Yoram Wind and Richard Cardozo in 1974 advocate a two-stage approach to industrial segmentation that consists of macrosegments and microsegments [REF].
Firmographics play crucial role in one of the most significant developments in business segmentation theory came in 1984 with the work of Bonoma and Shapiro[REF] who were the first to propose a truly multistep basis for segmenting business markets.