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What is the difference between business strategy and a business model?
Ariaa
subscriber Posts: 4 Member
Best Answer
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Michael lyam
subscriber Posts: 7 Member
Business model is defined as the conceptual structure supporting the viability of a business including its purpose, its goals and its ongoing plans for achieving them. In simple words, a business model is a specification describing how an organization fulfills its purpose.
Whereas Business Strategy is best understood as the course of action or set of decisions that assist the entrepreneurs in achieving specific business objectives.
To put it simply, a business model is nothing but a process to apply your business strategy. And a business strategy is the foundation of any business model.
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A business strategy is a deliberate vision to get toward a desired long-term goal. A business model is a great tool to execute a business strategy.
Yet while achieving a long-term goal a business strategy set a vision, mission and value proposition that can be executed through several possible business models. When one of the drafted business models encounters the favor of the market that is when a business strategy becomes successful!