You have probably found that taking decisions is much easier when you have all the facts you need. Take the simple example of buying a birthday present for a relative or close friend and having to choose between the red one or the blue one.
There is much talk amongst trade economists of value chains, supply chains and market structure. Market structure refers to a market overall and you will hear terms such as monopoly, duopoly, oligopoly, imperfect competition, and oligopsony and monopsony.
Writing down a detailed plan may seem a difficult and possibly unnecessary task, but by clarifying your aims and ideas your business will be steered in the desired direction. In addition, a marketing plan can reveal some of the potential dangers ahead and ensure that you are prepared to deal with both the threats and opportunities which arise.