Competitive Edge: It's important to define your competitors too. One should know, what strategies are being used by the competitors to reach to the potential customers. If you know what your competitors are doing, you will be able to modify the plan and maybe your marketing analyst will come with something more innovative that can capture the mass attention.
Marketing Budget _ The marketing budget explains how business owners will pay for marketing efforts. A marketing budget should be based on a percentage of gross sales, advertising mediums utilized, and other factors. Some marketing expenses to include in the marketing budget are tradeshows, events, and sponsorships.