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Unit 4 P1 explain different types of business information, their sources and purposes

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Introduction

P1 Explain different types of business information, their sources and purposes Tesco has stores in 14 countries across the world. In the UK it is the grocery market leader it has about 30% of market share. This means that Tesco is the main supermarket leader in the shores of the UK. The key purpose of Tesco is to make profit. Tesco?s is the third largest retailer in the world measured by revenues and is the second largest in the world measured by its profit. Tesco is in the tertiary sector. This is because its sells the products, it doesn?t manufacture or directly get the product from its primary sector. Tesco?s has millions of shareholders which the majority shareholder only has around 3% of the shares. This just shows the vast amount of shareholders that Tesco?s has because the majority shareholder only has 3%. This is PLC in the private sector. Communication is the exchange of information through the use of spoken mode or written mode. Communication is important in a business because it conveys messages from one person to another or from one department to another. Types of information Definitions Verbal: verbal communication is when there is somebody speaking, verbal information can be used in face to face conversation, verbal communication is also used in phone conversations and also webcam communications. It can take place on a one to one basis or it can be used by one person to address groups of people. Written: Written is when there is information presented in the form of characters written e.g. on the computer or paper based. Written communication is used on leaflets, brochures, in letters, emails, newspapers, magazines etc. written communication provides the organisation with evidence of what has taken place and can be used to be referred back to if needed On-screen: On-screen is when information is presented on television or on the screens of computers, tablets and smartphones. ...read more.

Middle

Tesco PLC can improve their products and services, this will be solely based on market research and then presented to customer service head department. The strategic direction can be a short or long term direction which can last from 1-5 years Swot analysis: They will use swot analysis in order to see what is happening and also compare it to Tesco PLC strategy, this report will be provided in a written mode and presented to department heads. So that they are aware of the organisations current situation and potential future plans Offering competitive insight: There are annual reports that have to be presented by all the grocery market business i.e. Tesco PLC, Sainsbury, Morrison, Asda etc and so Tesco PLC is able to access their competitors report and use them to find ways to beat their market competitors. Tesco PLC may also chose to focus upon a particular area of competitiveness at times and this will mostly take place using a written report format Communicating sales and promotions: The marketing department contact area managers to make them aware of the promotions that they have set, this can be done through email, e.g. they will use written mode to make area managers to be aware that Tesco PLC want to do a promotional offer on coca cola for example when the Christmas period comes they will know the campaigns. The will also use signs in-store- newspaper ads to inform the customer of the promotions that are taking place Inviting support for activities: This is when charitable events occur and the supermarket requires staff to work over time or even extra hours. An example of this is the Christmas period when Tesco PLC vowed to give meals to elderly people during the Christmas period, they would have required staff to do extra hours in order to meet their target of 4 million meals. Support for such activities would be required using a range of written communication methods The sources of written information at my chosen organisation- ...read more.

Conclusion

It is used to promote the organisation and also to interest investors Government: The government are external links which, put laws across which business in the groceries market have to abide by, for example there is a law that the government has put into place against Tesco PLC which limits the growth of Tesco PLC. It provides information regarding financial policy and also any legislation that may affect the organisation and its operations directly Trade grouping: Trade grouping is a group of businesses that operate within the same sector and not within the same location. For example Tesco PLC would be part of the groceries trade association and this organisation will provide information regarding what is going on in their market Commercially provided: Companies can use commercially provided information to help them make the correct business decision. The decisions are made based on information made available to them from other companies. Typical example of this may include keynotes and Mintel reports Databases/ research: Companies can research information that might help them increase the sales and level of interest in their business. The key thing to researching information that helps run your business to ensure it is accurate and reliable. Some companies will pay to access commercially available database that offer range of information directly based on their business sector. Reliability of data sources: Data can take the form of Quantitive or qualitative sources, and to analyses such data will require trained personnel to analyse. The sources can be primary or secondary and can be obtained through many way e.g. they can be obtained through the publishment of them, or companies may pay handsomely to obtain the information, the way that you can tell of the reliability of the sources is through checking if they are consistent through many other sources, you can also contact the organisation to check for the reliability of the resources. If data is not received for a reliable source it can seriously jeopardise the competitive position of an organisation like Tesco PLC ...read more.

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