Why are internal and external sources of information important to identify business trends?

Expert Solution

The information are very vital & crucial and therefore it is very necessary that those information should be received from some reliable people/places.

As we all know that to find the business trend it is necessary to predict the future of business and therefore we must have a knowledge that what company's are going to do in future like their investment plan/ expansion / industry trend etc.

And therefore it is necessary to get the information from external sources that what are the govt. policies/ tax structure/ global market/ competition factors etc. it helps to decide the external factors and deciding that what are the future of that industry in upcoming years.

Internal source means to find the information from business past transaction/ experience their forecasts/magazine/news etc. all these factors helps us to deciding that how that specific business will perform in upcoming years.

If industry and business both will do good in future than it is a positive trend.

jeff jeffy answered 1 month ago

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Why are internal and external sources of information important to identify business trends?

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