INFORMATION SEEKING COMPETENCY

Question 1

• Involves gathering the much-needed data and information that can be used for proper decisions

Answer 1

INFORMATION SEEKING
COMPETENCY

Question 2

• The skill of an individual to collect relevant information that will aid in coming up with correct decisions

The behavior of gathering information from relevant sources. The gathered information is critical to the formulation of different business strategies

Answer 2

INFORMATION SEEKING
COMPETENCY

Question 3

Seek useful information from persons related to his business including clients, suppliers, and competitors through contacts or information networks

• only acknowledges accurate and relevant data on the information

Answer 3

INFORMATION SEEKING
COMPETENCY

Question 4

IMPORTANCE OF INFORMATION SEEKING COMPETENCY

Answer 4

• Decision making
• Business strategies
• Persuasion
• Gain competitive edge
• React accordingly

Question 5

Gathering information about your market is critical to your company’s success.

Ongoing_________ lets you discover how your company actually meets, exceeds or falls short of your customers’ or clients’ expectations

Answer 5

market research

Question 6

WHAT TO LOOK FOR DURING INFORMATION SEEKING

Answer 6

• Basic demographic information
• Customer ideas and opinions
• Buying cycles or patterns
• Trends for new or improved products and services
• Strategic alliance opportunities
• Opportunities for beating your competition

Question 7

Successfully find, use, and evaluate information

Answer 7

INFORMATION SKILLS

Question 8

• The ability to think critically and make balanced judgments about any information we find and use

Answer 8

INFORMATION LITERACY

Question 9

• It empowers us as citizens to reach and express informed views and to engage full with society

Answer 9

INFORMATION LITERACY

Question 10

• Refer to your ability to identify, assess, organize, utilize, and communicate information in any format

Answer 10

INFORMATION LITERACY

Question 11

• Research skills
• Critical thinking skills
. Computer technology skills
• Communication skills

Answer 11

EXAMPLES OF LITERACY

Question 12

• What an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on.

Answer 12

STRENGTH

Question 13

• What an organization excels at
• What separates it from the competition
• A strong brand
• Loyal customer base
• Strong balance sheet
• Unique technology

Answer 13

STRENGTH

Question 14

• They are areas where the business needs to improve to remain competitive: a weak brand, higher-than average turnover, high levels of debt, an inadequate supply chain, or lack of capital

Answer 14

WEAKNESSES

Question 15

Areas where the business needs to improve to remain competitive:
• Higher than average turnover (employees)
• Debt (accumulating debt)
• Inadequate supply chain (shortage of raw materials or capital)
• Lack of capital

Answer 15

WEAKNESSES

Question 16

• Favorable external factors that could give the organization a competitive advantage
Country cut tariffs

Car manufacturer can export its cars into a new market

Increasing sales

Market share

Answer 16

OPPORTUNITIES

Question 17

• Refer to factors that have the potential to harm an organization. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Other common threats include things like rising costs for materials, increasing competition, tight labor supply and so on.

Answer 17

THREATS

Question 18

Potential harm to an organization:
• Drought
• Rising costs of raw materials
• Increasing competition
• Tight labor supply

Answer 18

THREATS