Tribute Ltd. is musical company and its job is promoting work of tribute. As I am a student of university of Roehampton who is going to be appointed for placement for Tribute ltd. Jonnie Jones is tribute artist of Jimi Hendrix who is famous singer, rock guitarist and song writer from 1960's and died in 1970's. A tribute artist is someone who impersonate famous and usually decreased artist. In earlier career of Jimi Hendrix played with Islay brothers and little Richard before getting famous and high name and fame. Aim of the report is to analyse data relate to tribute ltd and explanation of nostalgic marketing and whether internet should play important role in marketing of Jonnie's work or not. In this report going to analyse secondary data related to senior citizen music market. Using CD's analyse last two year performance of Jonnie and cd's cost and benefit analysis. In task 3 primary data are going to be analysed by field observation of different location. Furthermore we are going to analyse primary data by hiring some students and filling questionnaire form related to Johnnie's market response for customer, what type of genre people prefer and their taste and preference. Ranking of preference of each age group has been analysed and their buying and listening behaviour. Statement and assumption have been analysed to as per data
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Nostalgia marketing is an effective way of branding new thing s by recalling old great memories using marketing (advertisement Roberts, G., 2016). It is way for brand to connect people as they attached with the past with memorable figures, ad campaign, tag lines and product (Pascal, V.J., and Muehling, D.D., 2002)t. No matter era revisited, this tactic enables customer to recall memories and if it is done correctly then it creates positive brand image on customer mind. As Jimi Hendrix is famous singer in 1960's and 70's decade it was very popular in youngsters at that time. So people from that age likes its music now as they are older. In shorter it is very famous in old aged people now a days and senior citizen likes it very much. Jonnie is musician and artist of tribute ltd. so he follows Jimi and that's why people like him very much. Senior market is market where most of the people targeted by companies of senior citizens. In 2016 total uk population is 64.1 million out of which 18% population is old aged i.e, 11.53 million people(Worldometers, 2017). In uk the average disposable income per capita income for household is 26,687$ a year. So it is 21st in list of countries and dependencies by population. So nostalgic marketing is good tactic to attract senior citizen as it recalls old memories and time era so. For this role of internet is important. Online video streaming site like you tube, social media sites like Facebook, twitter can be a huge platform for Tribute Limited for nostalgic marketing.
(A) In table(Appendix 1) % of individual total sales is divided by total sales from all outlet. Estimated profit is (complimentary source* Price of CD)- Complimentary* cost on CD which is 2). Total % profit is (%of profit/total estimated profit) (B)
As per appendix 2 blue graph is % of Total Sales and orrange is % of total profit. It indicates that highest % of sales from total sales is from retail outlets and lowest is from Brigton Pubs and total profit is from retails and least profit is from complimentary because price of CD put in complimentary is 0 that's why total percentage profit is also -.75 which is least among list. In bar graph % of highest sales is for retails that means among total sales of CD's people purchase most of it from retails when compared to %profit highest profit is also goes to Retails and least sales is from 1.51 from Brighton pubs whereas if we talk about % of total profit highest % profit is with Retails and lowest percentage profit is -.70% which shows that from complimentary loss has been occurred. There is positive relation between % of total sales and % of total profit. If sales is high profit is high and if sales is low profit is also low where estimated profit is obtained from total (sales * price -total cd*estimated cost). SO from this data is is advisable to Johnnie Jones to sales more no. of CD's in retails and try to increase sales by advertisement and marketing activity in other sales sources.
A. By the observation method held at two places Brighton Mall and The theatre, the data shows how frequent and in what no. people of different age group shows interest are shown. data shows that people stayed and showed interest for 2 minutes and in brigton mall and in theatre 19 people showed interest for 2 minute and combined showed 60 (Hox, J.J. and Boeije, H.R., 2005). If we talk about age group in these interest most people belongs to 61-75 yrs age group and in which 64 from brigton and 41 from theatre combines 105. If we talk about genders 65 female and 39 male from Brigton and 30 females and 22 males from theatre combined 95 female and 61 male, this shows female were more interested then male in Johnnie's music.
B. The sources of data collected is somewhat biased from actual data as it is an appropriate method to observe and by observation data is analysed (Polkinghorne, D.E., 2005). So additional primary source of data needed to be more specific. Hence all data are collected during Christmas period it will affect the people in positive way as in Christmas people like music and sales can be increased. So people specialy seniors citizen will enjoy Johnnie music because Christmas is festival when people like to seliberate party and listen music.
