The template upon which all business model types are constructed consists of three choices management must make:
The customer, i.e., who the business will serve
The value proposition, i.e., the "offer" that will be made to the customer
The resources and capabilities that will create/deliver the value proposition
These three choices, together, create a configuration that is permanent. The individual business model components may undergo constant incremental change. Wholesale, radical change of any one element (e.g., serving an entirely new customer group) will be inhibited by the other two model elements.
While each element is a necessary (but not sufficient) component of a business model, the three are not equally important.
Business models are built around customers. They're the most important element.
Without a compelling value proposition, there are neither revenues nor profits.
Resources and capabilities are strategic only to the extent that they fulfill the promises (explicit and implied) made to the customer through the value proposition.
This site's framework is rooted in Derek Abell's classic Defining the Business: The Starting Point of Strategic Planning
To improve your mastery of the business model template: Chickens and Pigs - The Book
