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Role of Information in Commerce

In: Business and Management

Submitted By moongaomen
Words 1823
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This paper will examine the role of information in commerce. It will try as much as possible to bring out its relevance and indicate that making Information effective in this sector requires the understanding of various information strategies that transcends micro-nationalism to enhance personal or national development. It will also highlight information needs and information seeking strategies in the sector.

Main Body
In the broadest sense, information is anything that you are capable of perceiving. This can include written communications, spoken communications, photographs, art, and music, nearly anything that is perceivable. Aboyade (1981:6) asserts that "information is a necessary resource for the development of all other resources." Olabisi (2001:2) points out that reliable information is the cornerstone for building the awareness, expertise, and practical strategies necessary to improve the world. In the opinion of Ariyo (1991:18), information reduces the degree of uncertainty in the operating environment of an organization.
Information can also be described as materials that have been stored in one manner or another that can educate you to a better understanding of the world of business. Information, then, is “the collection, storage, processing, and dissemination of news, pictures, facts and messages, opinions and comments required in order to understand and react knowledgeably to personal, environmental, national and international conditions, as well as to be in a position to take appropriate decisions.”(Lundu, 1995)
Commerce is the exchange of goods and services from the point of production to the point of consumption to satisfy human wants. It comprises of the trading of something of economic value such as goods, services, or information between two or more entities. When the transaction are done in the light of the above using…...

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