Managing Communication Knowledge and Information –

3623 Words Apr 29th, 2013 15 Pages
Managing communication knowledge and information –
Unit 16
By MD YUSUF
HND business level 5,
Year 2012-13,
Student No- cc00111

Introduction: - Market research is very essential whether you want to enter the market with a new product, increase the market base of an existing product or give a unique offering to your customers. Every target group becoming smarter day by day, and word of mouth becoming stronger through social networks, Market research now very important which helps you make the right decisions.

Why Market Research Market Research provides the right direction such that your customer base is satisfied with you and you get to know which plans and features need to be adopted to retain or expand on the customer base.
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According to Kleiner (Kleiner, 2003) People must have a positive disposition to new knowledge if knowledge is to become effectively integrated in the firm’s operations. This positive attitude involves employees being intellectually curious, willing to explore new ideas, considering possible adoption of such new ideas, and, most importantly, managers encouraging employees to contribute their new ideas without fear of repercussions. Employees are likely to have skills and experience to use market.
Internal and external source of information and their usefulness
Business data and information comes from multiple sources. The challenge for a business is to capture and use information that is relevant and reliable (Cook, 1997). The main sources are: Internal Information Accounting records are a prime source of internal information. They detail the transactions of the business in the past - which may be used as the basis for planning for the future (e.g. preparing a financial budget or forecast). The accounting records are primarily used to record what happens to the financial resources of a business. For example, how cash is obtained and spent; what assets are acquired; what profits or losses are made on the activities of the business. However, accounting records can provide much more
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