An alternative plan or set of plans whereby an entity (business) or individual defines what can be done if original plans do not meet expectations in terms of fulfillment of goals or objectives. An entity may consider taking its products into a different geographical region if the products fail to attain a healthy market share.

Fallback refers to a backup plan or contingency course of action. It is an alternative which can applied if something goes bad with the original plans. In another context, fallback is a risk mitigation strategy for mitigating the negative impact of failing plans in a cost-effective manner.

In finance, fallback broadly refers to failure in attaining a desired or expected outcome/ result from a project or investment due to unfavorable or unexpected circumstances, market downturn, and so on.