Asked by Samantha DiJohn on May 22, 2024

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In order to be the most effective,the scope of a market definition should be fixed.

Market Definition

The process of characterizing the boundaries of a market, including potential customers and competing products, to understand its dynamics and size.

Effective

Having the intended or expected outcome; the ability to achieve specific goals or results.

Fixed

Costs or expenses that do not change with the level of goods or services produced within a certain time period.

  • Understand the significance of identifying the market during situational analysis.
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JS
Japleen SohalMay 27, 2024
Final Answer :
False
Explanation :
The scope of a market definition should be flexible to adapt to changing market conditions, competitive landscapes, and technological advancements, ensuring that it accurately reflects the current state of the market.