What is a business model?

2.    What are the critical elements of a business model?
3.    What is the difference between a business model and strategy?
4.    In what circumstances might a business model and strategy appear to merge?
5.    What is the most critical element of strategy?
6.    After answering the above 5 questions (based on the HBR article), give an example of the following for Xerox – from the Business Model article on innovation,

which is posted in D2L:
•    Economic Logic
•    Value Propositions
•    Strategy
Hint: Table 1 will be useful in answering this question, but be careful to apply the terminology as discussed in the HBR article.
7.    For the fast food industry, identify:
•    Fast Food Business Model
•    Fast Food Value Propositions
•    Business Strategies for McDonalds, Burger King, and Wendy’s