MANAGING COMMUNICATIONS, KNOWLEDGE, AND INFORMATION

Managing Communications, Knowledge, and Information



Introduction1

Discussion1

Learning Outcome # 11

Range of Decisions to be Taken at the Time of Establishing a New Business1

Information and Knowledge needed to Ensure Effective Decision Making3

Internal and External Sources of Information and understanding4

Recommendations for Improvements4

Learning Outcome # 25

Stakeholders for the Retailing Business5

Making Relationships with Stakeholders5

Involving Stakeholders in the Decision Making Process5

Learning Outcome # 36

Existing Process of Communication in the Case Study6

Ways to Improve the Appropriate Communication within the Mentioned Organization7

Plan to Improve Communication Process within the Organization7

Personal Plan to Improve Own Communication Skills8

Learning Outcome # 48

Existing Approaches of the Organization for Collecting and Disseminating the Information and Knowledge8

Changes which can be Made to Improve the Collection and Dissemination of Information and Knowledge9

Recommendations and Strategies to Improve the Access to Systems of Information and Knowledge9

Conclusion10

References11

Managing Communications, Knowledge, and Information

Introduction

The paper intends to explain the ways to start up a new business which is quite challenging as it involves intense decision making process. The paper includes the various steps and processes involved in setting up the new business. Therefore, the paper attempts to cover all important aspects which are crucial at the time of establishing the business that are the basis of completing the framework of new business successfully. These aspects include understanding the needs to analyze information and knowledge, creating the different kinds of strategies in order to enhance the involvement of personal networking in decision making process, developing the communication processes, and improving the systems pertinent to knowledge and information. In short, the paper will look into each and every aspect of establishing the new business in the retail industry.

Discussion

Learning Outcome # 1

Range of Decisions to be Taken at the Time of Establishing a New Business

One of the most challenging decisions in a life is deciding to initiate a new business. It requires a lot of elements and aspects to be considered because it is going to invest a great deal of time, money, and efforts. The first and foremost thing which is crucial for the establishment of the entirely new business is the thorough research about the market conditions as well as scope for the business in terms of generating the handsome profit. This is because the retailing business is quite common due to which there is an intense competition in the retail industry. Therefore, starting a retail business requires a lot of initial decisions which are discussed as following:

It is important to identify whether the retail industry is a right choice before taking the final step to establish the business as it will require to invest the start-up capital. This is because, the retail business is overwhelmed with the numbers of giant market players that are having the huge market share. The numbers of stores have the larger chain stores around the country which are usually preferred by the customers.

It is also crucial to decide upon which type of products will be sold out which requires on assessing the most demanding products in the ...