What is the relationship between the business plan and the business model?
A)The business model will not be possible without a business plan.
B)A business plan is more of an exercise while a business model is a formal structure.
C)Business plan is another term for business model.
D)A business model is a journey to gather evidence while a business plan is a formal document.

Question

Quizplus · Accepted Answer

A business model is a conceptual structure that supports the viability of a product or company and explains how the company operates, makes money, and how it intends to achieve its goals. All the business processes and policies that a company adopts and follows are part of the business model. On the other hand, a business plan is a formal statement that contains the goals of a business, the reason for which they are believed attainable, and the ways for achieving these goals. It may also contain background information about the organization or team attempting to reach those goals.

What Is the Relationship Between the Business Plan and the Business