been assessed that it is assessed that more than 61-75 years
people are listening music which belongs to aging populations in Theater and Mall there were 64
& 41 members out of 104 & 52 derived at 61.54% & 78.85% were senior citizens. However,
from the total number of population only 37 or 11 members were below the age of 60 years who
come and enjoy performance of Jonnie’s music
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Interpretation
From the above graph it is presented that at Brighton Mall, out of 104 members 62%
were female and 38% were male. On the other hand at Theater, 58% were female and 42% were
male. So it is observed that female candidates are more interested in Jonnie.
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b) implication of conducted survey
Selection of biansnes in survey means to selecting individuals. Data or group of people
for conducting filed observations (Rutter, 2016) In these people are selected UN-randomized
manner which is also called selective effects. In the other words' biasness is also refers to
represent of false statistical facts which leads towards the inaccurate results.
In the given case study, it has been observed that Tribute Ltd in field observation selected
two different places Brighton Mall & Theater (Cloonan, 2016). At first the Jonnie presented brief
appearance followed by album signing and on the stage. In this appearance he sign the songs of
the music legend, Hendrix and then play music for the three hour which can be heard around the
mall. In theater where no signs has been disclosed presenting his tributes work which indicates
that the made observation was not representative and appropriate and biased (McKay and
Webster, 2016). Along with this in Mall people are gather which are double in population as
compare to the thereat.
c) Methods for improving data collection
Field observation should be conducted by the Tribute Ltd by keeping the number of
audience and selected venue. To complete this target that have to select those place which consist
with equal characteristics (Wikström and DeFillipp, 2016) In the above analysis researcher
choose two different place Mall and theaters. For conducting research the people should be
observed that people for the same duration and same time which helps yo them for findings the
right result and evaluation of audience's interests in Jonnie’s performance
TASK 4
a) Median age group for purchasing and listening preference by new age group
Refers to Appendix 3.
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From the above graph it has been observed that most of the young people like to buy CD,
music albums and other musical item from the retail stores and give the lowest priority to phone
and email. On the other hand group of senior citizen give more priority to retail outlets and other
music live concert and for the phone and e mail they give average priority and the lowest
preferences was given to online buying. From the above graph it is assessed that overall top
priority was given to retail stores. Under this music preference young people give more priority
to listening music from the online stores, CD and other musical items and the lowest priority was
given to other gadgets. On the other hand, senior citizens give the highest priority to CD and
give concert and the lowest priority was given to online music. So its can be said that overall
priority was given to CD and radio by all types of age group.
b) Cross tabulation
Refers to Appendix 4
By making cross table which was prepared in excel, is has founded that there were no
significant difference has been found between young and senior people in context to give
preferences to music.
c) Intern's survey research in terms of appropriateness
By the research it has been founded that people give top priority to retail outlets where
they buy CD, albums and give the lowest priority to mail and phone. On the other hand senior
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citizen give top priority retail outlets and live concert. In the cross tabulation analysis it has been
founded that there is no significant difference in between young people and seniors to buying the
preferences of music.
d) Application of the test finding and meaningful information
In order to find the buying preferences of younger people and senior citizens chi-square
test can be applied.
TASK 5
TO: BOD of Tribute Ltd
From : Financial analysts
Date: 26th April 2017
By conducting the research it has been founded that nostalgia marketing will definitely highly
effective marketing approach for the Tribute ltd. With the help of this marketing strategy
organization can established positive, strong and familiar event iconic guitarist and music
player, Hendrix which was very famous in senior citizens. Through this music album company
can make promotion of their campaign in order to attract elderly people for purchasing Jonnie's
music albums, songs and live concert. Along with this the company can also use internet to
attract new customers in its business. From the research it has also founded that live concert and
Retail outlets. These two is top priority of senior citizens. At last it has been founded that there
is no significant difference has been founded young people and senior citizens
CONCLUSION
Summing up the above report it concluded that by using nostalgia marketing approach
the company Tribute Ltd gain maximum market share and earn profits. Hendrix’s albums,
memories & concerts can be used by organization in order to gain attention from the senior
citizen and to make famous Jonnie’s albums and CD. From the above report it is also concluded
that by conducting the secondary data it is identified that many person like to buy the music
albums through retail and live concert. In this company attended the highest profits. Along with
this highly listen music from CD and retail stores.
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REFERENCES
Books and Journals
Anderson, D. R. and et.al., 2016. Statistics for business & economics. Nelson Education.
Cloonan, M., 2016. Popular music and the state in the UK: culture, trade or industry?.
Rouledge.
Cramér, H., 2016. Mathematical Methods of Statistics (PMS-9) (Vol. 9). Princeton university
Gooderson, M. and Henley, J., 2017. Creativity, the creative process and tensions between higher
education songwriting and industry practice in the UK. The Routledge Research
Companion to Popular Music Education.
Howell, D. C., 2016. Fundamental statistics for the behavioral sciences. Nelson Education.
Press.
Leyshon, A., and et.al., 2016. Leveraging affect: Mobilizing enthusiasm and the co-production of
the musical economy. The production and consumption of music in the digital age.
London: Routledge. pp.248-62.
McKay, G. and Webster, E., 2016. From Glyndebourne to Glastonbury: The Impact of British
Music Festivals.
Rutter, P., 2016. The music industry handbook. Routledge.
Towse, R., 2016. Copyright and Music Publishing in the UK. In The Artful Economist pp. 133-
151. Springer International Publishing.
Wikström, P. and DeFillippi, R. eds., 2016. Business Innovation and Disruption in the Music
Industry. Edward Elgar Publishing.
Online
Introducing the Future Music Forum. 2016. [Online]. Available through:
https://musicindustryblog.wordpress.com/category/music/. [Accessed on 26th April 2017].
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APPENDIX
Appendix 1. Computing % of total CD sold & % of total profit
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