C. Improvement in data collection can be done from surveying at other place and retail outlet and in other month or seasons. Then it should be compared to current data and if differences or daviation seems then effective measure needs to be taken to correct it. It is also good to go for questionnaire filling form rather then just observation.
A Table Merge and Average Median
As per the raw data and questionnaire 3 tables have been merged and its median value is identified and data is collected for young heart and seniors where young heart belongs to age group from under 44 to 64 and seniors include 65 to 85+ and data is drawn to identify purchasing behaviour of of people that from which source and in what manner they like or dislike music. Where 1 indicates Strongly preferred and 5 belongs to least preferred. So from above data talking about Young at heart people at retails outlet strongly preferred and Mail order and phone people least preferred. If we talk about senior citizen people from retail store and concert performance prefer more and online people prefer less. If we talk about the total Average median again we come to a result that people from retails are mostly prefer Jonnie music whose average median is 1.5 and rest other median of concert performance, online, mail order is 3 and for phone its 4 which indicates people dislike to buy music on phone. Median is a value which indicates or show data as higher half data sampling population or probability distribution from lower half. It may be considered as mid value of data set.
B. Cross tabulation
In appendix 5 cross tabulation is measured with 2 factor of count of young heart and seniors of 5 different source concert performance, mail Order, Online, Phone, Retails, and total from data young at heart are all 1 so it represents equal level or preference and total is 5, If we talk about Seniors all source of purchase is also one and total is 5 which indicates all seniors equally prefer in purchasing all source. So from above analysis of two factors all equal prefer. Median analysis divides whole data in two parts upper higher and lower section. So if repetition is shown in data it is considered as highest. In this sampling technique median statistical tool is applied.
C. Evaluation of data
In all the above data firstly observation technique is used and in it frequency of peoples interest is checked. but due to Inappropriateness of data observation technique was advances and questionnaire regarding rank for the preference for purchasing Jonnie Jones Music was filled between age group from under 44 to 85+ in this preference people liked retail stores for purchase. Second rank for music listening preference is studied like digital, Ipod, Mp3 player and radio listed. and 3rd question was regarding age group and mostly belongs to seniors then fourth question was regarding gender. So after collecting this all questionnaire data sage group merged in age group of young at heart(under 44 to 64) and seniors(65-85+). So single data is merged and median value is identified. So as per median value in young at heart retail purchase preference given by customer and in senior both retail and concert preferred for purchase. & Listening Preference is mostly by radio for a young at heart and for seniors it is also CD's.
D. Survey Method
If i had to design a survey filing questionnaire is good source of data collection. From all above data some more questions can be added like which type of music people prefer and which group like which type of music, so that it can be easy to target customers as per their preference. So in my opinion tribute ltd. can also expand customer base from seniors to youngsters as well. For quest. 1 people of under 44 prefer retail purchasing. for second retail and concert both for seniors are prefered. And for listening prefrence radio is prefered by both group. So to provide data extra meaningful information chi square test can be used in this data.
As per results from data analysis nostalgic marketing is going to be defiantly effective approach for tribute Ltd. from which it can create a positive impact on customer's mind and strong memories and good events of guitarist and musician Hendrix to increase excitement and memories of 60's and 70's decade among senior citizen. this marketing campaign will definitely add millions of people not only in UK but rest part of the world as well of aged citizen (Hanson, W. and Kalyanam, K., 2007). Among all this it is also important for artist to make use of internet and social networking site and make you tube channel on telecast their show and make account on other social networking sites to stream live performance throughout world(Raghu, T.S. and Shang, K.H.M., 2014) . Lastly retail outlet has been preferred more as purchase of CD's and no significant difference have been found among youngsters and senior citizens.
A whole report concludes that by approaching Hendrix album memories and concert, using nostalgic marketing and using online internet sources such as video streaming sites like you tube, and social media such as Facebook and twitter will give huge benefits to Tribute ltd, By exciding their senior citizen base and capturing other nations market, these can maximise sales as selling Jonnie CD's and albums. Beside these live concert and retail stores play huge role in selling of CD's and both young age and old age also listen music on radios.
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