The notion of business model has been used by strategy scholars to refer to "the logic of the firm, the way it operates … and how it creates value for its stakeholders." On the surface, this notion appears to be similar to that of strategy. We … present a conceptual framework to separate business model from strategy. Business model, we argue, is a reflection of the firm …

these two features takes place along the strategy-making process. The focus of the paper is on the sequence of thinking and … acting in the strategy-making process. A framework is developed to show how thinking co-evolves with action in a succession …