BTEC Business Level 3 Extended Diploma, Unit 4 - Business Communication, Distinction Grade
18 views 0 purchase
Course
Unit 4 - Business Communication
Institution
PEARSON (PEARSON)
Distinction grade fully completed Unit 4 'Business Communication' for Pearson BTEC Level 3 Business Extended Diploma. All parts of the assessment and grading criteria achieved - P1, P2, P3, P4, P5, P6, P7, M1, M2, D1 and D2
Unit 4 – Business Communication
In this unit I will demonstrate how communication of a business and information provision are key to
helping businesses become successful. A business needs to have accurate and reliable information
from a wide variety of sources to make informed decisions to become increasingly productively
efficient and profitable. I will also be discussing how Tesco plc, a multinational corporation
established in 1919, has utilised these types and forms of business communication to become one of
the world’s most prosperous and popular grocery retailers. Tesco is the market leader of groceries in
the UK with a market share of over 28%. Tesco has stores in multiple countries in Europe and Asia.
Source:
https://www.tescoplc.com/about/
P1 – explain the different types of business information, their sources, and purposes.
Information comes from a variety of sources. A successful business does not just use one source of
information, they will research and gather information to conclude and make a decision that has a
positive effect on the business.
Types of business information:
Verbal information – Businesses such as Tesco utilise verbal communication to get
information across quickly and easily. Verbal information involves face to face
communication between employees, employers, and customers to sustain the normal
operation of the business. Information is also commonly communicated via telephone, and
through radio and TV advertisements. Speech enables those involved in the communication
to express their thoughts in a form that is understandable.
Written information – Written information is the use of symbols to represent words on
newspapers, journals, books, and publications. It is arguably the best alternative to verbal
information because information is clearly and effectively conveyed without the use of the
speech. Furthermore, it may not always be possible to carry out speech depending on the
time and situation. Written information can be read and referred to at any time unlike verbal
information and written information would not be misinterpreted. Businesses such as Tesco
use written information to inform its employees of corporate news and other important
information on a document on a notice board. Directors and managers may write letters or
emails to one another to keep themselves up to date. Written information can be presented
in multiple ways unlike verbal information.
On-screen information – This is information that is produced on a screen for those involved
in the communication to see visually. It allows for the information displayed to be modified
if something is incorrect and provided a faster and easier way for businesses to
communicate.
Multimedia information – Information through multimedia means that multiple forms of
media are used to present the information. This could include graphics, audio, animation,
and video. By combining multiple forms of media, it is made easier to interpret information
by everyone. Tesco may play a video to its employees on a TV with text and sound.
Multimedia information is mainly used on websites and social media. Tesco use to variety of
social media to present multimedia information such as on YouTube and Instagram.
Web-based information – Web-based information utilises the benefits of technology.
Information is shared over the world wide web. Fast broadband connections mean that
information and data can be easily passed from computer to computer almost instantly.
, Information can be sent and received with a small delay which is important in today’s
globalized economy. Being a multination corporation, Tesco’s headquarters in England can
send information to employees in a store in Malaysia with a minimal delay. This information
has a major advantage over other forms of information because it can be shared and
displayed on a global level.
Purpose of information
Accurate and reliable information is crucial for businesses to maintain the smooth operation of a
business and so they can be productively efficient. Without information, Businesses such as Tesco
would not know about the state of markets and the economy or their own statistics, creating
uncertainty and preventing them from planning for the future. Shareholders and other investors
would not know whether the business is profitable enough to invest. Inadequate information can
lead to the downfall of businesses.
Updating knowledge – Businesses need to be kept up to date about the how markets are
developing and changing. They also need to know about the state of the economy; a
growing economy could indicate increased spending in markets. A business may also need to
change the way they operate to comply with new laws and regulations set by the
government. This helps businesses to make fully informed and accurate decisions which
would the best outcome. Tesco would need to know whether there is enough demand for
their clothing products to decide whether to continue selling them or not.
Informing future developments – As markets become increasingly competitive, Business
needs to adapt and develop to stay in front of the competition. These future developments
are based on informed decisions. In the 1960s, Tesco had for the first time, expanded their
business to sell clothing and household items, as well as petrol and many other goods and
services in the 1970s up until present. Tesco would not have been able to do this if it were
not for their research into these developing markets to make these changes to the business.
Strategic directions – Businesses decide their objectives and aims for a realistic time. Tesco
will prepare and plan with the knowledge they have and will follow a clear path.
SWOT analysis – Strengths, weaknesses, opportunities, and threats. A SWOT analysis is a
tool used by businesses and organisations in planning and auditing to help the business
identify issues within the business and what needs to change.
Strengths could include innovation of products or services, location of a business and quality
processes and procedures. Weaknesses could include location of a business, poor/damaged
reputation, poor quality goods and services.
Opportunities and threats are external factors that can influence the performance of a
business. A potential threat to Tesco could be competitors lowering prices, Tesco can act
accordingly and lower their own prices, or use another method to keep its customers’ loyalty
with Tesco.
There are other purposes of information such as offering a competitive insight, communicating sales
promotions, and inviting support for activities.
Sources of information
Information comes from a wide variety of sources internally (within the business, or externally
(outside the business). It is important that the information being used by businesses is accurate and
reliable. Tesco may not be able to use information provided on a newspaper about the grocery
market because it might be biased and untruthful.
, Internal information could come from different sources. A successful business looks at information
from multiple sources. Internal information can help the business see what the business has in
different departments. For example, Tesco can keep a tally of what food products the customers buy
more often in the store.
Types of internal information:
Finance – This involves the finances and will control the information regarding how much
money they receive such as profit and loss.
Sales - Department would often keep information the sales they make in the business. Tesco
would keep track of the goods that customers buy the most to see what they can do to
enhance these sales.
Human resources – The human resources department provides information about
employees and staff training within the business or organisation.
Production – Production will be able to give details of production costs, along with past and
forecast future levels of production.
Customer services – The customer services team in a Tesco superstore can inform other
members of the store as well as elsewhere within the business what customers think about
the business and how they have responded to products and services.
Marketing – The marketing team can give information about the results of research
undertaken by the company, the success of previous marketing campaigns and promotional
activities as well as information about markets.
External information exists in the form of publish material which is collected outside the company
with the objective of improving goods and services. For example, Tesco may look at the
demographics of an area to determine whether to supply more halal products for the Muslim
population. Information is important businesses as they would use this information to conclude
what is best for the business and ways to improve it to increase their revenue. They can also use the
information to see what the customers do not like, and the business can adapt to maintain high
customer satisfaction.
Types of external information:
Trade grouping - a group of businesses in the same industry that would serve as a
representative of the certain industry. They can act for the industry. Other business can use
them of research purposes.
Commercially provided databases - many private organisations build up databases for
people who have an interest for the business. This external source would be useful for Tesco
in gathering additional information.
Research - Organisations continually carry out research to find out about their markets,
customers, and their staff. Market research is collected in the form of data collection it used
so other companies can understand what they would need to do.
Government – This is the statistical data provided by government organisations such as the
ONS (Office for National Statistics), the DTI (Department of Trade and Industry) and the
OECD (Organisation for Economic Development). It can help Tesco examine the economic
influences on the business.
M1 – Analyse different types of business information and their sources.
In this assignment, I will analyse the different types of business information and their sources.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bossman156. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.68. You're not tied to anything after your purchase.
