Final answer:
A Marketing plan is a strategic document detailing a business's approaches to product offerings, pricing, distribution, and promotion, also defining the target market and competitors, and often includes market analysis.
Step-by-step explanation:
A Marketing plan systematically articulates a business's product, price, distribution, and promotion strategy. It clearly identifies the business's target market and competition. A marketing plan includes elements such as a market analysis, which considers supply and demand, equilibrium price, and understanding pure competition within the market. It takes into account concepts such as absolute advantage and comparative advantage to strategically position the business in its competitive environment.