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Components

Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable return. This includes processes such as market mix, research, situation analysis, segmentation, strategies, budgets, financial forecasts, competitive strategies, objective setting, and results monitoring. The marketing plan also shows the actions that will be taken, and the resources to be applied, in order to achieve planned goals. Marketing planning can also be used to prepare a detailed case for introducing a new product or revamping current marketing strategies for existing products.