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From Strategy to Business
Models and to Tactics
Ramon Casadesus-Masanell
Joan Enric Ricart
Working Paper
10-036
Copyright © 2009 by Ramon Casadesus-Masanell and Joan Enric Ricart
Working papers are in draft form. This working paper is distributed for purposes of comment and
discussion only. It may not be reproduced without permission of the copyright holder. Copies of working
papers are available from the author.
*
From Strategy to Business Models and to Tactics
Ramon Casadesus-Masanell† Joan Enric Ricart‡
November 2009
Abstract
The notion of business model has been used by strategy scholars to refer to “the logic
of the firm, the way it operates and how it creates value for its stakeholders.” On the
surface, this notion appears to be similar to that of strategy. We present a conceptual
framework to separate and relate business model and strategy . Business model, we
argue, is a reflection of the firm’s realized strategy. We find that in simple
competitive situations there is a one-to-one mapping between strategy and business
model, which makes it difficult to separate the two notions. We show that the
concepts of strategy and business model differ when there are important
contingencies upon which a well-designed strategy mus
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