Discuss the initial stages in developing a business plan is to perform a market analysis.

The initial stages in developing a business plan involve performing a market analysis. This involves researching the target market to identify customer needs, preferences and purchasing behaviors; examining competition to gain insight into their strategies and offerings; assessing current economic trends so as to model potential scenarios for the business going forward; evaluating opportunities for growth based on those findings; and finally analyzing the financial implications of any strategy that is developed.

Market analysis also requires gathering information from both primary (direct customer surveys/interviews) and secondary sources (industry reports, government data etc.) in order to gain an accurate understanding of the landscape. Additionally, this process should factor in any existing resources available such as capital or personnel that could help inform future decisions. Once all of this data has been gathered it can be used as a foundation upon which a solid business plan can be built by taking into account all relevant factors and developing feasible objectives tailored towards achieving long-term success.