How is a marketing plan set up?

How is a marketing plan set up?

Planning is a process. A marketing plan starts by a thorough analysis of the market – who are the prospective customers including past, present and future customers, what potential the product holds in the market. Then the next part included the testing of the company’s market position-where it stands in the market? The plan must also include the pricing strategy, the packaging , how the product will be promoted. Another important part of the plan should entail the budget and the how the funds would be allocated to activities like advertising, promotion ,public relations etc. The plans so formulated must be reviewed from time to time say annually or half-yearly in order to detect any errors in the plan and rectify them on time.