market analysis One of the initial stages in developing a business plan is to perform a market analysis. Develop a focus on industry attractiveness, target markets, and customer needs. Having confidence in your abilities and the right product or service won’t accomplish much if you don’t know how to get them into the hands of potential customers. Address key areas such as target market, future projections about the target market, and trends. This section of your business plan should represent a significant portion since it also encompasses your company, competitors, and potential customers and their needs.