Chapter 4: Business Related Information

Business Information Needs

• Information guides decisions on finance, make-or-buy, product mix, customer targeting, advertising, etc.
• Requires continuous scanning of customers, competitors, legislation, economic and technological trends.
• Goal: meet current & future customer needs, build loyalty, and communicate the right offer to the right audience.

Data vs Information

• Data: raw facts; meaningless until processed.
  • Example: test results – 30\% fail, 50\% score 35\text{–}79\%, 20\% distinction.
• Information: processed data that answers specific questions and supports action.
• Managers add experience to convert information into knowledge & wisdom for sound decisions.

Primary & Secondary Research

• Primary research: business gathers its own data (interviews, surveys, observations).
• Secondary research: uses previously collected data (government reports, trade associations, market-research firms, company archives).

Ethics in Research

• Obtain informed consent when subjects are identifiable; public observations may be exempt.
• Safeguard data that could cause physical, emotional, or financial harm; ensure anonymity where needed.
• Remain objective; avoid personal bias in data collection and interpretation.
• Report results truthfully; do not alter findings to fit desired outcomes.
• No plagiarism: credit all sources and respect copyright.
• Adhere to the POPI Act and other laws protecting personal information.