With this being my final blog I decided to give a brief summery on the topic ” The Value of Information”.
From doing this project I now understand that information is vital for organisations to become a market leader and to be able to earn the maximum profits available. Whether it is just acquiring the relevant information or the sufficient amount, firms need to ensure they research that information fully. Any “half-assed” attempts when acquiring information will have a negative effect on the topic/project. I have also learned that its not only business firms that benefit from acquiring information, but that schools and sports clubs etc do to.
Firms need to ensure that any information gathered contains the five characteristics, ( accurate, timely, relevant, just sufficient, worth its cost), so that it can be considered good information. It not worth the firms time to make decisions using information that does not contain these elements.
I have found that one way “good information” can aid a firm is when they want to learn more about their competition. This information can be key for firms trying to get one-step ahead of their competition. Another area in which information can benefit a firm is if they are looking to expand, it is essential to gather enough “good information” to see if its financially favorable to expand.
Overall I have enjoyed completing this project as it has helped me to understand “The value of Information” a lot more by making me go and find out about it myself.
I hope ye have enjoyed reading my blogs over the past few weeks!
In this, my fifth blog, I am going to talk about why it is vital for an organisation to have sufficient information. Sufficient information is just having the right amount of information on the certain topic. Everything will run smoothly if the business has sufficient information, things start to get messy when there is a shortage. When a shortage of relevant information occurs, this prevents the organisation from making the best possible decisions which in turn will cause there projects to be generally unsuccessful.
Organisations can save a lot of time and money if they research the actual amount of information they need rather then getting too much or not enough. Each unit of unnecessary information cost the company money, if the amount of units are too large they can sometimes cause the company to run into serious financial difficulty.
It will, over time, benefit the company a lot if they take time to gather the sufficient amount of information. It is in their benefit to do the research as it will help them to turn proposed projects into very profitable ones.
There is a case to be made that there’s now too much information. There are no one-size-fits-all answers anymore as the internet is flooded with people’s different opinions and views. You could type in the most random question in to the search bar and be met with hundreds to thousands of different websites and pages. Getting information off the internet is like taking a drink from a burst fire hydrant, you get a bit more than you wanted.
A lot of people are quick to make the point that “more information gives you more power”. I’d be very quick to disagree with that. Being swamped with information without having the time or knowledge to sort out the useful from the useless, can be as good as having no information at all. There is a point when you need to stop gathering information and take action on the information you already have. Stewart Brand once wrote “Information wants to be free. Information also wants to be expensive. Information wants to be free because it has become so cheap to distribute, copy, and recombine – too cheap to meter. It wants to be expensive because it can be immeasurably valuable to the recipient. That tension will not go away.” The number of “bits”in the digital universe is already greater than the number of stars in the known universe.
The challenge for leading decision makers in all markets is the filtering of information. Information filtering systems can now be developed to filter the data source and deliver relevant, personalised information to the user. For instance, a marketing team could develop a filtering system using demographic information such as age, gender and education to identify the types of users that like a certain item. Economic filtering systems select items based on the costs and benefits of producing and viewing them. An example of economic filtering are systems that adaptively schedule banner advertisements on the internet. Ad systems that learn to display ads that will yield the highest possible click-through rate based on the past behaviour of the user. By directing ads to a more targeted population it could help internet providers and advertising agents increase their ad revenues.
The mass of info is growing and will continue to grow with improvements in technology, so it is crucial that the business world adapt to be able to extract the most concise, accurate and relevant information available.
In this blog I am going to discuss the value of information when making important decisions. I will also use the example of a sports club.
Firstly, when making a decision it is imperative that you gather the correct information and analyse it. Only after all this information is collected and analysed can you make the best possible decision. Information is what separates making either a good decision or a bad decision and I feel this is true in every area of work. Making a rash decision, in business especially, can have drastic effects, e.g causing your company to go bust.
It is very important that sports clubs research relevant information when making decisions for a number of reasons. They need to ensure that the decisions they make will benefit all the members of the sports club. One example of when the club would need to gather information is when they are planning trips. It is vital they research all the costs to make sure they don’t over or under charge the members. By doing the research before they make decisions, they can ensure that all decisions are made in favor of the members.
