Marketing

Business process

Business rule

Business value

Microeconomics

Business administration

Work in process

Business architecture

Economics

New business development

Computer science

Business enterprise

Business model

Business

Process management

Value (mathematics)

Industrial organization

Knowledge management

Machine learning

Profit (economics)

Business analysis

Long Range Planning

Whenever a business enterprise is established, it either explicitly or implicitly employs a particular business model that describes the design or architecture of the value creation, delivery, and capture mechanisms it employs. The essence of a business model is in defining the manner by which the enterprise delivers value to customers, entices customers to pay for value, and converts those payments to profit. It thus reflects management's hypothesis about what customers want, how they want it, and how the enterprise can organize to best meet those needs, get paid for doing so, and make a profit. The purpose of this article is to understand the significance of business models and explore their connections with business strategy, innovation management, and economic theory.

Business Models, Business Strategy and Innovation