Final answer:
No, the first step in effective market segmentation is not to name a broad product-market of interest to the firm. The first step is to identify and understand the needs and characteristics of the target market.
Step-by-step explanation:
No, it is not true. The first step in effective market segmentation is not to name a broad product-market of interest to the firm. Instead, the first step is to identify and understand the needs and characteristics of the target market. By doing so, the firm can create segments based on common characteristics or needs and develop marketing strategies tailored to each segment.