Process of setting up the marketing plan

Question

Briefly describe the process of setting up the marketing plan?

Answer 1

The planning is a procedure. Marketing plan begins by a thorough analysis of market – who are the potential customers comprising past, present and future customers, what potential the product holds in market. Afterward the next part comprised the testing of company’s market position-where it situates in the market? The plan should as well comprise the pricing policy, the packaging, how the product will be endorsed. The other significant part of the plan must entail the budget and how the funds would be assigned to actions such as promotion, advertising, public relations and so on. The plans so formulated should be reviewed from time to time state annually or half-yearly in order to identify any errors in the plan and correct them on time.