1.0 Evaluation of the market research methods used by Barclays (D1)
Barclays using testing as a research method was very efficient for them it allowed them to try a new product before they released it on the market. It gave them the first hand opinion of public views towards their product. From doing this Barclays was therefore able to get more vital data on their target market which are students. They would then be able to make various adjustments to the account to suit the students’ needs. In my opinion the Testing feedback would give Barclays the idea if the account is good or not for the students. The survey that was conducted allowed Barclays to get a direct answer to some on the questions that they had. The surveys done gave an insight to the feelings and response consumers had towards a new Barclays account. The survey provided information on consumer perceptions on various topics. The results from this survey therefore helped Barclays re-evaluate its current student accounts and also gave way to development of new features. Because of this it provided a factual basis for Barclays to work from. Focus Groups were not such a useful tool in giving Barclays valuable information on the current student accounts. The reason is because the groups only come to one conclusion they do not have individual feedbacks and therefore this is not really helpful for Barclays in making decisions for improvements for the student account. Although it can give greater insight into certain aspects of the account and help improve the planning and design of new ideas. Market research is a very reliable way of getting information. This allowed Barclays to get more understanding about their target market and also have more information about the product proposition that would be able to attract new students for them. They found useful information that such as what students use money for and that they rely heavily on different form of credit therefore Barclays would then be able...
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