Table of Contents
Task 1 – Types of Business Information.
P1 Types, Purpose, and Sources of business information.
P2 Analysis of three different methods of business information.
D1 Assessment of the appropriateness of information used for making strategic decisions.
Task 2 – Corporate Communications.
P4 Examples of real-life external corporate communication of McLaren Technology Group.
M2 Legal, ethical and operation issues in relation to the use of business information in the context of corporate events.
Task 3 – Legal, Ethical, Electronic, and Non-electronic Communication.
D2 Laws protecting the use of business information.
P5 Ethical issues in relation to the use of business information.
P6 Operational issues in relation to the use of information.
Task 4 – Electronic and Non-electronic methods of Communication.
P7 Written methods of communication followed by McLaren Technology Group.
Business communication is a process of sharing information, in order to get commercial advantages for the organization. This process takes place between people within or outside the organization. A mutual exchange of information and understanding must be done from the receiver’s end. In every organization, management includes various functions such as planning, staffing, organizing, directing, and controlling. This report is then be used by the board of directors for the decision-making process. McLaren Technology is one of the most globally renowned companies for its high technology brands. Thus, all these functions cannot be done without effective communication. The company McLaren Technology Group is been selected for this report. An audit is done by this company, for collecting data related to several types of information used within a business.
Task 1 – Types of Business Information
P1 Types, Purpose, and Sources of business information
McLaren Company was founded in 1963, and this group develops innovative and pioneering racing proficiency in this competitive world of Formula 1. This company’s main objective is to win, and with this philosophy, they had acquired its existing position, as the world’s most renowned high technology brands. Their main focus is to innovate, do things for a reason, commitment (Mclaren.com.2016).
Organizations, such as McLaren Technology Group, used several types of information, as the way to communicate. Verbal communication is one of them; it is the easiest and fastest way to communicate with customers and clients. McLaren verbally communicates with their clients, over the phone through appointments. They also communicate through written processes such as via words, pictures, charts; from various sources such as books, publications, journals, and newspapers. As they took the order from their client, the company stores the order information in their system, which is then transferred to the supply department that is their system.
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As mentioned by Guffey and Loewy (2010, p.85), multimedia communication includes various forms of media such as data text, audio, graphics, etc. It is like a communicating webpage, with audio. Therefore, through Twitter, Facebook, and their own web page, they can communicate with their clients and customers. Through websites, clients and customers can get information about the company’s product with pictures. Through advertisements on television, McLaren Company offers its promotional activities. The web-based information helps the company to combine its multimedia technologies with the internet, through this, they access their product information anytime and anywhere. While surfing the company’s website, the customers get many attractive banners, valuable information about the products and services. The customers also may get an attractive flick book menu for browsing (Mclaren.com, 2016).
Purpose of information
As mentioned by Barker and Gower (2010, p.78), purpose in one word can be explained as a measure for performance. For every organization measuring and comparing the actual performance alongside the budgeted one is a very critical task. The one method that organizations can use is the historical method, for the comparisons. However, an organization must set a target, in order to increase the performance of an organization (Argenti, 2015, p.61). Thus, if the incurred cost is higher than the output cost, then organizations must take action to control the situation. The market research report can provide an alternate solution to issues facing by the companies.
The market research report gives analytical knowledge about the increase or decrease in demand for the company’s products and services. This would help the McLaren Company to recognize their existing offers, which must be suitable for that defined time, or if they must pull out some of their products from the market, in order to balance the situation. McLaren maintains a record of their current employees, in order to calculate their benefits and salaries. The record holds many details such as Name, Address, Salary, Benefits, Qualifications, Department, Title, Holiday entitlement, training and development, and days of absence with the reason (Meredith, 2012, p.91).
Sources of Information
As mentioned by Busheeet al. (2010, p.17), there are four different sources, which provide information to an organization. Internal sources of information, in this organization, use their logical property, such as order information, customer records, maintenance records, and financial records. All these records are collected from the company’s respective departments such as from finance, sales, marketing, production, maintenance, and administration, or HR. McLaren Company maintains a database record, in which they handle all this information. The company accesses software, in which all the relevant information about orders and production are recorded successfully. They connect their accounting application with the sales database, in order to get the organization’s financial information…………