Managing Communications, Knowledge and Information
Starting a business require preparation, research and a lot of hard work. There are many decisions to be taken like type of business, financial support, location and so on. This decision has to be taken with a lot of care so they can overcome difficult stages of the business. New business also requires a strategic planning for future growth including products, partners and goals. Starting a business in the retail industry is a huge challenge facing a lot of competitors and variety of products. The report examines the methods for starting new business, the decisions to be taken, the internal and external sources of ...view middle of the document...
All possible sources should be taken in mind.
Marketing Tools: For online business employing the right promotion techniques is the key to the success. Only after correct analysis on internal and external information has been done, decision on efficient marketing tools can be taken.
Taking the most profitable decisions for the key points above is required collecting qualitative information and its application. This can be done in form of:
Market Analysis: Market analysis has to be made to help pushing the product to the right customers. Analysis tools like PEST and SWOT will help to identify weakness and strengths, competitors, their size and market share.
Business Plan: Plan would help to identify the defective areas and to rectify them before trouble sets in. The business plan usually consists of information regarding the vision , purpose, products, short term and long term goals, the management and so on (Busch,2013)
Strategy: Qualitative information will help to build the right strategy for running and developing the business. Lots of decisions are considered strategic decision. Choosing online store instead a physical shop is a strategy decision.
Customer’s intelligence: Satisfying customer’s wants and need is in the key factor of every retail business. Only after the right information is obtained, business will be able to meet wants and needs.
2. Assess the Internal and External Information and Understanding.
The only possible way for the business to penetrate successfully into the retail market is to acquire relevant market information. Qualitative information is very important to staring a new business, which is mainly classified as internal and external sources.
Internal source of information: The data that are taken from internal reports of the organizations forms the internal sources of information. The annual report of an organization is able to give information about the total sales, profit and loss, salary given to the staff and so on (Pride, Hughes and Kapoor, 2010) Internal sources helps the organization to set up a desired quality and standards and keep track of the cost and investments.
External source of information: External information is obtained from outside the organization. Government and industry reports which will help to understand rules and regulations about tax, health and safety regulations and employment law. Business and financial press and books, online case studies and research articles inform about the markets and understand the needs and preferences of customers and also future market trends.
3. Improvement in the Methods of Selection and Analysis of Information
Despite all the internal and external sources available that can help starting up the new retail business, for future growth and decisions in major areas such as marketing, pricing and location, the following improvements has to be made.
- Make a relevance study about the business from various sources
- Self-evaluation about skills and personal...