What does a business model express?

A business model expresses a target business state by outlining how a company intends to create, deliver, and capture value. It serves as a strategic blueprint that defines the core aspects of the business, including its value proposition, customer segments, revenue streams, and operational structure. By detailing these elements, the business model provides a clear vision of what the organization aims to achieve in the long term, guiding decision-making and resource allocation toward reaching that desired future state.

The other options serve important purposes but do not encapsulate the full essence of a business model. For instance, process improvement methodologies focus on enhancing existing operations rather than defining a future strategic state. Financial projections pertain to specific monetary forecasts and expectations, while a marketing strategy is centered around promoting products or services but does not comprehensively represent the broader structure and intentions of the organization. Therefore, the correct choice reflects the overarching goal of a business model in articulating a target business state.