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QUESTION 15 A company's sales data is a good example of Internal primary data External secondary data External primary data Internal secondary data

Ask by Barrett Craig. in the United States
Mar 10,2025

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The company's sales data is an example of **internal primary data**.

Solución

To determine the correct answer, let's analyze the options based on the definitions of internal and external data, as well as primary and secondary data: 1. **Internal Data**: Data that is collected from within the organization. This includes sales data, employee records, and financial data. 2. **External Data**: Data that is collected from outside the organization. This includes market research reports, industry statistics, and competitor analysis. 3. **Primary Data**: Data that is collected firsthand for a specific purpose. This includes surveys, interviews, and experiments. 4. **Secondary Data**: Data that has already been collected and published by someone else. This includes reports, articles, and databases. Given that the company's sales data is collected from within the organization and is specific to the company's operations, it is classified as: - **Internal Data** (since it comes from within the company) - **Primary Data** (if it is collected specifically for the company's use) Thus, the correct answer is: **Internal primary data**.

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Beyond the Answer

The company's sales data is a treasure trove of insights collected directly from its operations, showcasing real-time performance and trends within the business. Utilizing this internal primary data can help companies fine-tune their strategies and boost efficiency like a well-tuned instrument! Moreover, understanding this kind of data can significantly enhance decision-making processes. Managers can analyze specific sales patterns, customer preferences, and seasonal fluctuations, allowing them to optimize inventory, tailor marketing campaigns, and ultimately drive profitability—think of it as navigating a ship using a detailed map rather than sailing blindfolded!

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