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

3. 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

4. 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 s s
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?

5. 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

6. 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!

7. 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