Question

Explain the differences between a strategy and a business model. explain in 7 sentences

Answer 1

Business strategy vs Business model :
i). A systematic method of generating revenue in a profitable company is known as the Business model and a method used for achieving an objective of core company is known as Business strategy.
ii). A business model is originated prior to the starting of the operation but strategies are formulated when a company starts working.
iii). The entire scope of making revenue and controlling cost to earn a profit is covered by a business model but an integral part of achieving a goal and success is strategy.
iv). The business model works as a vehicle but the strategy is the element or details of the journey.
v). The business model works as the economics behind your strategy but the strategy is the plan which allows you to differentiate yourself among the competition.
vi). A business model is meant for creating, delivering, and ultimately capturing the value but strategy figure out how to make a business model real.
vii). A business model is considered usually as the overarching aspect of the business but the strategy is a task inside of the business.