“The word “model” conjures up images of white boards covered with arcane mathematical formulas. Business models, though, are anything but arcane. They are, at heart, stories – stories that explain how enterprises work. A good business model answers Peter Drucker’s age‐old questions: Who is the customer? And what does the customer value? It also answers the fundamental questions every manager must ask: How do we make money in this business? What is the underlying economic logic that explains how we can deliver value to customers at an appropriate cost?”
“Why Business Models Matter?” by Joan Magretta, HBR, May 2002.