You must know your competition in and out. Keep your friends close, but keep your competitors closer. You need to know all the things that you learned about your customers except fill in the blank for each competitor on all of those above items. Learn how you are the same/ different. Learn the similarities/differences about each product and service you offer. Learn how they sell or promote their products /services.
Planning and Monitoring the Budget: A marketing budget planned to the smallest of details is very essential in a marketing plan. You have to be realistic and exact, and base the budget on your goals. You will also have to monitor the budget, track the expenses and analyze the spending on a budgeted and actual' basis.