M1 Analyse different types of business information and their sources
To: Directors of Tesco
From: Kristiyan Karadzhinov
Subject: Analysis of different types of information and sources in Tesco
As it well known, there are two main types of information in relation to business verbal & written.
On this report I am going to inform you about importance of type of information also the sources of information and how they are related to business etc. Tesco.
Applying to business, it is important to use information to achieve the purposes of Tesco and also to guarantee successful activities.
As it is mentioned above there are two type of information verbal and written which has strongly playing part in Tesco’s communication activities.
Written information is accessing personal, evidence and important information for Tesco and other participates as the verbal information is aiming to give quick answers, direct questions and build good relationship between Tesco, other organisations and individuals (customers).
Both of those verbal and written have strengths and weaknesses, although when using them together it can ensure the perfect way of communicating.
Verbal information is important to Tesco because it can give the business direct information to the customer although sometimes can be confusing when apply to giving details, names, numbers and other information that will need prove in case of request.
When Tesco needs to create plan for expanding their business in more countries they will need to run a face to face presentation, video or telephone meeting, this is so because the plan has to be discussed and agreed from every participant.
Written information will give to Tesco the option to have saved data on their activities e.g. when Tesco contact their suppliers they will send them written information with all the names and numbers of products that they need, so when the supplier deliver the products, it can be checked what is ordered and what is actual delivered, then if something is missing they will contact the supplier and prove that there is missing products.
Tesco use multimedia, Facebook and other social sources of information in written way supported by pictures, this is how they expand their market which is one more example how written information can help the business to expand their market.
There is a cases in where will be better to use both verbal and written information to have the perfect way of communication. E.g. when Tesco use a call to contact new customer by offering new services and then sending an email with pictures and written information to make clear to the customer what exactly the new products or services are.
Tesco use information for different purposes some of them required external sources as I mention above but some information is internal running in the company between different departments.
It is important for Tesco to use both internal and external sources of information because it will ensure well working system. E.g. when Tesco needs to improve their services they will carry a survey asking their customers what could be improved and when they need to know the most selling products for 2015, then they will access that information from their sales department which will be the internal source of information.
External sources such as Government, banks, and internet also marketing researches can give Tesco access to information that can help to improve the business.
E.g. when there is new law in relation to H&S act that require new points to be covered from retailers, then Tesco will access the government web site and read all the new points required, so once Tesco is well introduced to the innovations, then it can work on improvements.
Another example is when Tesco needs to get information for the most popular products on the market then Tesco will contact Marketing Agency to give information needed so Tesco will check the list of the most popular products on the market for 2015 and they can buy that products as a trying to create the best values for them, so they will bite the competitors such as ASDA or Sainsbury’s.
Internal source of information will give Tesco free access and also information such as what they have done previously and that can help for future improvements.
R&D at Tesco can access internet for free information about the trends on the market, price of different products and then passing that information so the costs of their products will be worked out and created the best value for the customers.
The second example is that Tesco can access information from Sales department to see the less soled products during 2015 so then it can be discussed a plan for those products to be sold next year by reducing the price or running out a special promotion or by using other techniques.
By looking at those two examples it can be clearly seen that Tesco needs both of internal and external sources of information, because not all the information needed from the business can be accessed only from the inside organisation.
The benefits of internal sources are that they are cheap and will be accessed from well-known people who work at Tesco also they will get the information for free in some cases, however the internal information will be limited. When applying to external source of information Tesco has to pay for some external sources of information but they will be provided from experts which is most important in this case. E.g. Tesco can contact financial consultants to receive information about the best way of investing money on new buildings or rather way of hire- purchase or leasing.
The benefits of external source of finance are information given from experts in certain subject, professional point of view and wide range of details, options to choose from wide range of different external sources e.g. different banks, different Marketing Agencies and different financial advisers .
Dear directors, by looking at my analysis you can clearly see the importance of verbal and written information to Tesco, process of work and why Tesco needs to use both verbal and written type of information, also how can combine both of them to have the best way of communication.
The second part is looking at the importance of sources of information that Tesco needs to access and to make clear my points I gave an examples of how internal and external sources work, which leads to that Tesco needs both of them at least to run successfully. Also I used similar examples when I talked about sources of information in both internal and external. I did that to show the similarities and differences and also the relation of accessed information in both of those two sources.