Final answer:
A company's business model sets forth its strategy and operating approaches to create value for customers, generate revenues, and deliver value to shareholders. It is management's plan for generating revenues, controlling costs, and becoming a market share leader.
Step-by-step explanation:
A company's business model sets forth how its strategy and operating approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit. It concerns the actions and business approaches that will be used to create a winning strategy and deliver value to shareholders. The business model is management's storyline of how it will generate revenues, control costs, keep prices as low as possible, and become the industry's market share leader.