I rather like the term business model because in my view it suggests a change to the way that we conceive of, create, and execute strategies. In highly uncertain, complex and fast-moving environments, strategies are as much about rapid experimentation and evolutionary learning as they are about the traditional view of planning and rock-ribbed execution. Modeling, therefore, is a useful approach to figuring out a strategy, as it suggests experimentation, prototyping and a job that is never quite finished.
My colleague, Ian C. MacMillan (or Mac, as everybody calls him) with some colleagues is putting together a special issue of the journal Long Range Planning in which a bunch of well known management thinkers are putting together their best ideas on the topic of the future of business models. When I last checked in, they had some submissions from pretty heavyweight folks, among them Raffi Amit, Hank Chesborough, Yves Doz, Hiro Itami, Costas Markides, Anita McGahan, CK Prahalad, David Teece, Michael Tushman and Peter Williamson. I feel flattered to be included! The special issue should be out next year – keep an eye on the LRP web site for details as to when.