Why It Is Important for Any Company to Have All Information About the Marketplace, Government and Customers Before Creating a Marketing Plan?

Why it is important for any company to have all information about the marketplace, government and customers before creating a marketing plan?

The marketplace is the economic system through which different companies compete with each other to sell products. If a company has information about the marketplace, they can better understand which competing products are already available to consumers, and potentially exploit their weaknesses in order to gain market share. They may also better understand the potential regulatory, economic, legal, technological and social issues that are likely to affect their future business.

The government creates regulations pertaining to a company's marketing plan. If a company has information about the governmental regulations which affect its marketing strategies, then it is less likely to implement such strategies into their marketing plan and potentially break the law inadvertently by, for example, marketing door-to-door in an area where that is illegal. A company may even see an opportunity to go a step beyond what is required by law at a minimum in order to appeal to a particular market, for example, a company who decides to voluntarily label all of their food products as containing no GMO in a region where environmental issues are important politically.

It is important for companies to have plenty of information about their customers. The more they know about their customers, the more effective their sales and marketing efforts will be because they better understand their customers wants and needs. Companies who understand their customers are then in a good position to match their strengths to the needs of the customers, thereby successfully marketing their products.

Understanding Your Marketplace. OM2 (http://www.om2marketing.com/understanding-your-market.html)

Lister, Jonathan. Government Regulations That Affect Marketing in Retail. Chron (http://smallbusiness.chron.com/government-regulations-affect-marketing-retail-35217.html)

Know your customers' needs. Info Entrepreneurs (http://www.infoentrepreneurs.org/en/guides/know-your-customers--needs/)