How to Do Market Research for a Small Business

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Whenever a business is started, comprehensive market research follows up. Are you starting a new business and wish to perform some market research? However, one major limitation to this operation can be a misconception involving market research for business plans. Do you wish to know what and how market research is carried out? Get a review on how TAM (Total Addressable Market) will be taken into consideration for marginalizing the target audience for a particular business. This video will, in particular, discuss two diverse ways of performing market research step by step process through a diagramming tool induced with ChatGPT. Let's get ahead in assessing proper market research for your newly set business

#aimarketing #marketresearch #howto
Timestamp
00:00 Intro
00:45 Introduction to Market Research for a New Small Business
02:39 Step 1: Observation
03:12 Method 1 Grouping Competitors
03:55 Method 2 Price Elasticity
04:25 Method 3 SWOT Analysis
06:10 Step 2: Surveys
06:55 Step 3: Purchase Data Analytics
07:40 Differentiation and Tips

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