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8/11/2019 Barclays Edition 15 Presentation
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Market research
THE TIMES 100
8/11/2019 Barclays Edition 15 Presentation
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THE TIMES 100
Market research
Market research is the process of gatheringand interpreting data about customersand competitors within a firms targetmarket.
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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.
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Primary research
Primary research involves finding out new ,first-hand information. This is calledprimary data.
Methods of primary research include:Questionnaires
Focus groupsObservation
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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
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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
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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
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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
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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
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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.
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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.
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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.
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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.
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Market research in context
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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?
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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.
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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.
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Sampling
Which sampling method/s would be most
appropriate for Barclays when researchingthe student market?
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Useful resources
Market research lesson suggestions andactivities (The Times 100)
Barclays case study (The Times 100)Barclays website