Qualitative: Is information in which it has been
tested by a small business for example for a food business you would have to
test, how the food tastes and gather and
doing so you would use primary information based on opinion of the consumer and
then using that information gives feedback on the sold product.
Quantitative: Is information that can be measured
for example in an IT business it would be how much a piece of hardware costs
and how much memory it has or can process. This information is gathered using
primary information by asking the public how much they would pay for a product
depending on its quality.
Primary: Is information in which you have to
collect by interacting with human beings or by using figures examples of
gathering this information follows, using surveys, sale figures, and verbally. This information is quite reliable as you know
the main source in which you gained it from and can be considered as accurate
and reliable.
Secondary: Is information that it gathered by
using information that is outside of the small business. The information is
gathered by using sources such as the internet or books e.g. forums, encyclopaedia
websites, information websites and non-fictional books. Secondary information is less reliable than
primary information as you do not know the main source as somebody else has
written the information from another source. However secondary information is
less expensive than primary as the information has already been analysed, where
you have to turn the primary data information into something useful.
Financial Information: Is information in which it involves
the performance of profits and losses of sales for a company. This information
involves the cost of products how much the staff at the business get payed and
the other outgoing losses such as taxes and bills. This information is gathered
by a hired accountant or financial controller and is then passed on to the
owner to make the decisions on what they should do to improve income.
Personnel: Is information that is owned by the
company or their employees. The information is freely available by the employee
at any time if they wish to request it. This information includes how long an
employee has worked weekly or yearly, this information helps with business
determine if employees are under performing or over performing so that you can
determine if they are deserving of a raise. It is important that this
information is up to date as you can check daily to see if an employee is doing
well or not so well as it is important for health and safety if you have a very
unhappy employee.
Marketing information: Is information used by the businesses
marketing team that help identify which product sold by the business is the
most successful. The information is collected by the marketing team which then
collect the information supplied from other departments. The information is
obtained using primary information taking like surveys and conversation this
then determines what the customer likes of dislikes about the product in order
to then use the information to make the product more successful.
Purchasing information: Is information that is collected by the
purchasing department, who are in charge of purchasing the resources needed to
run the business. This information is gathered from the departments around the business
who need specific objects to work with e.g. IT would need computers and
equipment to repair equipment. This information determines the cost of resources
needed by the business and the demand of them.
Sales information: Is information that is monitored based on the
product or the other services that are offered by the business. This information
is then calculated by another department called financial control that then
ensures that the costs of the products and services are less than the sale
price. If the information for the product shows that the sale goes down the
information is passed on to the marketing team who then determine a way to
advertise it back to its original sale.
Manufacturing information: is information that involves the the
cost of manufacturing goods within the business. The information involved in manufacturing
usually involves the cost of building materials, the machinery used to create
the product, and the wages of the workers. This information is important
because it helps the business determine a selling price for the produced
product or if they can reduce the production price of the product to save the business
money.
Administration information: is information that involves communicating
using external sources as well as internal administrators store information that involves employees and consumers to keep records of information.
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