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Definition: a Business Model is a system by which a commercial, not-for-profit or government organisation can sustain itself and can achieve its corporate purpose, mission and strategy. It is a description at a strategic level of the way an organization creates, delivers, and captures economic, social, or other forms of value. A business model represents a plan or recipe for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing. Those features interact in complex ways to determine a company’s overall success.
The dominant business model in any given industry tends to evolve over time.