Answered

What is the difference between business strategies and business models?
A. Business strategies focus on specific aspects of a business, while
business models focus on how different aspects affect the whole
business.
B. Business models focus on specific aspects of a business, while
business strategies focus on how different aspects affect the
whole business.
C. Business strategies incorporate forms of traditional business
advertising, while business models incorporate the use of social
media.
D. Business strategies include long-term business plans, while
business models include plans for daily business functions.



Answer :

GinnyAnswer

Final answer:

Business strategies guide the overall direction of an organization, while business models detail how a company creates, delivers, and extracts value. The relationship between business strategy and business model is crucial for firms aiming to succeed in a competitive market.


Explanation:

Business strategies focus on the overall direction and long-term path of an organization's goals, while business models describe how a company creates, delivers, and extracts value through components like market participation, value proposition, supply-chain infrastructure, and management model.

For example, a company's business strategy may involve focusing on customer intimacy as a value discipline, while its business model would detail how the company reaches and relates to customers, what it offers customers, and with what resources it operates.

When a company expands globally, it needs to assess and potentially adjust its business model in various components to adapt to new markets and ensure a competitive advantage.


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