UNIT 16

Unit 16: Managing Communication, Knowledge and Information



Introduction2

Discussion2

Assignment 1: Report2

LO 1: Information and Knowledge needs2

LO 1.1 Range of Decisions to be Taken2

LO 1.2 Information and Knowledge Needed5

LO 1.3 Internal and External Sources of Information_______________________________5

LO 1.4 Recommendations____________________________________________________6

LO 2 Strategies 6

LO 2.1Stakeholders_________________________________________________________6

LO 2.2 & LO 2.3 6

LO 2.4 Strategies for Improvement7

Summary and Conclusion7

References8

Bibliography9

Index10

Unit 16: Managing Communication, Knowledge and Information

Introduction

It has been acknowledged by all business experts, consultants, skilled marketers, entrepreneurs, stakeholders, and financiers that one should create a business plan before starting any kind of new business. This would help new entrepreneur to move in the set directions, take suitable decisions, and make business plan feasible. Initially, starting a new business needs an idea that is innovative in nature and entrepreneurship that will give real picture to this idea in an innovative manner.

Discussion

Report

This report will guide the readers throughout the process of starting a new business and discussions to be made in relation to starting up a new business.

LO 1

LO 1.1

Business start-ups are not easy tasks, as they require entrepreneurs to take number of main decisions that will help them to lay the foundations of the new business. Early phases of new business are often complex and requires proper information to make business set off in the right direction. Following are some decisions that need to be considered while making an allowance to start a new business in a competitive market.

Is the retail segment right for you?

First and foremost decision is that either to start business as a retailer or a wholesaler. Think carefully and consider if retail sector is the kind of business that you willing to get involved. Because it is imperative to decide early as what type of business entrepreneur wants to conduct.

What products will you sell or market?

Next decision to take is what type of products entrepreneurs will sell and promote. There are many individuals who want to possess a shop as they have interest in projects like designing clothes or jewellery display. Key decision will take account of as what kind of retailer he or she wants to be and what kinds of products he or she will retail. This will shape the groundwork for new start-up business and it is tough to alter once you are up and functioning. Carrying out some investigation and survey into what clientele are purchasing and into your rivals is an imperative process. Information from this process will facilitate entrepreneurs to make clear who are their main clientele and what they will purchase.

Touching the high-street

If you have the financial support and the right kind of produce, you may make a decision that the bricks and mortar structure is for you. If this is the situation, you require thinking about a premise in the right place primarily. The only places individuals are inclined to visit are superstores to purchase necessities. Even if they are carrying out some gift shopping it is most expected they will go to the mall with an observation to look through somewhat than with a ...