Managing Communications, Knowledge and Information

1200 Words5 Pages
Managing Communications, Knowledge and Information Introduction Starting a business require preparation, research and a lot of hard work. There are many decisions to be taken like type of business, financial support, location and so on. This decision has to be taken with a lot of care so they can overcome difficult stages of the business. New business also requires a strategic planning for future growth including products, partners and goals. Starting a business in the retail industry is a huge challenge facing a lot of competitors and variety of products. The report examines the methods for starting new business, the decisions to be taken, the internal and external sources of information to be assess, identify the stakeholders and…show more content…
Taking the most profitable decisions for the key points above is required collecting qualitative information and its application. This can be done in form of: Market Analysis: Market analysis has to be made to help pushing the product to the right customers. Analysis tools like PEST and SWOT will help to identify weakness and strengths, competitors, their size and market share. Business Plan: Plan would help to identify the defective areas and to rectify them before trouble sets in. The business plan usually consists of information regarding the vision , purpose, products, short term and long term goals, the management and so on (Busch,2013) Strategy: Qualitative information will help to build the right strategy for running and developing the business. Lots of decisions are considered strategic decision. Choosing online store instead a physical shop is a strategy decision. Customer’s intelligence: Satisfying customer’s wants and need is in the key factor of every retail business. Only after the right information is obtained, business will be able to meet wants and needs. 2. Assess the Internal and External Information and Understanding. The only possible way for the business to penetrate successfully into the retail market is to acquire relevant market information. Qualitative information is very important to staring a new business, which is mainly
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