"Business model innovation can be seen as one outcome of strategic innovation. (Have a look at my definition for other outcomes.) On the strategy level a company makes choices about what game to play, what competitive position to conquer. The business model outlines the details of these choices, the activities to be carried out, how they fit together, etc. The business model is the detailed description of how to play the game. It describes how you will create, capture and deliver value to your customer segments."