Which of the following is the first step in defining and analyzing product-markets?
A) Forecasting market size
B) Determining the boundaries of the market
C) Analyzing competition
D) Predicting rate of change of the market

Question

Quizplus · Accepted Answer

The first step in defining and analyzing product-markets is to determine the boundaries of the market. This involves identifying the specific group of customers that a product or service is intended for, as well as the specific range of products or services that are included in the market. Only after the boundaries of the market have been established can further analyses be conducted, such as forecasting market size, analyzing competition, and predicting rate of change.

Which of the Following Is the First Step in Defining