Question

a ________ is a document that outlines a proposed firm’s goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses.

Answer 1

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;

1. What product will be best for a company to sell.
2. How these product will be  marketed
3. 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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