Step 2 in the 7-Step Approach to Market Segmentation Asks

question 258

True/False

Step 2 in the 7-step approach to market segmentation asks you to identify all the potential customers' needs for the broad product-market you named in Step 1.

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Definitions:

Diffusion of Innovation

A theory that explains how, why, and at what rate new ideas and technology spread through cultures or social systems.

Informal Social Contacts

The interactions that occur between individuals in a casual, unstructured setting, outside of formal organizational or institutional contexts.

Diffusion of Innovation

The method in which a new idea is spread via specific pathways over a period among members of a societal system.

Early Majority

The early majority consists of individuals in a market who adopt new products or innovations after a careful review, following the innovators and the early adopters, representing a significant portion of the adoption curve.