Explain Different Types of Business Information, Their Sources and Purposes
Business information is one of the three main segments of the information industry.
The primary forms of business information include:
· Market research
· Credit and financial information
· Company and executive profiles
· Industry, country and economic analysis
· IT research
Types of business information include
Verbal communication can either be done face-to-face or over the telephone. The best way to communicate is face-to-face because there is less space for misunderstanding and it allows for verbal and non-verbal messages. The advantage of using verbal information is it's easier to communicate …show more content…
· Sales and purchases information setting out particular types of trading and accounts with particular customers and suppliers.
· Information about the purchase of assets and liabilities.
· Information about the wages paid out by a business.
· Information about costs.
By providing a steady and up-to-date flow of information, a business is able to make appropriate decisions about:
· how to reduce costs
· how to increase sales
· how to raise profitability
· when to purchase new capital assets
· the best sources of finance, and duration, etc.
The amount of sales, length of production, marketing campaigns, customer service all are types of business information from a business. All businesses have different types of informations, some businesses when they start up may study other business informations to see what is needed to become succesful.
External areas of the organisation
Market research is obtained from almost every organisation as it is an essential part for a succesful business. Market research involves collecting, recording and making sense of all the available information which will