Describes the rationale of how an organisation creates, delivers and captures value. The way in which a company creates value (makes money)!

4 core elements that describe any business: 

• Value Proposition: added value that customer(s) derive from offered product(s) and service(s)
• Customers: for whom a business creates value by offering product(s) or service(s)
• Operations: activities, tangible and intangible resources needed to create value for customers
• Financial aspects: ability to capture value from activities and break even or earn profit