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What Are The Advantages And Disadvantages Of Internal Sources Of Data?

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Matthew Porter Profile
Matthew Porter answered
Internal data tends to refer to any information which is useful to the decision-making process found within a company. Internal data tends to be derived from six sources. These are:

• The accounting system

This allows you to find out information such as the break-even point for the entire company and for an individual product. It enables the marketing manager to determine the profitability of corporate marketing strategies.

• Sales reports

Sales reports allow the marketing manager to plot the sales curve of a particular event and compare it to previous years and other such events. Based on such sales reports the marketing manager can determine what measures to take in the future, such as marketing strategy.

• The client list

The geographic location of a company's client base is an important source of information as it allows the company to determine its prime trading area or areas. This can have an impact on marketing and decisions about premises and relocation.

• A website 'hits' report

Knowing information about who visits your website and how they find your pages will form the backbone of a company's online marketing efforts.

• Company staff

Interaction with the staff who actually come into direct contact with customers is a crucial part of data collection and feedback for a company.

• Previous studies

Although information might be outdated, it may nonetheless be able to provide important clues and trends which will help with the analysis of the current situation.

When a company performs a survey or study it is initially considered primary data gathering, but when the report is retained as a file it becomes internal data.
Anonymous Profile
Anonymous answered
 No pressure to pay back money.
 Full control over finance.
 All sources are internal therefore direct link to source is easier.

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