How an organisation creates, delivers and captures value for the purpose of its mission. It describes the core aspects of a business, including its target customers, value proposition, revenue streams, cost structure, and key activities.  A business model explains how the company generates revenue, manages expenses, and sustains its operations over time. It serves as a blueprint for the organisation’s strategy and guides decision-making processes to ensure long-term viability and success.  Example: A freemium business model where a software company offers basic services for free but charges for premium features and advanced functionalities. Spotify allows users to experience their platform for free with the inclusion of ads which generate revenue for Spotify or users can pay a premium subscription allowing for an ad-free listening experience.