The first stage of market planning involves sales projections and evaluations of past promotional activities to assess their effectiveness. Analyzing a product enables a company to identify which areas of the plan should carry a heavier focus or which areas should be adjusted. The analysis not only involves evaluating the company’s competitive position in its respective market but also considering how to implement new strategies for its business goals.
The second stage is to organize marketing objectives and strategies. It is crucial to establish the relationships between the proposed activities so that Golden Touch can carry out the plan efficiently.