Analyzing the Market: You cannot afford to operate on the basis of assumptions about the market and customers. You need to conduct a thorough analysis of the prevailing market environments, your strengths & weaknesses and the existing competition. Study your target customers and get in_depth knowledge of their needs and preferences. Based on this, you can determine your marketing objectives and position your product suitably.
Therefore, a marketing plan, according to Kotler, is a "written document, which includes the objectives, strategies and action plans regarding the elements of the marketing mix which facilitate and enable compliance with the strategy dictated at the corporate level".