Information Importance

Topics: Marketing, Marketing research, Information technology Pages: 2 (576 words) Published: September 26, 2005
Information today is very important in making every informed decision that we are faced from choosing a car to choosing a career. A hundred to ten years ago we could not be able to make such informed and wise decisions with the limit information technologies that were limited back then. Today we have telephones, computers, internet wireless technology and more that gives the consumers and producers unlimited information at their figure tips in making a informed and wise decision. Many if not all consumers and producers rely on information in order to make a decision. With all the information technology that is available today we are able to make informed and wise decisions that changes or lives for the best. Information is key component in making a decision with the right and accurate information technology. There are times in the market that there is asymmetric information which is either the buyers or sellers have better and more information on the product then the other. This causes consumers or producers to make informed decisions on a product or products with unknown or too little information. Consumers and producers value information in order to make a good and informed decision by having reliable information. The lemon effect makes two predictions about markets with asymmetric information. First, the low quality products in a market will reduce the number of high quality products in the market and can even push them out. Second producers and consumers respond to the lemon conflicts

by researching in information and other means of making wise and informed decisions between low and high quality products. Companies have long realized the need for information technology to meet their business strategy and grow their businesses by ensuring that their objectives are realized. Information date provides the company with a greater understanding of their competition or market; establishes product innovation, builds profits and customer satisfaction. In...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Marketing Information System Essay
  • Information systems, data, and knowledge Essay
  • Different Types of Business Information, Their Sources and Purposes Essay
  • Explain Different Types of Business Information, Their Sources and Purposes Essay
  • Introduction to Information System Essay
  • Article Review of Information Technology Essay
  • Information Technology and Information Systems Essay

Become a StudyMode Member

Sign Up - It's Free