Business: Quantitative Research Essay

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Now that you have identified the techniques used by our 3 businesses; you now need to individually assess which you think completed the most effective market research. Draw on your evidence to support your judgements.

After having read and analysed the vital detail on the information given from all three companies, I have been able to assess that in some ways the format that the companies carry out for their research can be similar but can also be different. Overall Barclays, Greggs and Food Standards Agency all portray a similar primary research for their company. By this I mean they all use the same techniques such as face-to-face interviews, questionnaires, focus groups and Greggs also provide a taste test for the food company which helps them to develop a name, appearance, where it is sold, speed of service and the convenience for an upcoming new product. The primary research for a company becomes vital as it involves their main seller ‘the public’ to help them develop and make changes for their company to grow better. Like I have already mentioned, it involves selecting potential market and then questioning the sample to find out people’s opinions and that is how the company can expand and improve bigger and more individual.
Barclays have been able to make a very effective primary research and within that used the likes of face-to-face surveys, questionnaires, phone surveys and gave specific feedback which was direct to the people who got in contact. Barclays have also used secondary research within their company which was also effective. They used techniques like internet to source data which has covered a wide range of publications, market research reports and also accurate sales figures. The company then put their research that they have carried out into 2 useful categories – Quantitative and Qualitative data. The quantitative data has shown that 81% of students which were surveyed have a savings account and 32% had an investment account. In total there were also 5.4 million NEW accounts. However, qualitative data was found through people’s opinions which of course they found very effective and with that they found out what they like and don’t like about Barclays Company and their products. The qualitative data also helps Barclays discover from the public’s feedback what their new products specification is going to entail and what motivates students to choose a particular bank.
Food standard agency has made a greater, more effective primary research because they have created a questionnaire to find out how many people noticed their “traffic light” campaign. The amount of people that did recognised their campaign was a total of 75% and a total of 65% of people were aware of the food labelling advertisements. Food standard agency also carried out primary research for their company which involved again- face-to-face interviews with people of different focus groups and then that provides a much wider range of views on the different topics that are raised. The company also used secondary research which included 4 separate studies with different types of health charities and important stake holders. They then came up with figures and statistics to be used to represent their secondary research and then were compared to the figures they found in primary research. Food standard Agency used 2 to other marketing methods, quantitative and qualitative data. The quantitative research was surveyed on over 3,500 people on the subject of “5-a-day” which over 30% of the people became fully aware that they should participate in having their 5-a-day. Additionally, more people were noticing nutritional information on packets which has risen from 72% to 75% (3% increases). On the other hand, qualitative research found out open ended questions and much more about the ‘traffic light’ scheme. It has maximised the range of date available for consumers and also many other people.
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