How is business model different from a strategy?

A business model outlines how an organization creates, delivers, and captures value, detailing the components such as revenue streams, customer segments, and cost structure. In contrast, a strategy defines the specific actions and pathways a company will take to achieve its goals and gain a competitive advantage within the market. While the business model provides the framework for operations, the strategy focuses on execution and positioning within that framework. Essentially, the business model is about "what" the company does, while the strategy addresses "how" it will succeed in doing so.