M1 You need to take three types of business information (e.g. written information, e-mails, on-screen, web-based etc. AND verbal information, face-to-face, phone etc.) Remember: information is split between WRITTEN AND VERBAL!! E-mail etc. are all examples of either written or verbal communication.

M1… With each type of communication you have identified you need to describe the benefits and drawbacks in more DETAIL! Sources / information Benefits Drawbacks Face-to-face Easier to clear up misunderstandings Immediate: no waiting around Most comfortable for most people Can also share written information e.g. documents etc. No written evidence Can be costly if in different locations

Competitor information Sources / information Benefits Drawbacks Phone conversations Easier to clear up misunderstandings Immediate: no waiting around Great for cost savings when communicating across different locations No written evidence No opportunities to show written communication e.g. business documents More difficult to clear up misunderstandings compared to face-to-face but easier to clear up misunderstandings compared to written e-mails E-mails Written evidence to keep track Can refer back to the written evidence Easier to misinterpret what someone has said Difficult to clear up misunderstandings Competitor information Can reference the information at a later date Related to your industry so you can see if there are any trends in demand etc. Not relevant directly to your business Do not know if any information is inaccurate because you didn’t conduct it yourself How old is the information?

Sources / information Benefits Drawbacks Market research You conducted it yourself so you know how accurate it is and the possible inaccuracies Related directly to your business May have some inaccuracies: what could these be? Government data Reliable to an extent as this is official documentation May not relate directly to your business Internet websites Can download the information and use it for your reference

D1 You need to take strategic decisions and explain how reliable/unreliable the information you have gathered through the sources listed in the table above will help/not help when you have to make these decisions. YOU MUST LOOK AT TWO SETS OF INFORMATION – I suggest you look at one verbal and one written type of communication!

Strategic decisions include… Growth / expansion to other locations or overseas Updating the product range you offer your customers Changing prices / offering promotional discounts for a short-term initiative Increasing promotional activity e.g. increasing spending on advertising or advertising in new, different ways