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The music industry of UK have shown a significant rise where it has reportedly contributed near about 4.1 GBP billion in its economic system. It is in support of world's leading musicians, songwriters, lyricists and composers, etc., who have backed up in this contribution by generating a turnover of 2 GBP billion in 2014 and 2.7 GBP billion in the year 2015 (Sternberg and Frensch, 2014). The present report is based upon a given case script of Tribute Ltd which is basically a small scale business that tends to promote the testimonial artistic work prevails in this industrial sector. Currently, they have appointed a new guitarist named Jonnie Jones who also compose songs by writing its lyrics and plays pleasant music. He is being appointed as a tribute artist of Hendrix where he has together been awarded as a lead guitarist singer on the basis of his extraordinary performances. Tribute has thereby referred to promote the music albums of Jonnie by taking a prompt aid of the concept of nostalgia marketing.
This report will hereby refer to make a critical evaluation of this concept so as to know its utility for the business. It is along with yet another fundamental consideration of generating millennial audiences with a vital intervention of the senior citizens in it. This is due to yet another propulsive measure of driving a greater output with a prompt concern of the administrative bodies of Tribute Ltd to adopt likely channels of distribution such as to establish a retail outlet, websites or venues of live concerts, etc. It is with a foremost consideration of attracting a large number of audience to visits the set up to generate high turnover (Obe and Hsu, 2015). As a result to which, this report have referred to evaluate the information generated from both primary and secondary resources by applying appropriate statistical techniques to take more considerate business related decisions as a way of accomplishing the defined goals and objectives of the business.
Critical analysis of senior citizen music market, nostalgia marketing and role of internet in marketing
It is on referring to the music industry of Britain, it has been found that their senior citizens are equally fond of listening to music as the young aged individuals. It is however in support of their distinct preferences where for the old aged people, music works like a rehabilitation therapy and entertainment for the young age people (Harford, 2014). Also, the senior citizens are mostly desirable to hear tribute artists music unlike the young individuals with a major preference to loud music. It is also in concord to a sizeable population of senior citizens in UK where a nostalgia tact of marketing will be the most beneficial measure to meet out the preferences of these ample size population.
It is in conformity to the present case scenario where Jimi Hendrix is referred to be a popular tribute artist and is famously known among the elderly group. For which, Tribute Ltd hereby referred to encourage its freshly approached music player from Jonnie's album via nostalgia marketing as a way of attracting a large set of elderly population (Bioucas-Dias and et. al., 2013). It is where nostalgia marketing helps to revive old memories that tends to attract a large set of individuals from all age groups. Additionally, internet is referred to play a significant role in the marketing activities of today's contemporary era of business to create a better connectivity among the organisations and their audiences.
(A). Excel spreadsheet with formula
Percent of total CDs sold by Tribute in different locations = Number of CDs sold at various locations/Total number of CDs sold*100
Total CDs sold = 130+353+167+223+1376+2459+72 = 4780
Percent of total number of profit generated from various locations by Tribute = Estimation of profit at each of the location/Total number of profit incurred*100
Calculation of profit= Sales – cost
Sales: Number of CDs sold*selling price
Cost: Number of CDs*cost, i.e., 2 pounds
See appendix 1
(B). Graph representing % of CD sold and % of total profits
Analysis and interpretation:
The above graph have represented the total number of CDs sold by together illustrating the total percentage of profit incurred. In context to which, it has been found that total 28.79% CDs were sold in the live music concert performed by Jonnie with 51.44% sold in retail shops. It has duly corresponded to the data depicted in another graph in which 39.57% profits were incurred from the music concert with 42.43% generated from retail stores.
(A). Analysis of the results from the combined data set and assessing the interest of customers in music
See appendix 2
It is in accordance to the given scenario of Tribute, where a field observatory method to review the audiences at two distinct locations. It is where a shopping mall and theatre were chosen for the same where this technique has clearly represented primary data analysis collection. Into which, the observant made a mere identification of the individual's thoughts, experiences, feelings and interest towards Jonnie’s performance. Where it was together evaluated when he played his guitar and music with no queries asked to the audience.
It is on the basis of above traced output, it has been found that 41 individuals liked Jonnie's 2 minutes performance in the mall where in the theatre, there were 19 people who together approached him after the performance. In total, there existed 60 audiences out of total 156 who were interested in his live performances and are in support of such music concerts.
Analysis & Interpretations:
It is on referring to the above illustrated data where Brighton mall existed with a greater number of individuals aged between 61-75 years with a similar ratio of aged individuals in the theatre. This indicated a greater interest of the old age people to enjoy the live performance given by Jonnie in which he played his guitar and music.
Analysis and interpretation:
It is on combining the above acquired results where in the foremost representation of Brighton mall, there existed only 38% males with 62% females. Also in the theatre, there were 42% males in comparison to 58% females. Lastly, on merging both these data, it has been found that there were total 39% of males with a double existence of 61% seamless who were more interested in Jonnie's performance.
