We are looking for a 12-letter word.
The flags here are
flags of the international maritime signal flag alphabet.
Also, in each circular round of flags, there is
a little arrow pointing out just by one flag. Maybe this shows where we should rotate each round to.
Decoding (two stages)
In each case, I'm
starting from the one with the little arrow by it and going clockwise, turning each flag into a letter.
Starting from the innermost ring:
G S I R
P D U Z W
S T R A N G E R
F V B H K P V G L
Z M U J G L E Y J J C W
E A Y Q F U Y Q E K A G Q M F F T Q N M D
The only one of these which makes sense right away is
the third ring from the middle, STRANGER - the only one where that arrow points upwards. So maybe the position of the arrow on the others marks a Caesar shift? (Edit thanks to @Stiv: there are also 26 little marks around each ring, indicating exactly how far we need to Caesar shift each time. Also, thanks to hints from OP, the positions of the little arrows are chosen so that, when converted to letters and shifted one place forwards in the alphabet, they spell MY NAME - see below for why this makes sense.)
GSIR with a Caesar shift of 4/22 becomes COEN.
PDUZW with a Caesar shift of 12/14 becomes DRINK.
FVBHKPVGL with a Caesar shift of 13 becomes SIOUX CITY.
ZMUJGLEYJJCW with a Caesar shift of 24/2 becomes BOWLING ALLEY.
EAYQFUYQEKAGQMFFTQNMD with a Caesar shift of 12/14 becomes SOMETIMES YOU EAT THE BAR.
Now we have enough words to
So the 12-letter word is
SARSAPARILLA. Which I realised only a day later is the OP's username!
That was fun! Each step through the puzzle needed a little bit of thinking - enough to make it a small challenge, not so much as to make it un-doable without hints. Firstly to recognise the flags, then to figure out the order within each ring, then to figure out the next stage of decryption, then after getting meaningful words to figure out what to do with them. You've hit a good spot with the difficulty level here.