There are multiple ways you can define segments, build an audience, and do data extraction:
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Linear workflow (straight from beginning to end):
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Define one or more segments.
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Define one or more audiences.
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Define one or more activations.
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Non-linear workflow, for example:
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Navigate to the Data Activation Overview page and select Enable Activation, which displays the Activation workflow.
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On the Add Target Audience page, you realize the audience you want to select doesn’t exist yet.
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This page offers a Create New Audience link, so you select it and create an audience.
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When you are finished creating that audience, the Activation workflow displays the Add Target Audience page, with the audience you've just created added to the Target Audience list.
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You continue defining your data extract on the Activation workflow.
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Individually, in isolation:
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Jump directly to the activity you want.
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When you’re done with this activity, choose how to proceed next by selecting an option from the Finish button drop-down menu.
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To summarize, you can do segmentation, audience-building, and activation in the order that works best for you.