What is the organized process of gathering and analyzing data to understand consumer wants?

Market research is the organized process of gathering and analyzing data to understand consumer wants and preferences. It involves various methods such as surveys, focus groups, and observations to collect information about what consumers are looking for in products and services. This process is essential for businesses as it enables them to tailor their offerings to meet the specific needs and desires of their target audience, ultimately leading to better customer satisfaction and increased sales.

The other options, while related to understanding markets and consumers, do not directly pertain to the comprehensive process described. Sales forecasting focuses specifically on predicting future sales based on historical data, which does not encompass the broad exploration of consumer preferences. A consumer behavior study examines how individuals make decisions and act in the marketplace, but it is generally more specific and theoretical than the structured approach of market research. Trend analysis looks at patterns over time within data sets, helping identify emerging trends but not necessarily focusing on direct consumer wants.