(a).Why is it important for commercial information... | WAEC SSCE - Commerce - 1991

Question 1 Report

(a).Why is it important for commercial information to be rapid and accurate?

(b) What are the advantages of courier services over public postal services?

Answer

(a) Why commercial information must be rapid and accurate

For prompt decision making: Business decisions depend on information. When it reaches managers quickly, they can act on opportunities and problems without delay.
To avoid costly errors: If information is wrong, wrong orders, wrong prices and wrong quantities may result, leading to losses. Accurate information ensures correct action.
To take advantage of market opportunities: Prices, demand and supply change quickly. Rapid information helps a firm to buy and sell at the right time before conditions change.
To meet customers' needs and keep goodwill: Fast and correct handling of orders, enquiries and complaints satisfies customers and builds the firm's reputation.
To keep ahead of competitors: A firm that receives accurate information quickly can respond to competition faster and plan more effectively than its rivals.

(b) Advantages of courier services over public postal services

Speed: Courier services deliver much faster, often door to door, than the ordinary public postal service.
Reliability and security: Items are less likely to be lost or damaged and are handled with greater care.
Tracking: Couriers keep records that allow the sender to trace and confirm the movement and delivery of the item.
Door-to-door and prompt delivery: Items are collected from and delivered directly to the addresses given, saving the customer time and effort.
Proof of delivery: The recipient signs on receipt, giving the sender confirmation that the item was delivered.

Answer Details

(a) Why commercial information must be rapid and accurate

For prompt decision making: Business decisions depend on information. When it reaches managers quickly, they can act on opportunities and problems without delay.
To avoid costly errors: If information is wrong, wrong orders, wrong prices and wrong quantities may result, leading to losses. Accurate information ensures correct action.
To take advantage of market opportunities: Prices, demand and supply change quickly. Rapid information helps a firm to buy and sell at the right time before conditions change.
To meet customers' needs and keep goodwill: Fast and correct handling of orders, enquiries and complaints satisfies customers and builds the firm's reputation.
To keep ahead of competitors: A firm that receives accurate information quickly can respond to competition faster and plan more effectively than its rivals.

(b) Advantages of courier services over public postal services

Speed: Courier services deliver much faster, often door to door, than the ordinary public postal service.
Reliability and security: Items are less likely to be lost or damaged and are handled with greater care.
Tracking: Couriers keep records that allow the sender to trace and confirm the movement and delivery of the item.
Door-to-door and prompt delivery: Items are collected from and delivered directly to the addresses given, saving the customer time and effort.
Proof of delivery: The recipient signs on receipt, giving the sender confirmation that the item was delivered.

(a).Why is it important for commercial information to be rapid and accurate? (b) What are the advantages of courier services over public postal services?