A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.
A) business plan
B) business model
C) tactical model
D) strategic plan
E) operations model

Question

Quizplus · Accepted Answer

A firm's business model is a comprehensive plan that outlines how a company will generate revenue and sustain profitability. It includes various elements such as the company's value proposition, target market, revenue streams, cost structure, and key partnerships. This model guides the firm's overall strategy and shapes its operations and relationships with stakeholders. A business plan is a more detailed document outlining a company's goals, strategies, and action plans for a specific time period. A strategic plan is a high-level roadmap that outlines a company's long-term goals and the strategies to achieve them. A tactical model is a plan for executing specific tactics or actions related to a project or initiative. An operations model is a plan for how a company will manage its day-to-day functions and processes to achieve its goals.

A Firm's ________ Is a Plan for How It Competes