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Explain different types of business information, their sources and purposes

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´╗┐Understand the different types of business information: What types of information is there: Information comes from a wide variety of sources and an effective business person will research information from a range of sources before making decisions. There is an enormous range of verbal communication. Speech enables complex ideas to be expressed and discussed. However, the absence of speech would not prevent us from communicating effectively by other means. For most people is talking is the most comfortable method of expression. It is immediate, it provides a huge range of choices to convey all al our messages, and of course it is rapid. How often have we heard it said, in response to particular problem? Verbal Information: Verbal information is when someone delivers information face to face. This is called verbal communication which is the best way to communicate. There is a less scope for people to misunderstand what is being said and it allows for verbal and non verbal messages. Furthermore with the constraints of time and budgets in the businesses it is not always possible to meet someone in person. It is important to use many combination of methods so when you have telephone conversations which is a useful way to communicate. ...read more.


* A new innovative product or service. * Your specialists marketing expertise. Weaknesses could be: * A damaged reputation. * Poor quality goods or services. * The location of your business. * Products or services that are different(something that is better than the other competitors) * Lack of marketing expertise. (Opportunities and threats are external factors.) An opportunity can be: * A market vacated by an ineffective competitor. * A new international market. * Moving into new market segments that offer improved profits. * Mergers, joint ventures or strategic alliances. * A developing market such as the Internet. A threat could be: * Taxation being introduced on your product or service. * Competitors having superior access to channels of distribution. * Competitors having an innovative product or service. * Price wars of competitors. * A new competitor in your home market. Offering competitive insight: All businesses need to be aware of what other businesses are doing and how they are doing things as they are very competitive and to ensure that they do not fall behind and lose sales and their market share. Communication and regular research should be able to help the businesses to assess their competitor?s sales, marketing and development activities. ...read more.


and the OECD (Organisation for economic Development). Some of the key government publications include the monthly digest of statistics, Regional Trends and Labour Market Trends). Reliability of data sources: When gathering information, it is vital that you determine on how the valid information is. Always ask yourself whether it is accurate, relevant and truthful, and whether there is a bias. Such as many newspapers have a particular agenda that influences the way they interpret information for their readership. So, the guardian and daily mail might report on the same story but may well take difference slants depending on each journalist?s personal opinions and the newspapers agenda. The information that find on the internet will needs to be treated with more caution. Websites of the reputable sources, such as the BBC, or the mainstream newspapers, will be reliable-although as subject to bias as printed news. Sources like Wikipedia or personal blogs may be biased, inaccurate or misleading. For e.g. anyone can change an entry in Wikipedia-the website rely on knowledgeable readers to correct any errors? When citing information from the internet, it is good to practice to try to find the same information from more than one source. This takes a bit more time, but helps confirm your original source of information. ...read more.

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