Journal of Behavioral Studies in Business
Vision: the relationship between a firm’s strategy and business model
Boniface C. Madu Grand Canyon University Abstract Leadership and management in all organizations face the problem of choosing among alternatives, and thinking strategically about their company’s present circumstances and future prospects. This paper synthesizes strategic vision, analyzing and evaluating the relationship between business model and strategy and provides justification how both concepts can create advantages for the customer and the organization. As business environments become increasingly complex and continuously changing at very fast pace, the strategic management process is applied by most organizations to make the internal and external environments more manageable. While a company’s business model is not the same as its strategy, closely related to the concept of strategy is the concept of the company’s business model. A company’s business model relates to how and why a company’s product and offerings can generate attractive revenues and still create value for the customers. Business models convert new innovation to economic value for the firm and the customer. Crafting strategy sets the course, direction, objectives and performance capabilities for implementing and actualizing a chosen strategic outcome. An organization formulates a strategy to establish a difference in the market and to out perform rivals. Both strategy and business model are articulated through a strong vision. This paper suggests promoting more research and awareness in the area of business model. Keywords: Business model, Leadership, Management, Organization, Strategy, Vision.
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Journal of Behavioral Studies in Business Why Vision Vision in its simplest concept means seeing the future today. Nanus, (1992) defines vision as realistic, credible, attractive future for an organization. A realistic vision therefore must be relevant to...