A simple solution may be to use margin notes (the \marginnote command from the marginnote package) together with highlighting (the \hl command from the soul package). You can define a new command with three arguments for the color, the main text to be highlighted, and the note:
\newcommand{\codedtext}[3]{%
\sethlcolor{#1}%
\marginnote{\hl{#3}}\hl{#2}%
}
Because margin notes are typeset in the margin, the page gets a bit asymmetric. To address this you can load the geometry package to set the left margin smaller than the right margin, and to increase the width of the margin notes. The example picture also seems to have 1.5 line spacing for the main text and 1.0 line spacing for the notes, which you can accomplish using the setspace package.
If you want to include an interview as part of a larger document then you probably don't want the margins of regular pages in the document affected by the settings for the interviews. With geometry you can change the settings for each page, which will be in effect for all following pages until you change the settings again. For some reason the straightforward way of applying this, i.e., set default settings in the preamble, change for interview pages, and reset afterwards, did not work in the example (the margins were not correctly calculated). However, the other way around does work, so put the special settings in the preamble, immediately change them for the first page, restore the default settings for the interview pages, and reapply the changes for the pages after the interview page(s).
MWE:
\documentclass{article}
\usepackage{xcolor}
\usepackage{soul}
\usepackage{marginnote}
\usepackage{setspace}
% margin settings for interview pages
\usepackage[left=1in,right=2.5in,marginparwidth=1.5in]{geometry}
\newcommand{\codedtext}[3]{%
\sethlcolor{#1}%
\marginnote{\setstretch{1}\hl{#3}}\hl{#2}%
}
\begin{document}
% margin settings for regular pages
\newgeometry{left=1in,right=1in,marginparwidth=1in}
This is a normal page with margins set by the \texttt{\textbackslash newgeometry} command.
This settings will be in effect until \texttt{\textbackslash restoregeometry} is
used. The following page shows a coded interview with adjusted margins.
\newpage
% restore to margin settings defined in preamble
\restoregeometry
\onehalfspacing
\noindent\textbf{Data}\marginnote{\textbf{Codes}}\
\rule{1.3\textwidth}{1pt}
\textbf{(Q1) Moderator:} What do you think about the apparel industry in
Sri Lanka? Who are the customers, competitors, suppliers and influential
parties and \textit{what} is their influence on the business and
management controls of the business?\
\textbf{Finance Director:} Global competition and \codedtext{yellow}{GSP plus
[Generalized System of Preferences] and the Trans-Pacific Trade Partnership
have a direct impact on our operations, and on management controls}{Global
statutory rules}. More than \codedtext{green}{60% of Sri Lankan apparel
exports are to the United States and other Western countries. Our operations
and controls have to focus on their domands in order to survive in the market.}{Customer
regulatory demands} In the meantime, \codedtext{pink}{competition
in the industry is increasing from emerging countries like Laos, Cambodia and
Vietnam. So, our controls have always to focus on reducing costs and producing
products at competitive prices.}{Influence of changing market conditions} The
economic environment of our country too is not supportive of the apparel
industry because other industries such as tourism and hospitality are growing.
Thus finding \codedtext{cyan}{labour for the apparel industry will be difficult
in about another five years because they expect}{Facing changes in the
local industry}
\newpage
\newgeometry{left=1in,right=1in,marginparwidth=1in}
This page has the same margins as the first page.
\end{document}
Result (run twice for the notes to be positioned correctly):
