The business model clearly identifies how your business converts its products and services into value. Quick MBA defines the business model as how the business “converts new technology to economic value.” This model takes the value of a product and identifies the target market that values the product. It then defines the valuable products that the business will create for those markets, the process that will generate revenue from the sales of those products and the steps required to remain competitive against its business counterparts. Unlike the business and strategic plans, it does not identify how the business will capture value or the challenges that will accompany those steps