Different Types of Business Information, Their Sources and Purposes

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Different types of business informaiton, their sources and purposes Business information comes from a wide variety of sources and an effective business person will research information from a range of sources before making decisions. Business information is one of the three main segments of the information industry. The other two segments are scientific, technical and medical, and educational and training content. Verbal information is literally face to face which is seen as the best way to communicate. This way there is less scope for misunderstanding and it allows for verbal and non verbal messages. However, with the constraints of time and budgets in business, it is not always possible or pratical to meet in person. Telephone…show more content…
Offering competitive insight Every business needs to be aware of what their competitors are doing, to ensure they do not fall behind and lose sales and market share. Regular research and communication should help a business to assess in competitors’ sales, marketing and development activities. Communicating sales promotions Businesses use a variety of information and methods to communicate sales promotion to customers. They place information about products, services and special offers on their websites., and have newspaper and journal adverts, and television and radio adverts. Inviting support for activities Much information is also required and needs to be communicated in order to support business activities. This support may have to come from people inside or outside the organisation. Clear information will have to given to the staff, explaining why the business needs to move in this direction. Internal sources of informaiton This type of information could come from a variety of sources within the organisation. Some of the main departments are as follows. • Finance will have a wealth of information relating to company performance. • Sales departments will often store information about customers, as well as sales records for the organisation’s existing products and services •
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