Which of the following is NOT part of the basic steps in forming a marketing plan?

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The core idea here is laying out the actions you’ll take to reach and engage customers. A marketing plan focuses on understanding the market, identifying who you’re trying to reach, and choosing the specific promotional steps to connect with that audience. Conducting market research builds the foundation by revealing needs, trends, and competitors. Promoting services is the actual outreach that makes your value visible to potential customers. Keeping customers informed is about ongoing communication and relationship maintenance, which helps sustain interest and trust.

Establishing annual budgets, while crucial for resource allocation and financial control, isn’t a direct marketing action. It’s part of the financial planning process that determines how much you can spend on marketing activities. The budgeting step supports the plan but isn’t itself one of the activities you execute to market the services. That’s why it’s not considered part of the basic steps in forming a marketing plan.