How would you design a comprehensive backup and recovery strategy for a large, business critical database with strict recovery time and recovery point objectives?

You would schedule full backups on a regular cycle such as weekly, differential backups daily to reduce restore time, and frequent transaction log backups, perhaps every five to fifteen minutes, to minimize potential data loss, while also regularly testing full restores on a separate server to verify your backups actually work and meet your required recovery time.

-- Example schedule
-- Full backup: Sunday 1am
-- Differential backup: daily at 1am
-- Transaction log backup: every 15 minutes