I used a range of qualitative and quantative research to compile my questionnaire. Quantative research is any type of research that has a number answer. Qualitative research is asking people all about their thoughts, feelings and opinions. I carried out my questionnaire during a two-day period outside MacDonald’s in Hounslow from 12:00pm to 2:00pm. The reason I chose to carry out my questionnaire outside MacDonald’s was because it is Hounslow’s most popular fast food restaurant.
It was the time where most working people would be going off on their lunch breaks. As you would most probably assume I aimed to ask twenty different people who would give different answers. I aimed to ask anyone who walked past. There was one slight problem which was a fraction of the people I offered to interview just ignored me and walked past. The people I interviewed fell into a range of different age groups. I also interviewed people with different socio-economic groups to get a variety of different answers. The reason I chose this is because if I had chose to interview twenty people which fall into the same age group and with the same socio-economic group I would end with collection of very similar answers, which would not be very good results.
When researching you use a sample. A sample consists of about five percent of the population representing the rest of the population. It is vital for a company to do research before launching a new product. This is because it will show the company weather the product is going to be successful or not. It also shows the company other pieces of information like the sorts of people who would want to buy the product and how much they would be willing to spend on that particular product. There are three main methods of sampling:
The method I used was random sampling. In a random sample people interviewed are asked completely at random meaning each member of the population is equally as likely to be interviewed. Whereas in a quota and stratified sample certain people from the population are targeted. The reason I chose to use a random sample is because when you interview people at random you will get very different answers, which means better results.
The first question I asked was ‘do you own shares?’. This question I thought was a very good question to start with. The reason I asked this question first was because I wanted to find out the main answer right away. Out of the twenty people I interviewed seventeen of them said yes they do own shares and three of them said no they do not own shares. This meant that 85% said yes and 15% said no. This tells me the majority of the population of those employed do own shares. The question was a very basic question, which could only be asked in one, so if I were to try and improve the question it would be very difficult. The graph below shows my results.
The second question I asked was ‘what age group do you fall into?’. For this question there was seven possible answers. The reason I chose to ask this question second was because I wanted to find out at what age people mostly buy shares. Out of those I interviewed I found out that the majority of the people aged 18 to 30 mostly buy shares. 50% of the people I interviewed were aged from 18 to 30.10% were aged from 31 to 35, 20% were aged 36 to 40,0% were aged 41 to 45,5% were aged 46 to 50, 10% were aged 51 to 55 and 5% were age over 56. To improve this question I could have made the first question less years, for example I could have said from 18 to 25 then 26 to 30, if I was to do that I would have received a more accurate answer about what age group mostly buy shares. At the moment the age group is 18 to 30 but that is not very accurate, so those results would not be very useful. The graph below shows the results.
The third question I asked was ‘how many times have you bought shares?’. The reason I chose to ask this question third was because I wanted to find out if those who buy shares once then go back and buy some more shares again. I wanted to see what those who buy shares think of it buy either buying more or not buying more. For this question there were five possible answers 0, 1, 2, 3, 4, 5+. The majority of the people I interviewed bought shares four times.
From this question 15% of the people I interviewed said they had never bought shares, 10% said they had bought shares once, 25% said they bought shares two times, 0% said they bought shares three times, 30% said they bought shares four times and 20% said they had bought shares five times or more. If I were to redo this question I would make more possible answers like rather than 5+ I could have used 5, 6, 7, 8, 9 and 10. This way I would obtain more accurate answers about how many times people had bought shares. This was quite an important question for this questionnaire. This is a graph showing the results for this question.