The Value & Importance of Information

To be useful what should information be?

Accurate Up-to date Complete

How does Market Research give a competitive advantage?

Because using market research helps the business to understand what the consumer wants and their preferences.

Give 3 examples of who uses information.

Managers Lawyers Teachers

How does the value of information affect the decision making?

The higher value information means that there is less risk in making a decision, because the information will be relevant, up to date and complete.

What makes information high or low value?

The quality of the information The relevance of the information How it could be used

What is the difference between the value of information and the cost of information?

The value of information is a measure of how useful information is and the cost of information is what you have to give up to get the information.

What is Competitive Advantage?

When the business is ahead of competitors because they are doing something better or different.

Give 3 examples of Target Resources?

Human Resources Stock Software

What is the difference between Direct Data collection and Indirect Data collection?

Direct data collection (primary research) is information that is collected by the business itself, whereas Indirect data collection (secondary research) is information that has been collected by another business.

What are examples of costs of information?

Financial Costs eg. money spent on getting the info. Time Costs eg. the time taken to get it Human Costs eg. human resources or people collecting the information