P3 plan market research for a selected product/service using appropriate methods of data collection
M2 explain the reasons for choosing the particular method of data collection for a selected product/service
BTEC Level 3 Extended Diploma in Business
Unit 10: Market Research
P3: plan market research for a selected product/service using appropriate
methods of data collection.
M2: explain the reasons for choosing the particular method of data collection for
a selected product/service.
Introduction
This assignment focuses on market research that will be conducted by Barclays
Bank and with further focus on more appropriate methods that can be used to
successfully complete this and collect accurate information to assist in
developing Barclays Bank and the banking industry.
Market Research Topic
Do customers prefer online banking or in person banking?
About Research
This research focuses on understanding which form of banking customers prefer
and why. It will give customers the opportunity to be able to tell us about their
online banking experience and their in person banking experience. The key
variables being explored is the key features that define and make each
experience unique as well as the similarities and differences in each experience.
This research will be conducted to help the bank to be able to make updates and
adjustments to both experiences to make them better. The target market for this
research is all customers of Barclays Bank, age 16 and up. In the end, we are
hoping to be able to make all customers happy with both services.
Objectives
1. To be able to collect data in the form of questionnaires from 50 customers
and the form of focus groups from 20 customers (both male and female
ages 16 and up) of each Barclays Bank location across the United
Kingdom, on their online and in person banking experience over the next
2-3 months whilst also using information found on the internet articles.
2. To be able to use the information collected from the Barclays Bank
customer’s questionnaires and focus groups as well internet articles, to
upgrade and make adjustments to the online and in-person banking
experiences and add various features to the current services that Barclays
is providing in both methods of banking over the next 6-12 months.
SCHEDULE OF ACTIVITIES
Date Started Activity Date Completed
, Complete By:
d
18/04/2020 Create Draft 1 of questions for 18/04/202
questionnaire. 0
19/04/2020 Create Draft 2 of 19/04/202
Questionnaires. Make 0
corrections.
20/04/2020 Finalize Questionnaire on 20/04/202
computer and print them. 0
Print 100 copies per Barclays
Bank Location.
21/04/2020 Create virtual copy of 21/04/202
questionnaire on survey 0
monkey to be answered online.
22/04/2020 Begin the handing out Process
of questionnaires to various
customers who enter the bank.
22/04/2020 Email/SMS copies of the
questionnaire to all Barclays
Bank customers to be
answered via link.
21/05/2020 Email/SMS/Post customers to
see who would like to
participate in a focus group.
NB: give customers 2 weeks
to reply and confirm date,
time, address and location.
22/05/2020 Book location for the focus
group.
Book catering for food and
refreshments for customers.
04/06/2020 Confirm customers who will be
participating.
Send via email, SMS, post,
information regarding the date,
time, address and location and
other important information.
13/06/2020 Day of the Focus Group Market
Research
18/06/2020 Analyze information that was
collected from the focus group
market research over the next
2 weeks.
03/07/2020 Conduct online research to
collect more information.
17/07/2020 Present conclusion and ideas to
Barclays Bank Manager.
20/07/2020 Begin the planning process of
upgrading the services
Methods Chosen/Research Plan
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