Information Brokers
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Information is power, or at least it is often perceived as such in the business world. Information is critical to knowing who your customers are, what their needs are, and how much they will pay for a product or service. Companies engage in market research and other activities (including industrial spying) to try to gain as much information as possible. With the proliferation of computers and the globalization of markets, the amount of information that is available has grown exponentially in recent decades. Even large companies with massive resources have difficulty amassing and sorting through all of the information available to them; as a result, so-called "information brokers" have evolved. These individuals and businesses trade in information, much of it available publicly, in order to provide necessary information to industry. This research considers the rise of the information brokers and the type of business which makes use of them.The information services industry has come about because of the wide range of information which is available to business professionals. Public information, including annual reports and Securities and Exchange Commission (SEC) filings, are a primary source of information for many businesses, but additional information is also available which can be difficult for even large businesses to gather (O'Leary, 1995, 49). As a result, professional information brokers have come about to provide not o
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le to provide this service more effectively and efficiently than their clients could do on their own. While information brokers often work with large organizations, they target small and medium-sized businesses who need specific information, but who are not in a position to gather that information themselves (Teitelman, 1995, p. 47).
It is the rise of the Information Age which has made possible the information broker. The field grew out of traditional market research, and some information brokers have come from market research backgrounds. But today's information brokers move far beyond market research using not only traditional forms of research, but also forms of research and electronic information which simply did not exist 20 or even ten years ago (Bjorner, 1995, p. 65).
Consumers of Information
The use of information brokers centers on small businesses who have neither the resources nor the skills to take on an extensive search. In addition to using information brokers to provide marketing information, these enterprises also use information brokers to provide information about human resources, legal issues, financial issues and other information that would have been unavailable to them through traditional research mean
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Approximate Word count = 1551
Approximate Pages = 6 (250 words per page)
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