Task 3: Business plans and models

What is a business plan?

A business plan is a written document with detailed goals towards a business and financials, with it being focused in areas such as an overview of the business, the sales and marketing, resources, their staff and management teams, planning and financing. 

What is a business model?

A business model is a plan made up by businesses/companies in order to analyse structural details such as identifying their target audience, deciding what products to sell and for what expenses that could be expected to be spent for producing those particular products.

What is meant by the term 'sustainable business model'?

For what a sustainable business model is when any stakeholders or businesses create concepts and ideas that go forward on using sustainable choices which can ensure positive benefits and non-negative impacts to the environment as it's a growing global issue (examples of these issues such as global warming, deforestation, increasing water levels and plastic pollution) that especially essential for businesses to bring forward for the future, which can also be a marketing point to bring in more customers as reusable and recyclable products are becoming increasingly popular.