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The relationship of business model with strategy

Business Model is a reflection of the firm’s realized strategy. 

In simple competitive situations there is a one-to-one mapping between strategy and business model, which make difficult to separate the two notions.  

Business Model refers to the logic of the firm, the way it operates and how it creates value for its stakeholders; and Strategy refers to the choice of business model through which the firm will compete in the marketplace.

A firm’s strategy primarily involves choosing its BM –  the design of which defines the value creation and capture logics specific to the firm.

Strategy and business model, though related, are different concepts, a business model is the direct result of strategy but is not, itself, strategy.

Quoted from Casadesus-Masanell, R. and Ricart, J., From Strategy to BMs and onto Tactics, Long Range Planning, 43 (2–3), 2010.

Jongchul Lee

Jongchul Lee worked as a Chief Operating Officer at Jellycoaster Inc. since 2010. (www.jellycoaster.com) He received B.S. (2004) and M.S.(2008) in Management Information System from Kyung Hee University and has worked as a researcher in BMER since 2005.

His major interests are U-Commerce business model, with a focus on NFC (Mobile RFID) and related Social Network Services (SNS).

Rei Mu Jeong

 Rei Mu Jeong is the Head of Business Division at Easymode Inc. (http://www.easymode.com). His company develops social network games and provides global publishing services for social network platform such as Facebook. He received his B.S.(2006) in Business Management from Kyung Hee University. His paper was published at Journal of EC-Web.

He worked as the Leader of Business Strategy Team at NHN Games from 2006 to 2010. NHN Corporation is Korea’s premier internet company, operating the nation’s top search portal Naver (http://www.naver.com), the leading online game portal, Hangame (http://www.hangame.com)

Business model is like a story.

Creating a business model is a lot like writing a new story.

Joan Magretta (Quoted from Magretta, J., Why Business Models Matter, Harvard Business Review, May, 86-92, 2002.)

Business modeling is the managerial equivalent of the scientific method.

Business modeling is the managerial equivalent of the scientific method – you start with a hypothesis, which you then test in action and review when necessary.

Joan Magretta (Quoted from Magretta, J., Why Business Models Matter, Harvard Business Review, May, 86-92, 2002.)

Business model is an institution.

One of very important understandings on business model is that “business model is an  institution”.

When you develop a business model, you should behave as you deal with a new institution.

Therefore, the study on institution so far contributes to the theory on business models.

By Kyoung Jun Lee (Quoted from his lecture)

Jungho Jun

Jungho Jun is an adjunct professor of School of Management in Kyung Hee University (http://www.khu.ac.kr). He is also the CRO (Chief Research Officer) of LoveisTouch Inc. (http://loveistouch.com). He won the best thesis award in 2013 from Kyung Hee University, the best business idea prize in 2008 from BC Card, and the special research paper prize in 2008 from Korea Association of RFID/USN Convergence. His research interests are in designing and analyzing real world media.
He received LL.B. (2004) in Law, M.B.A. (2007) in Management Consulting, and Ph.D. (2013) in Management Information System from Kyung Hee University. In addition, he also has a master degree (2009) in Electronic Engineering of INHA University (http://www.inha.ac.kr).

Jaesuhp, Oh

Jaesuhp Oh worked as a strategy planner and product developer for e-Business and digital finance at Kookmin Bank prior to working at BMER. He holds a Master in Economics Degree. His research in the lab is focused on Social Network Management and Business Model.

Hyun Suk Lee

Hyun Suk Lee is the CEO of Shift W. Inc. He received his B.S and M. S in Management Information System from Kyung Hee University at 2010. He has worked as a researcher at BMER since 2007. His research and paper was about media embedded place. His paper was published at Journal of Intelligent Information System Society.