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This hypothesis is then implemented, tested, and revised if necessary to shape a better model.
Defining Strategy
If a business model explains how a company is operated and how all the detailed components fit together, than ‘strategy’ takes into account the competition. It explains how the firm will outperform its rivals...
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It explains how the firm will outperform its rivals. A good strategy is one that is unique and others cannot copy or follow.
As seen in the Wal-mart example, a clear distinction can be made between a business model and strategy. Wal-mart did not have a different business model. The concept of low price retailing started way ling before Wal-mart even showed up...
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