Explain Different Types of Business Information, Their Sources and Purposes

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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 information

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 verbally than any other way because you get to understand every detail that is being spoken by the other person and speech enables complex ideas to be expressed and discussed. Some people find talking is the most comfortable method of expression. For example, Drayton Manor communicates with their staff verbally at a staff meeting about the new plans for the business and the changes that is happening and this is an advantage because the staff get to ask questions about the changes and they can get there opinions across about the plans. Also the employee will feel appreciated by the employer if they are being listened about their opinions which can lead the employee to stay in the business but the disadvantage is if Drayton Manor makes decisions about the improvement of the theme park without the employee's knowledge then this can lead for the employee to resign the job. The disadvantage of using verbal information is that it's not always possible for Drayton Manor to meet in person because with the constraints of time and budgets in business.

Written information

Writing is the use of physical symbols to represent words. Words are the sounds that make up speech. This definition can be broadened to include other forms of physical representation, such as diagrams, graphs and charts. Written communication is when sending documents, such as email or business letter to an individual.

The advantage of using written information is for the people who don't know how to use a computer to find information so they prefer to use written information such as leaflet. The other advantage is that if the visitors of Drayton Manor don't understand some of the staff accent, then they can easily give the leaflets to the visitors so they can read themselves. For example, Drayton Manor visitor doesn't know how to use the website to find information so Drayton Manor provides them with leaflets.

The disadvantage of using written information is that the leaflet of Drayton Manor can have less information than the website so the customers won't find all the information on the leaflet.

On-screen information

Business information on the TV is more convenient for most people as it is something that it always noticed of. TV has many ways of talking to people, audio and visual. The visual may present data that is easy to understand for example charts may be colour coded, the audio may simply be a voice in the background or someone explaning what the documentary is showing. The advnatage for TV on screen information is that it is also easier for most people to understand points through visual rather than written.The internet has also become widely used and popular now in the 21st generation, it is used hugely by business and information systems as a mean to teach and inform people about the latest news. The advantages of this is that it is more convenient for people to understand and it's not making someone learn it's optional whether they want to take the information in or not. The disadvantages would be that the internet can be unrealiable with some sources of information and the TV may include other sources of information that do not suit another particular information obtained from the same source....
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