BARCLAYS: DISCOVERING CUSTOMER NEEDS THROUGH RESEARCH

Q1. Describe, with examples, the primary and secondary research used by Barclays in this case. Ans. For expanding and targeting other segments, Barclays conducted research to know the demands and needs of students. As Barclays was successfully full filling the needs of all segments, it
thought to cater the need of students as well. For this purpose primary researches was conducted and then rely on secondary source.

Primary Research: Firstly Barclays did some research internally with two questions and those questions were: i. ii. Who should our key customers be? What are their needs?

Then on the basis on these questions they were able to start their research. Barclays then hired and agency to conduct research for them and give them the opinion. They build and questionnaire and get it filled from the target audience. The results then showed what is the market share of Barclays in the target audience and complete information about the entire market. The results were then converted into graphs, charts and other graphical and statistical information. A part from this, they come up with the interests and demands from the bank. Then this information was then applied to a sample of about 100 students. Their reaction and feedback was collected. Secondary Research: The existing data was then analyzed using secondary research. This research revealed that out of 5.4 million new accounts in 2009, 0.4 million was opened by students. Barclays on the bases of this research, planned and great deal of offering was made to students to retain them for a long period of time.

Q2. Explain the main differences between qualitative and quantitative research. Ans. The main difference between qualitative and quantitate research is: Qualitative Research: Research that is concerned with opinions, feelings, perception and attitudes. From qualitative research, information about consumer perception is provided. The information is about how they feel about the product and services. What they like and do not like about it. What they would want from a product. From this, they them modified the existing accounts by adding new features.

Quantitative research: Research resulting in numeric data capable of statistical analysis. From the quantitative research, the data gathered such as graphs, charts, tables etc. are used to analyze the information. It was coined from this research that 81% of the students wanted to have a saving account and the other 32% believed in investing saving account. This result indicates that what sort of account is preferred by students. Later, this helped in offering better options.

Q3. Analyze why Barclays needs qualitative research in this context. Ans. Barclays wanted to know what type of services and product students will demand. This could only be done by knowing their preferences and feelings. Like after, questioning different students, they come up with a conclusion that students like to buy a thing if it offer deal. This strategy was opted because of qualitative research.

Q4. Evaluate the impact that market research has had in enabling Barclays to meet the needs of its customers.

Ans. The market research had made a huge impact on Barclays, as because of this they had a chance to measure, calculate the number of the people who had a potential to be their customer, as well as they had an opportunity to target a new segment in the market and by this capturing a market segment who had a potential to be their customer for life time. As students have different traits from other segments and their needs and wants are quite different from others. Barclays found out their feelings, perceptions, desired banking priorities etc. and then offered exactly what they wanted. So, this research showed Barclays the right path to capture new segment.