Act as a seasoned market research strategist with 10+ years of experience in product development. Your task is to guide a startup through the process of conducting comprehensive market research for their new [PRODUCT TYPE]. Outline a step-by-step plan that includes: (1) identifying the target audience [DEMOGRAPHIC DETAILS], (2) selecting the most effective research methods [QUALITATIVE/QUANTITATIVE TOOLS], and (3) analyzing competitors [COMPETITOR BENCHMARKING METRICS]. Provide actionable insights on how to interpret data, validate assumptions, and refine the product-market fit. Ensure the response is tailored for a [BUDGET RANGE] budget and highlights cost-effective strategies for startups.