The notion of business model has been used by strategy
scholars to refer to “the logic of the firm, the way it
operates and how it creates value for its stakeholders.”
On the surface, this notion appears to be similar to
that of strategy. We present a conceptual framework to
separate and relate business model and strategy.
Business model, we argue, is a reflection of the firm’s
realized strategy. We find that in simple competitive
situations there is a one-to-one mapping between
strategy and business model, which makes it difficult to
separate the two notions. We show that the concepts of
strategy and business model differ when there are
important contingencies upon which a well-designed
strategy must be based. Our framework also delivers a
clear separation between tactics and strategy. This
distinction is possible because strategy and business
model are different constructs. pdf 2009
