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In the business world, strategy is probably the most often used and the most often confused term. The article ‘Why Business Models Matter’ clarifies and elaborates on crucial element of any organization. The Author, who also wrote, ‘What Management is’ asserts that the business model and strategy is the basis of any organization whether it be profit or non-profit. Magretta shows the outlines of business model and strategy. To make a big success in business, the first step is making a business model, when making a new business model, managers must think about all possible outcomes. She goes on further in the article to give examples successful organizations and their use of strategies to compete within the industry.

Defining the Business Model

Margretta starts out by asking the fundamental question presented by Peter Drucker: Who is the customer and what do they value? Anybody who has taken an elementary business course must have heard of this question before. It is......

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Approximate Word Count: 1323
Approximate Pages: 6 (250 words per double-spaced page)

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