How do I create a preference center/update settings page for a newsletter?

How do I create a preference center/update settings page for a newsletter?
You can create a preference center/update settings by marking a landing page as a preference center. To do this, select “Set as preference center page” under the landing pages settings.

This is an example of an “Update Settings” page, i.e. a Preference Center page:

In your e-mails and newsletters you can add the following URL {unsubscribe_url} as a link for “Update settings” and “Unsubscribe”.

In the Newsletter and Email settings you can select the Preference center page that you have saved.