Strategy scholars have used the notion of the Business Model to refer to the 'Logic of the firm' e how it operates and creates value for its stakeholders. On the surface, this notion appears to be similar to that of strategy. The authors present a conceptual framework to separate and relate the concepts of strategy and business model: a business model, they argue, is a reflection of the firm's realized strategy. They 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. They show that the concepts of strategy and business model differ when there are important contingencies on which a well-designed strategy must be based.