Business Model: A real construct or a metaphor of strategy?

Abstract

This article analyzes the discussion about the terms “business model” and “strategy”, and aims mainly to verify whether these concepts are similar ones. Most of the studies already undertaken consider that business model and strategy are different constructs. Hence, the aim of this article is to test this hypothesis using an interpretative method based on her-meneutics. In order to accomplish this objective several definitions of business model are compared with two main strate-gic approaches, namely the Positioning school and the Resource-Based View school. It is concluded that Business Model and Strategy are not entirely different constructs, i.e. there is some overlapping and similarity level between them. Fur-thermore, it is verified that business model acts as a dynamic and systemic tool integrating different strategic approaches and enabling different strategic concepts to be intertwined into a single definition, which increases the potential of these schools to explain and guide the actual strategic process within the organizations.