Market Research for SMEs: Understanding Customers and Markets with AI Enhanced Methods

From precise research questions to actionable data interpretation, this guide covers it all. Artificial intelligence is integrated throughout the entire market research process presented in this book. A reliable data foundation is the cornerstone of sound management decisions. Market research serves as a vital source of data and insights on customers, competitors, and markets. This book provides a concise and easily understandable guide for practitioners from SMEs, founders, and startups—regardless of industry—on the key aspects of conducting a market research study. Scientifically validated principles of data collection and analysis are presented pragmatically. This enables decision-makers in small and medium-sized enterprises to gain a quick yet thorough understanding of quantitative surveys and qualitative group discussions. From precise research questions to actionable data interpretation, this guide covers it all. Artificial intelligence is integrated throughout the entire market research process presented in this book. It shows how established tools, such as ChatGPT, can be applied effectively across all stages, from developing research questions to data analysis and interpretation. Practical examples demonstrate how AI enhances efficiency and depth of insight while complementing sound methodological thinking. A dedicated section also addresses the opportunities and limitations of AI, ensuring a balanced and practice-oriented perspective.