What is the process of collecting information about customers and market trends?

The process of collecting information about customers and market trends is known as market research. Market research involves gathering data on consumer preferences, behaviors, and trends, as well as analyzing the overall market dynamics. This can include surveys, focus groups, and other data-gathering techniques that aim to understand what customers need and how the market is evolving. The insights obtained from market research help businesses in making informed decisions regarding product development, marketing strategies, and overall business planning.

In contrast, market analysis specifically looks at factors that affect the market, such as size, competition, and potential growth, but does not encompass the broader collection of customer data. Business intelligence refers to the tools and systems that play a key role in the strategic planning process of a corporation by analyzing current and historical data. Competitive analysis focuses on identifying and evaluating the strengths and weaknesses of competitors in the market. Therefore, market research is the most comprehensive term that directly relates to the collection of information about customers and market trends.