For this my 6th and final blog post, I would like to take the time to discuss the information and knowledge I feel I have acquired by writing this blog, I will also mention some of my previous blogs posts and how they have been invaluable in helping me to become a better blogger.Writing this blog has helped me to gain an insight into the world of journalism and showed me the importance of meeting deadlines and also the importance of making your blog posts as interesting as possible in order for people to read them, it is also just as important that you have an interest in what you are writing on, for example in one of my previous blog posts the value of information in sport it was a lot easier for me to get my point across as i had an interest in what i was talking about and I believe the more passionate you are about a subject the better your posts will be. Also by talking with my group members sad111403808, sad111405462 and sad111408478 and reading their blog posts and indeed other blog posts within my topic i felt that it was easier to come up with ideas for future blogs and showed me the importance of effective group work. This project also showed me the importance of clarity and grammar when blogging, the easier it is to understand something the easier it is to get information from a post, and this is what i tried to do with all my blog posts make them easy to understand and interesting. I have also learned about the value of referencing by showing where you got your information it is easier for people to see how you came up with ideas and facts and also shows others that the work you did was in fact your own and not plagiarized. I hope people have found my blog posts on the value of information both informative and interesting and thank you to everyone that has took the time to read them.
When companies are launching new products and brands it is important that they are aware of their competitors,their target market,costs of production and how much they have to spend on advertising, in essence they need to be aware of numerous aspects of information in order for their product to be successful. Their are numerous examples of brands that have failed due to not having all of the information they needed or failing to implement the information they had acquired successfully, examples of failures in the drink industry include Guinness Breo and Tanora when they changed their original flavour, one of the reasons for both these failures was a lack of market research in regards to the taste of both of their products,this shows the importance of getting information from the public when launching new products. Even brands that are succesful need to be aware of the relevant information when entering new markets,not understanding or having a lack of information on the local language,traditions and practices can have disastrous effects on the success of your product in the region, examples of failures include Pepsi and KFC both messing up their slogans when entering the chinese market, kfc’s slogan “finger lickin’ good” when translated meant “we’ll eat your fingers off” and pepsi’s slogan “we bring you back to life” when translated meant “we bring your ancestors back from the grave” both advertising campaigns had to be pulled and show how it is vital that you are aware of the importance of advertising and the effect it can have on peoples perceptions of your brand.Other things that need to be taken into account when launching new products are the costs of production and the target market you want to attract,most new new companies will lose money in the short term or else have very small profits so they need to make sure their manufacturing costs are not too high because if they are it will delay the product being profitable or in some cases could potentially cause the product to fail,the pricing strategy is also very important if the price is too high customers could be put off, if it is too low it might be deemed an inferior product. As i have said the target market is also important, if brands want to appeal to younger people and teenagers for example the most important aspect of their marketing campaigns has to be the effective use of social media in order for them to succeed, Facebook is becoming increasingly important when brands are trying to attract customers due to the number of people on it, especially young people, so having an active presence on these sites is vital. Perhaps the most important thing when launching new products or businesses is the ability to be aware of gaps in the market,if your competitors are not doing something then you should be able to capitalize on it, Ryanair was able to do this by identifying that costs of flying were too high and that if they introduced a low cost carrier airline they might be able to challenge more established brands such as Aer Lingus,not only have they been able to challenge them they are now one of the most profitable airlines in the world.I hope i have identified in this blog the various types of information that brands need to be aware of when launching new products as by having more information you are more likely to succeed.
In this my final blog I am going to discuss and give a final conclusion on the points I have made in my previous posts.
In my first post I outlined how much Business value good information. If information is used in the correct manner it can be one of the most powerful tools a Business can use. I also mentioned how this information needs to be relevant. Society regards information as a commodity and the possession of it as an asset so therefore Businesses can use this asset to their advantage, once the information is relevant, fast and not costly.
Information is not just important for business. It is a vital part of the development of technology and I.T. With information at there disposals software developers are constantly making new strides and developing new technology.
Information can also be used in everyday life as i have outlined in my previous posts. I used three examples to illustrate this point: 1.Gambling 2. Choosing a career and 3. Deciding to invest or not. These three examples all require information for them to be successful so the value of information is therefore very important.
Thanks for taking the time to read my blogs hope ye enjoyed them. Most of the points outlined here have also been mentioned in my team mates blogs.