business-plan

Vocabulary Word

Definition

A 'business plan' is a formal document that outlines a business's goals and details how these goals will be achieved. It typically covers elements like the business concept, market analysis, marketing strategy, and financial projections.

Examples in Different Contexts

In creative industries, a 'business plan' might focus on artistic projects and audience engagement. A creative director could state, 'Our business plan is centered around unique media content to engage a global audience.'

Practice Scenarios

Finance

Scenario:

We need to forecast our financial performance over the next few years to secure more funding.

Response:

Let's revise the financial projections in our business plan to pave the way for new funding strategies.

Marketing

Scenario:

We need to attract a larger audience for our new product. Are there any new marketing approaches worth implementing?

Response:

Including a detailed marketing plan in our business plan would be beneficial to guide our new approaches.