Which term describes the systematic gathering and analysis of information related to customer preferences?

Market research refers to the systematic process of collecting, analyzing, and interpreting data about customers' preferences, behaviors, and needs. This term encompasses various methods, such as surveys, focus groups, and observational studies, designed to gain insights into consumer opinions and trends. By understanding customer preferences, businesses can make informed decisions regarding product development, marketing strategies, and overall business direction.

Market analysis often involves evaluating market trends, size, and dynamics to determine potential opportunities and challenges within a specific market. While this is related to understanding the market context, it does not specifically focus on customer preferences.

Competitive analysis concentrates on assessing competitors to understand their strengths, weaknesses, strategies, and market positioning. Although knowing your competitors is crucial for marketing and business strategy, it does not directly pertain to gathering data about customer preferences.

Market strategy involves the overall plan to reach and serve customers effectively, typically derived from insights gained through market research. However, it is not the process of gathering and analyzing customer information itself, but rather the application of insights obtained from that research to create valuable offerings and messaging.