What is the process of gathering and analyzing data about customers or the market called?

• A. Market research
• B. Mystery shopper programmes
• C. Focus groups
• D. Interviews

Answer: (A)

The process of gathering and analyzing data about customers or the market is known as market research. This process involves systematically collecting and interpreting information regarding consumer preferences, behaviors, and trends in order to inform business strategies and decision-making.

Market research can take various forms, including surveys, analysis of sales data, and observation of market trends, all of which are essential for understanding how to better meet customer needs and remain competitive in a changing marketplace. By employing different methods to gather data, businesses can gain insights into customer demographics, buying habits, and market dynamics.

While options like mystery shopper programmes, focus groups, and interviews can be components or techniques used in market research, they do not encompass the entire process. Mystery shopping assesses service quality, focus groups involve guided discussions with select groups of consumers, and interviews are a way to collect data but represent only some of the methods used within the broader scope of market research. Thus, the correct choice accurately captures the comprehensive process involved in understanding the market and customers.