Essay Sample: Sources of Information for a Business

The following are the five sources of information that a business can use to assess its market development opportunities within the EU

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Trade groupings

Trade groupings is another place in which a business can get information that can be used in assessing market development opportunities. A trade groping refers to a group of business which operates in a similar segment but not in the same location (Sowards & Leonard, 2014 p. 24). For instance, tech firms can be part of Technical Trade Association that can be within a country or a region. A business can easily get information from the different trade groupings in European Union. The first thing that should be done is identifying the sector in which the business falls then look for the associations. Most of them usually provide all the information regarding the businesses they do and how they do them within the European Union.

Government

In determining a business's market development opportunities in EU, the company can get information from the country members of EU. The government that is a member of EU can offer enormous information, and most of it can be obtained online. Almost every agency of the government has a website (Hall, 2008 p. 35). The information that is supplied by the government comes from a reliable source. Therefore, a business can use the government of any EU country to get information on the market development opportunities within the region. Furthermore, an organization should use significant legal information from the government to help it run a business legally and successfully in the European Union nations.

Commercially Provided

A business can utilize commercially provided information in helping them identify market opportunities in EU and make the right decisions. These decisions that can be made are based on the information which is made available to them from the other firms (Schaper, Volery, Weber, and Gibson, 2014 p. 97). For example, a business that needs to establish a games development firm in EU nations can decide on the platform of creating a game basing on the number of units sold for every hardware platform. The information help in making the correct decisions since European Union has various countries.

Research and database

A business may research information which can help in increasing the level of interest and sales in the business. The strategy of researching information assists in running a business in ensuring that the information is reliable and accurate. Assessing information on market development in the European Union through a database can be done by paying some amount of money to evaluate commercially available databases providing a range of information that is directly based on the business sector one is interested in starting (O'hare, 2007 p. 65). Databases provided full information on different sectors and their performance in the market. When utilizing an external source of information, it is essential to be sure regarding the reliability of the data sources as it is worth to pay for assessing relevant information.

Online information

Information concerning European Union is available on all the online platforms. As people are advancing on the first decade of 21st century, the greatest speed and scope of the internet is turning the web into a powerful source of information (Cascio, 2018 p.54). Services like InfoTrac makes information in print form available. The internet has data on markets, demographics, businesses, economics, financing, banking, and international trade. Therefore, a business can easily get information from the internet. Internet will be the best source of information for market development opportunities in the European Union. The reason is that it has all the information on EU and it is impressive.

References

Cascio, W., 2018. Managing human resources. McGraw-Hill Education.Hall, L. D. 2008. Encyclopedia of business information sources. Farmington Hills, MI, Gale.

O'hare, C. 2007. Business information sources: a beginner's guide. London, Facet Pub.

Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business. Milton, Qld.: Wiley & Sons.

Sowards, S. W., & Leonard, E. (2014). Guide to reference in business and economics. Chicago: ALA Editions