Chat with AI
Essentials of Strategic Management 3rd Edition by Charles Hill ,Gareth Jones
Edition 3ISBN: 978-1111525194Essentials of Strategic Management 3rd Edition by Charles Hill ,Gareth Jones
Edition 3ISBN: 978-1111525194 Exercise 1
What do we mean by strategy? How is a business model different from a strategy?
Explanation
Verified
Verified
Business Model
A business model is a representation of how the business plan will work. It describes the products and services, the target market and the way to reach the end users. It also describes the way in which a business will make profits.
Business Strategy
A business strategy is an elaborate and systematic action plan to implement a business model. It is usually adopted for the long term. For a business to realize its full potential, an innovative business strategy is essential.
Business Strategy vs. Business Model
A business model describes basic guidelines for the success of the business, but a business strategy provides action plan for the business. For a business model to succeed, it is very important to have an effective strategy.
A business model is a representation of how the business plan will work. It describes the products and services, the target market and the way to reach the end users. It also describes the way in which a business will make profits.
Business Strategy
A business strategy is an elaborate and systematic action plan to implement a business model. It is usually adopted for the long term. For a business to realize its full potential, an innovative business strategy is essential.
Business Strategy vs. Business Model
A business model describes basic guidelines for the success of the business, but a business strategy provides action plan for the business. For a business model to succeed, it is very important to have an effective strategy.
Essentials of Strategic Management 3rd Edition by Charles Hill ,Gareth Jones
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
