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Give the characteristics of good information.

Give the characteristics of good information.

Answers

Martin
- The information should be relevant to the needs of users, i.e. the information must be what the users require.

- The information should be meaningful, i.e. the information must be precisely specified. There should be no ambiguity in terms of the market and specific commodity and variety for which information is provided. The unit of measure must be clearly specified as must the point in the marketing chain to which the unit refers, e.g. assembly, wholesale or retail.

- The information should be understandable, i.e. it must be in a form, which can be interpreted quickly and easily.

- The information should be reliable and impartial, i.e. it must be accurately and regularly collected and disseminated, and there must be no question of bias involved in the collection or reporting of the data.

- The information should be promptly available and timely, i.e. once collected it must be quickly disseminated.

- The information should be easily accessible to the users in terms of the convenience in obtaining it, and the information should be relatively inexpensive or affordable.

OR

a) It should be relevant to the users needs. For the communicator (sender), it means;
i) Ability to identify the user of the information,
i.e information must be send to the right person requiring it .
ii) The communicator must get the purpose right. information is effective when it helps the user to make decision.
iii) Communicator must get the volume right. Avoid information overload or under load.
For costs to be relevant it must have predictive ability, value additivity and incremental cash flow.
b) Information should be accurate within the users needs i.e information should be correct and error free (GIGO concept)
c)It should inspire the user’s confidence. Information should not give the user any reason to doubt, mistrust or disbelief or ignore it. This is important when we consider business. We must try as much as possible to be neutral.
d)It should be timely information. Information must be readily available within the time period, which makes it useful. It must be in the right place at the right time.
e)It must be appropriately communicated. Information may lose its value if it is not clearly communicated to the user in a suitable format through a suitable media.
f)It should be cost effective. Good information should not cost more than it is worth. Gathering, storing and retrieving information may require expenses in form of time, energy and resources. It is therefore important that before providing information, it potential value (Benefit) is determined. If cost is higher than the benefit, don’t provide the information e.g. hiring consultants to carry out research.
marto answered the question on March 15, 2019 at 07:50

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