What is the process of gathering, analyzing, and reporting customer information called?

The process of gathering, analyzing, and reporting customer information is referred to as market research. This involves collecting data about consumer needs and preferences, understanding market trends, and investigating various factors that influence purchasing decisions. Market research is essential for businesses looking to develop effective marketing strategies, identify target markets, and make informed decisions based on consumer insights.

Through market research, companies can uncover valuable information regarding customer demographics, behaviors, and attitudes towards products or services. This comprehensive understanding allows businesses to tailor their offerings, optimize pricing strategies, and enhance customer satisfaction, ultimately leading to increased sales and better market positioning.

Market analysis, on the other hand, focuses more on assessing the overall market dynamics, such as size, growth potential, and competitive landscape rather than solely on customer perspectives. Consumer behavior study dives deeper into individual consumer motivations and actions but does not encompass the broader data-gathering and reporting aspects of market research. Competitor analysis targets understanding and evaluating other businesses in the same market rather than focusing specifically on customer information.