Sadia Hussain Unit 3
D2 - Recommendations
Barclay’s objective is to attract more student accounts, their target was to
‘’increase the overall number of student account by 25%. This target was
exceeded with an increase of 34%’’ Because they believe that students make
long term loyal customers, so if they can attract them with a student account
that meets their needs and wants them can gain more student customers, and
this will increase the overall customers for Barclays. ‘’Barclays believes
students constitute a very important market segment for the business’’ This is
why they have carried out market research in order to find out what the
students wanted, so they can make those changes to the student account.
Barclays used an opinion panel to find out some quantitative data and also
qualitative. One recommendation for Barclays in order to improve their
marketing research is to increase the number of people questioned.
For example, if Barclays questions only 10 students on what account they held,
the results would not be valid because the amount of people question is too
small to come up with an overall accurate outcome, from doing a survey on
small number of people and following the information that they find, the
business may end up making incorrect decisions and they will find it difficult to
achieve their objective. ‘’Low response rates can create actively misleading
findings because they're based on a biased sample’’ So Barclays need to make
sure that they question the right amount of people before using any
information that they receive from the results. This also applies to qualitative
data, because if the number of students that are questioned is too small, the
business cannot use the opinions of the students asked to make overall results
as it would be invalid and unreliable.
Barclays had questioned many students for their opinion poll, they also have
sampled the new improved account on 100 existing and new students, they
done focus groups and also carried out plenty of secondary research. ‘’Barclays
is a global bank, it provides a range of financial services in 56 countries.’’
Barclays operates in many different countries, and customers in different
geographical areas have different views and perspectives, which is something
Barclays can consider when carrying out their market research, such as doing a
survey on students in different areas to see what students want in which area.
Barclays can use this information to improve the student accounts in different
ways depending on the location and meet the students’ needs. For example, If
Barclays only surveys students and do the sampling with the students in the
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