(B). Meaning of biasness and assessing its implication for the conducted survey
Biasness is simply termed as a misrepresented evaluation of the acquired facts that in turn leads to create inappropriate outcomes. It is thus in context to the present case script where Tribute referred to detect individuals at two distinct places where Jonnie at the former location have given a brief appearance with some album songs that were sang by him on the stage. It was basically a sign of presenting as a tribute artist with some legendary musics like of Hendrix's that were played around 3 hours on his own musical instruments (Roe and Cheatham III, 2013).
However, in another location, no such testimonial artistic work was presented where it proves that the observed clauses have not represented an appropriate measure of detection with a clear indication of biasness over here. It was along with a distinct period of time undertaken for field observation with more crowd in theatre with around 104 people more than compared to the mall.
(C) Methods to improve data collection
A prompt method of field observation should be opted by Tribute Ltd so as to record the total number of audience in the venue. Also, the chosen locations must depict equal features where it was different in the present case and one represented a mall and other theatre (Bardach and Patashnik, 2015). Along with which, the audience should be judged at same duration to assess their interest in Jonnie's performance.
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(A). Median age group to buy and listen to the preferences of new age group
See appendix 3
Median table constructed in Appendix 3.
It is according to the above pie chart representation, there existed the buying and listening preferences of both young people and senior citizens. Wherein, a majority of young age people have preferred to purchase music albums and CDs from the retail outlets with a very less preference to the smartphone and mails, etc. Under the group of senior citizens, live concerts and retail stores were equally preferred by them with a relatively low preference to smartphones and mails, etc., for purchasing it online. It thereby reflected a leading precedence to the retail stores in comparison to other alternatives sets. Also, on referring to the listening preferences of both these groups, it has been found that the young aged people are less desirable to listen CDs and radios with a very less priority to cassette and live music concerts, etc. In contradiction to which, the senior citizen are more desirable to hear radio and cassettes with an average preference to CD's and live music concerts and no preference to listen online music at all. It is therefore on consolidating this information, radio and CDs are highly preferred by both of these age groups.
(B). Cross tabulation
See Appendix 4
It is in concord to the obtained outcomes from the cross tabulation method prepared in the spreadsheet, it has been found that there exists no such significant deviation among the purchasing preferences of the people young at heart and seniors citizens (Hatamlou, 2013).
(C) Evaluating the interns survey results in terms of suitability
It is in accordance to the generated outcomes of the study conducted by the interns that has in turn specified that there exists a large set of individuals who gives a prior preference to the retail outlets to purchase music albums, CD's, etc. It existed with a very fewer preferences of those who gives a foremost priority to mails and smartphones, etc., with an equal consideration of the group of senior citizens (Swan, 2013). Also, both the retail outlets and live concerts were equally preferred by the people along with an analysis using cross tabulation method. On whose basis, it was found that there exists no such distinction observed among the people young at heart and the senior ones to differentiate their purchasing preferences.
(D) Applying the best test to find out a meaningful data
It has been ascertained that to discover any significant differences in the purchasing preference of young age individuals and senior citizens, the Chi-square method of testing is a pertinent tact (Kim, Trimi and Chung, 2014).
To: BOD of Tribute Ltd
From: Financial analysts
Date: 15th April 2017
The above carried analysis have generated some vital information where it has in turn presented a fundamental existence of nostalgia marketing. This in turn is apparent to give some beneficial outcomes to Tribute Ltd in case they opt for this particular approach. It is where a nostalgia marketing will relate to a positive intension with strong memories and well-known events of an iconic guitar and music player Hendrix. It is however with a primary consideration of raising the comfort level of the senior citizens with a higher level of exhilaration and affection in them. Such type of marketing strategy is also evident to push new sort of campaigns for promotion as a way of fetching the interest of millennial old aged individuals. It is basically to buy the composed songs and music albums of Jonnie by together referring to attend his live concerts. Likewise, it is also crucial for the artists representing today's contemporary era to promote their music via internet by referring to use several multimedia platforms as a way of driving the millennial traffic to attain bigger success. Despite of this fact, it has been found that the retail shops along with the concept of live concerts plays a significant role in prioritizing the preferences of senior citizens to purchase music and CD's from the stores. Finally, there was no such evidence discovered to differentiate the buying preferences of individuals young at heart and the senior citizens.
The above report has concluded Tribute Ltd is evident to gain significant benefits by referring to the launch of Hendrix's albums and concerts by together using the tact of nostalgia marketing. This will in drive leading number of benefits to their organisation with an apparent increase in the customer base of senior citizens with maximum sales. It is by delivering the albums and CD's of Jonnie through which they can huge return over their investments. Apart from this, it has together been analysed from the secondary research work that the retail outlets and live concerts are one of the most tactics by which they can duly refer to enhance the volume of their sales by together increasing their profit levels. Beside this, there exists a large set of audience who duly prefers to listen music from radios and CD's and buy it from the retail stores.
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