Jack O Hara Unit 4 P1
In this assignment I will be explaining different types of business information, their sources and their purposes.
Introduction
Information comes from a wide variety of sources and an effective business will research information from a range of sources before making decisions. These types of information consist of Verbal, Written, On-screen, Multimedia and Web based.
The purpose of information is that an organisation without information the business would be in the dark and would not be able to make informed decisions in order for them to improve the business. Organisations use information for:
Updating knowledge
Informing future development
Strategic Direction and SWOT analysis
Offering competitive insight
Communicating sales Promotions Inviting support for activities
Sources of information can either be gathered internally (from inside the business) or externally (from outside the business). Internal sources consist of, Financial, Human resources, Marketing, Purchasing and Customer services. External sources consist of Government sources, Trade groupings, commercially provided databases and Research.
Government sources are supplied by the ONS (Office of National Statistics), the DTI (department of trade and industry) and OECD (organisation for Economic Development) examples of the government’s publications is Monthly Digest of statistics or Regional trends.
Trade groupings are groups of businesses from the same industry or marketplaces that provide a service to representatives of their industry. They can act as pressure groups to initiate positive change for their industry. They also publish trade journals, which are a very useful resource. These are published by leaders in industries for the people working in that industry, but they also make excellent research materials.
Commercially provided databases. Many private research organisations specialise in building up databases of people who are known to have an interest in certain products and
Introduction
Information comes from a wide variety of sources and an effective business will research information from a range of sources before making decisions. These types of information consist of Verbal, Written, On-screen, Multimedia and Web based.
The purpose of information is that an organisation without information the business would be in the dark and would not be able to make informed decisions in order for them to improve the business. Organisations use information for:
Updating knowledge
Informing future development
Strategic Direction and SWOT analysis
Offering competitive insight
Communicating sales Promotions Inviting support for activities
Sources of information can either be gathered internally (from inside the business) or externally (from outside the business). Internal sources consist of, Financial, Human resources, Marketing, Purchasing and Customer services. External sources consist of Government sources, Trade groupings, commercially provided databases and Research.
Government sources are supplied by the ONS (Office of National Statistics), the DTI (department of trade and industry) and OECD (organisation for Economic Development) examples of the government’s publications is Monthly Digest of statistics or Regional trends.
Trade groupings are groups of businesses from the same industry or marketplaces that provide a service to representatives of their industry. They can act as pressure groups to initiate positive change for their industry. They also publish trade journals, which are a very useful resource. These are published by leaders in industries for the people working in that industry, but they also make excellent research materials.
Commercially provided databases. Many private research organisations specialise in building up databases of people who are known to have an interest in certain products and