LO1 - Sources of Information

Internal Information vs External Information

Internal Information

Information which is only available to the business. This information will be private and accurate. Internal information may take the form of sales figures, personnel records, customer records, and financial documents such as trading, profit and loss accounts and the balance sheet.

External Information

This is information which comes from outside the business. This is gathered via mainly secondary information methods such as newspapers and magazines, the internet etc.

References:

Bbc.co.uk. (2017). BBC - Higher Bitesize Business Management - Business information and ICT : Revision. [online] Available at: http://www.bbc.co.uk/bitesize/higher/business_management/business_enterprise/business_information_ict/revision/1/ [Accessed 14 Jun. 2017].