INFORMATION SERVES AS THE LIFE WIRE OF EVERY BUSINESS
(A CASE STUDY OF ROBAN STORE ENUGU)
This research project is of great pertinence to business organisations in Nigeria.
This study was motivated as a result of the impression that information serves as the life wire of every business organization with emphasis on Roban Stores Enugu.
To solve the problem, both primary and secondary data were collected. The research instruments used in collecting the data were questionnaires and oral interviews. The respondents comprised of the personnel’s of which most of them were the staff.
In organizing and presenting data collected, frequencies and percentages were used. The data analysis and interpretations gave the following findings:
1. Majority agreed that information enhances smooth operation of business activities.
2. Majority has not undergone training since employment.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 General Background of the Study
1.2 Statement of the Problem
1.3 Significance of the Study
1.4 Limitation of the Study
1.5 Definition of Terms
CHAPTER TWO: LITERATURE REVIEW
2.1 Advantages and Benefits of Information
2.2 Types of Information and Communication
2.3 Benefits of Information to Business
2.4 Methods of Studying the Area
CHAPTER THREE: DATA PRESENTATION
3.1 Analysis of Data
Business organisation needs information to achieve its objectives. Effective and efficient planning and control of an organization requires good and reliable information system, also congeal decision making in business requires an understanding of circumstances surrounding a business. Basically, nothing is done in business without information. So with this, information is said to be the life wire of business. What information the failure of a business is discouraged? In this age of comparative and continuous increase in business problem. Such as competition, organizations have come to realize the importance of information. Steps have been taken to improve the methods and systems of gathering and developing in formations to suit business and other organisational activities.
It is with the above views that most organizations had adopted systems like Management information system, marketing information systems to maintain important information over a long period of time.
1.1 GENERAL BACKGROUND OF THE STUDY
Adequate and reliable information is the life wire of every business. In developing nation the problems of business and other organisations is inadequate information. Many organisations do not consider the importance of information to their activities while some devices methods to suit their needs especially manufacturing organisations reports by their sales representatives concerning market situations which in most cases is not adequate for the organization concern.
A more critical look should be developed as regards obtaining and using information in business. More capital should be invested in business so as to ensure proper marketing research, product quality research etc which provides valuable information for the panning of the business to maximize profit.
The background of this study shows that not much has been done in the development of information in business.
1.2 STATEMENT OF THE PROBLEM
Business organisations are increasing recognizing the importance of information. This is because the business environments is changing fast and becoming highly competitive. Buyers are becoming more sophisticated and discriminating.
The challenge of business organization is not only to satisfy customer’s needs and wants but also to satisfy them more than competitors. Any business hoping to achieve this must improve in the quality of informations it uses in decision making so as to reduce uncertainties surrounding business and marketing decisions.
There is no doubt that the business environments in developing nations such as Nigeria presently is highly competitive. The buyers are knowledgeable and critical in their consumption. They take time to choose the product (brand) that best approximates their requirement the continuous patronage of a particular brand depends on the extent to which those brands through information meets the requirements of buyers, this depends largely on the quality of decisions taken before production, from the part of production to the point of consumption.
The impact of information to a business are:-
A. Information helps in the direction of resources to the most profitable outlets and also the determination of the most rewarding application of business facilities.
B. Information from marketing research supplies management with data which help reduces the risk in decision making which in turn enhances business success.
C. Information helps in market identification and products opportunities in the immediate future ie in the medium and long terms as to ensure continuous profitability.
D. The gape between the produced and the consumers can be bridged by information.
1.3 SIGNIFICANT OF THE STUDY
The significant of this study “Information serves as a life wire of every business” with emphasis on Roban stores Enugu is meant to relate the importance of information to any business organization.
Information contributes to organizational objectives such as profitability, success and customer relation. Information is basically responsible for the growth and continuous existence of any business organization. But not all information is beneficially to business.
Some information used by businesses are at times not authentic, misleading while others are either over casted or under casted.
This study reflects only on in formations that are reliable, valid and accurate and also serves as the life wire of business organization.
1.4 DEFINITION OF TERMS
One will agree that for a meaningful communication to take place in any field of study, effort should be made to define some relevant terms used in the process, so as to ensure clarity and reliability.
So in view of this, lets explain certain key terms used in our topic of discussion as they occur in the research thus:
A. INFORMATION: According to the English Oxford Dictionary, “Information” is the detail or fact about something.
According to the Webster New world of the American Language defined “Information as something told, News, intelligence, world knowledge acquired in any manner, poets, data, learning and core.
B. SERVES: According to Webster New World Dictionary “serves” means to “To put a binding around in order to protect or strength”
To meet needs, satisfy requirement, be adequate or sufficient.
C. LIFE WIRE: According to Webster New world Dictionary of American Language, “Life” is something essential to the continued existence of something else. The period of flourishing, usefulness etc. While “Wire” means to furnish, connect, bride etc.
By knowing these definitions, it will be more easy for me to gain more knowledge of what the topic is all about.
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