The purpose, strategy and trading practices of a commercial business.
A simple business model identifies the entity's products and its markets, and how it will make profits.
More refined business models factor in the wider economic and regulatory environment, often with the support of structured strategic analysis.
- The economic impacts of Covid-19 to date
- "Individual firms will also face substantial micro uncertainties because of the heterogeneous impacts of the Covid-19 outbreak, and the measures to tackle it, on the longrun outlook for their sector and company.
- For example, will persistent social distancing require businesses that involve a high degree of social contact to totally rethink their business model?"
- Michael Saunders, External Member of the Bank of England's Monetary Policy Committee (MPC), May 2020.
Similar strategic matters in governmental and non-profit organisations.