Business plan serves as documents which gives outline of strategy as well as goals of the firm.
Business model serve as term that describes outlines needs as well as the operation of the business and its expected revenue.
Business model can be regarded as an outline that states the plan of a company on how to make money with its product as well as customer base in a specific market.
Business model gives explanation on this four things, and they are;
- What product will be best for a company to sell.
- How these product will be marketed
- What are espenses to be incurred.
Business plan can be regarded as formal written document which states out the goals of a business as well as the methods needed in attaining those goals, with the needed time-frame.
Therefore, Business plan and Business model is the correct terms respectively.
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He made the assembly line greatly improving work methods.
