Describe, with examples, the primary and secondary research used by Barclays in this case.

Primary research involves finding out new information. For example, it may include face-to-face surveys, postal or online questionnaires, telephone interviews or focus groups. In Barclays, an external agency was employed to carry out an opinion panel. This took the form of an online questionnaire. The results of this delivered data about the market itself, as well as Barclays’ market share among this target audience.

Secondary research focuses on existing information. This covers a wide range of materials, such as: market research reports, sales figures, competitor marketing literature, government publications, e.g. national statistics. This part of Barclays research revealed that student accounts in 2009 amounted to 0.4 million out of a total market of 5.4 million new accounts.

Explain the main differences between qualitative and quantitative research.

Quantitative research presents information in a numeric way, such as graphs, tables or charts that can be used to analyze the information.

Qualitative research provides information on consumer perceptions, such as: how they feel about products and services, what they like or do not like and what they would want from a new product.

Analyze why Barclays needs qualitative research in this context.

Qualitative research helps by providing data on costumer’s perceptions such as:

- How they feel about the merchandises and services

-What they like or do not like

-What they would want from a new product

This gives valuables insights which the company uses to reconsider its existing student account. It also uses the data to develop new features and benefits to meet the established needs.

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

Barclays needs market research to stand competition. There is a variety of market segments in banking, based on the different customer needs and services offered. Such as web (online) services and assistance, salaries payment received into their accounts, paying bills for basic services, besides savings interest gains. On management assistance to improve the clients wealth. Research in this case allowed the company to further approach the student customer segment. Barclays therefore could tailor their services in relation to the students’ needs, as they heavily relied on forms of credit for paying university stages, paying for high tech gadgets such as cellphones and laptops, different accounts for saving and spending, and more incentives along their accounts. Knowing these needs allowed Barclays to make a more appealing proposition to their customers. A combination of financial security, credit availability, flexible banking, and right sort of incentives:

- No monthly fee – costs down for the students- Interest free overdraft benefit up to 2,000 pounds- Mobile banking applications

- Broadband internet services incentives- Promotional literature

On promotion, Barclays approached on a tailored strategy as well, including reaching through mails to new students in he summer, online promotional literature, online advertising, and a mouth to mouth campaign through 100voices.co.uk.

Students became long term customers, and the results were students accounts increased on a 34%, 9% more than planned. Barclays went from 3rd to 2nd place in market leading in the student market. Big impact. Strategy to keep and work on improve.