In the Seven-Step Approach to Market Segmentation, It Is Best

question 22

True/False

In the seven-step approach to market segmentation, it is best to identify the relevant needs of all potential customers BEFORE trying to form homogeneous submarkets.

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Definitions:

Strategic Planning

The process of defining a company's strategy or direction and making decisions on allocating resources to pursue this strategy, including its capital and people.

Competitive Advantage

A condition that enables a company to operate in a more efficient or otherwise higher-quality manner than the companies it competes with.

Resources

The total means available for economic and operational development, such as natural resources, personnel, and capital.

Strategic Decisions

Choices made by top management that have a significant impact on the direction and success of an organization.