This paper attempts to make an accurate definition of business model and clearly identify its elements. To this end, the classical grounded theory was adopted and six experts on business model were invited to receive in-depth interviews. In this way, the author worked out the definition of business model and find out its key elements. Moreover, a new business model target map (BMTM) was plotted to depict the elements and the relationship among these elements. Besides, the BMTM also verifies the

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... relationship between the model and strategy and target market. The research findings provide a clear guideline for business model design.