Types of Business Information
Verbal Information – It is best to communicate, but it is not necessarily efficient. It is immediate and you can solve most problems.
Written Information – There are words, diagrams, graphs, graphs, and so on. You can come from a wide range of sources such as newspapers, books, trade journals, government publications.
On-Screen Information – Information may be generated on the screen. You can see it on a multimedia TV or CD-ROM that combines text, graphics, animation, audio and video.
Multi-Media Information – This means that multiple forms of media are integrated. Media includes text, graphics, audio, animation, video and data. As an example, there is a web page containing interactive guides and narration.
Web-Based Information – This shows many of the advantages of multimedia technology. Today’s high-speed broadband speed makes it possible for sophisticated content to flow to your computer anywhere in the world. This gives you access to this information wherever you are. You can also access from a smartphone.
Purposes Of Business Information
All business and organization should rely on dependable information, cause with reliable information it will tell you where exactly it position in market.
Updating knowledge – It is vigorous that companies must be aware of market changes in a timely manner. Information is required
so that businesses know:- how their markets are developing- how labour markets are changing- what the economy is doing- what new laws are being passed that might affect the way they operate
All of this information can help organizations make accurate decisions and gain a wealth of knowledge. An incorrect decision may be the result of insufficient information.
Informing future developments – A company that does not adapt, develop and grow will soon fall behind in competition. But development needs to be based on informed decisions. Unless there is evidence that it will be sold, the company will not release new products.
Strategic management is the method by which an organization determines its goals, objectives, and expectations. It helps any business decide the actions to achieve these goals in the right time frame. It allows companies to implement actions and assess progress and results.
To establish a strategic direction, companies need a lot of information. Once this information is obtained, we will review the organization and its environment using a tool called SWOT analysis.
Offering competitive insight – In business must understand what competitors are doing to make sure they don’t fall behind and lose sales and market share. Regular research and communication should help companies assess their competitors’ sales, marketing and development activities.
Communicating sales promotions – In business they are different information and methods to communicate sales promotion to customers. They post information on products, services, special offers on the website, advertisements for newspapers and magazines, advertisements on television and radio. Good market survey information will grasp customer behavior patterns and purchasing willingness. Therefore, information helps companies to advertise their products and services and to sell them more effectively.
Inviting support for activities -Information is necessary to support business activities. This information must be communicated to all employees. This provision may require assistance from people inside and outside the organization. For example. Companies may want to change their way of doing business (efficiency, fair trade, etc.), and employees may have to help. That information have to be explained to the staff.
Sources of Information
Internal: Internal information can come from a variety of sources within the organization.
Finance, Sales, HR, Production, Marketing, Customer Services, Admin
External: External data exists in the form of public materials and is collected by others outside the company
Government: These are provided by ONS, DTI and OECD. Some of the major government publications include “Statistical Monthly”, “Regional Trends” and “Labor Market Trends”.
Trade Groupings: These are groups of businesses from the same industry or market that provide services to representatives of their industry. They can act as pressure groups and initiate positive changes for their industry (RMT, NUT). They also published very useful trade journals.
Commercially Provided Databases : Many private research institutions are dedicated to creating databases of people known to be interested in specific products and services. Next, you can purchase these
Research: The organization continually conducts surveys to understand the opinions of the market, customers and employees. Market research, whether secondary or primary, always involves some form of data collection.
Present complex internal business information using three different methods appropriate to the user’s needs.
Three methods of business communication written communication:
Written communication includes various interactions using written text. It is one of the two main modes of communication between oral communication. Written communication is very common in a business environment and they use a lot of such communication. Written communication includes reports, orders, memos, instructions, rules, policies, agreements, and minutes.
Visual communication is a direct face-to-face communication between two or more persons. Presentations, speeches, discussions, and meetings are all verbal communication. Face-to-face communication is very simple and practical. You can build intimate relationships and make people confident.
Oral communication always talks to the audience, so it is related to listening rather than speaking. This is a way to communicate face to face with each other. Telephone conversations are very useful for this type of communication. Those who use verbal communication can share their emotions, thoughts and feelings as a means of communication. Employees and students make such communication every day.
Nonverbal communication refers to any form of communication without words. When using this word, most people think about facial expressions and gestures, but these are important elements of nonverbal communication, but they are not unique. Nonverbal communication includes sounds that are not words such as snoring, overnight, asphyxiation. Even when using actual words, there are non-verbal sounds such as voice and voice pacing. When you use nonverbal communication, you can use hands to convey information without using words.