Which of the following best defines reference data?

Reference data is best defined as data that provides explicit values which are used consistently across various fields and applications within a system. This type of data typically includes standard codes, classifications, and other fixed values that help maintain the integrity and consistency of information within databases.

For instance, reference data can include country codes, product classifications, or units of measure, which are essential for ensuring that data across different systems speaks the same language and can be accurately interpreted. It acts as a foundational element that different datasets can rely on for correctness and uniformity, allowing for accurate data processing and reporting.

The other options focus on different types of data that serve distinct roles. Transactional insights pertain to data generated from specific transactions, customer feedback is derived from opinions and insights provided by customers, and data related to market trends is usually dynamic and trends-focused rather than static like reference data. These do not share the same functional characteristics as reference data, solidifying the choice of the correct definition.