model

Vocabulary Word

Definition

'Model' can refer to a simplified representation of something complex, often used for studying or understanding that thing better. It's like how architects use tiny models to visualize what a building will look like.

Examples in Different Contexts

In business strategy, a 'model' typically outlines the company's approach to achieving its objectives, like a business model describing how a company creates, delivers, and captures value. A CEO might state, 'Our innovative business model is pivotal for sustaining competitive advantage in the market.'

Practice Scenarios

Creative

Scenario:

Our fashion show is next week. We need to finalize the lineup for displaying our collection.

Response:

I agree, let's have our top model showcase the centerpiece of our new collection.

Business

Scenario:

Revenue has been falling for the last three quarters. We might need to consider a new strategy.

Response:

Granted our current situation, perhaps adopting a subscription-based business model could generate continuous revenue.