What is the term used to describe the process where companies study the internal and external factors affecting marketing strategies?

The term that describes the process where companies study the internal and external factors affecting marketing strategies is known as SWOT Analysis. This analytical framework allows businesses to assess their Strengths, Weaknesses, Opportunities, and Threats in relation to their market environment. By evaluating internal factors like strengths and weaknesses, as well as external factors such as opportunities and threats, companies can gain a comprehensive understanding of their strategic position. This information is crucial for developing effective marketing strategies that leverage strengths or opportunities and mitigate weaknesses or threats.

In contrast, market research primarily focuses on gathering data about consumer needs and preferences, while consumer feedback pertains specifically to insights from customers regarding their experiences or satisfaction. Competitive analysis, on the other hand, deals specifically with examining competitors' strategies and market performance, but does not encompass the broader internal and external assessments captured by a SWOT analysis. Thus, SWOT Analysis is the most comprehensive term for the described process.