The term 'colorful plant of the daisy family' can be summarized as MARIGOLD, an 8-letter word. Marigolds are annual or perennial plants that are part of the Asteraceae family, which includes daisies, asters, and chrysanthemums. They are known for their bright colors, which range from yellow to orange to red. Marigolds are popular garden plants and are often used in flower beds, borders, and containers. They are also used in traditional medicine and as a natural insect repellent.