External Data

Definition of External Data

Information sourced from outside an organization, such as market trends, competitor analysis, or customer demographics.

Explanation of External Data

External Data refers to information collected from sources outside of an organization, used to enhance decision-making, gain insights, and improve business strategies. This data can come from various sources, such as market research firms, government agencies, industry reports, social media, and third-party data providers. External data can provide valuable context and a broader perspective on market trends, consumer behavior, and competitive landscapes. By integrating external data with internal data, businesses can develop a more comprehensive understanding of their environment and make more informed decisions. Examples of external data include demographic statistics, economic indicators, competitive analysis, and social media sentiment. Using external data helps businesses identify opportunities, mitigate risks, and stay ahead of industry trends. It is important to ensure the accuracy and reliability of external data sources to maintain the integrity of the analysis. By leveraging external data, businesses can gain a competitive edge and improve their overall performance.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.