barclays edition 15 presentation

8/11/2019 Barclays Edition 15 Presentation

1/19

Market research

THE TIMES 100


2/19

THE TIMES 100

Market research

Market research is the process of gatheringand interpreting data about customersand competitors within a firms targetmarket.


3/19

THE TIMES 100

Purpose of market research

Market research is carried out to:Help firms make marketing decisions

Reduce risk

Data may be gathered for different reasonse.g. to identify current and future needs

of consumers, the price customers willpay for a product or the success of apromotional campaign.


4/19

THE TIMES 100

Primary research

Primary research involves finding out new ,first-hand information. This is calledprimary data.

Methods of primary research include:Questionnaires

Focus groupsObservation


5/19

THE TIMES 100

Primary research

Benefits Drawbacks

Directly relevant to thebusiness

Up-to-date dataobtained

Competitors do nothave access to thefindings

Time consuming

Often expensive

Results may bemisleading if the sample

size is too small,questions are unclear orthere is interviewer bias


6/19

THE TIMES 100

Secondary research

Secondary research involves gatheringexisting information. This is calledsecondary data.

Sources of secondary data include:Market research reports

Trade journalsGovernment statisticsSales and customer records


7/19THE TIMES 100

Secondary research

Benefits Drawbacks

Often quick and easy tocollect

A wide range ofsecondary data isavailable, especially on

the internet

Data may not bereliable or up-to-date

May not be totallyrelevant

May not be in a formthat is easily interpretedand analysed


8/19THE TIMES 100

Quantitative research

Quantitative market research involvesfinding numerical data

Quantitative data is generally collectedfrom large samples and is easy to analyse

Methods of collecting quantitative datainclude written and online questionnaires


9/19THE TIMES 100

Qualitative research

Qualitative research involves finding outopinions , attitudes and feelings

Often more useful than quantitative databut is more difficult to collect and analyse

Methods of collecting qualitative datainclude focus groups & in-depth interviews


10/19THE TIMES 100

Sampling

Sampling is the method of choosing asmaller, representative group ofrespondents with which to conductresearch instead of the whole population.

Sampling reduces the cost and time to

carry out research. Careful sampling canprovide reliable data about thepopulation.


11/19THE TIMES 100

Sampling methodsRandom samplingEveryone in the population has an equal chance of being chosen tobe in the sample.

Quota samplingPeople in the sample are chosen to reflect the proportions ofdifferent groups in the target market e.g. 80% over 60s, 20%under 60s when researching the market for mobility aids.

Stratified samplingThe appropriate market segment is first selected, for example,married men, then the sample is randomly selected from thissegment.


12/19THE TIMES 100

Sampling methodsCluster samplingThis uses random sampling from a specific area or cluster e.g.tourist towns when researching leisure hotels.

Convenience samplingThis simply means using a sample of willing volunteers. Thismethod often results in bias and may only produce small samples.

Systematic samplingEvery n th person is selected from a list of the population. This can

be costly if the sample is widespread.


13/19THE TIMES 100

Reliability of sampling

The larger the sample size, the morereliable it is likely to be. However, largersamples incur greater costs.

A 95% confidence level is usually expectedwhen conducting research. This means

that findings are likely to be correct 19times out of 20.


14/19THE TIMES 100

Market research in context


15/19

THE TIMES 100

Market research at Barclays

Barclays carried out market research tohelp it to improve its student account.

What do you think was the purpose of thismarket research?


16/19

THE TIMES 100

Types of market research used byBarclays

Barclays used both primary and secondarymethods to research the student market.Draw up a table of the primary andsecondary methods that Barclays used.

Use the Barclays case study to help you.


17/19

THE TIMES 100

Collecting dataDevise a questionnaire that could be used

with students who have opened one ofBarclays new student accounts to find out

what they think of it.

Use the case study to help with this

NB Closed questions will produce quantitative data and willbe easier to analyse; open questions are more difficult toanalyse but are more likely to elicit qualitative data.


18/19

THE TIMES 100

Sampling

Which sampling method/s would be most

appropriate for Barclays when researchingthe student market?


19/19

THE TIMES 100

Useful resources

Market research lesson suggestions andactivities (The Times 100)

Barclays case study (The Times 100)Barclays website

barclays edition 15 presentation

Documents