What does a business model express?

A business model expresses a target business state, as it outlines how an organization intends to create, deliver, and capture value within its market. This model encompasses the company's framework, including its value propositions, customer segments, revenue streams, resources, and key activities. It serves as a guiding blueprint for achieving business objectives and informs strategic planning and decision-making.

The other options, while relevant to various aspects of business operations, do not encapsulate the essence of what a business model represents. Historical performance data focuses on past results and metrics, providing insights into how the business has performed but not articulating a future-oriented vision like a business model does. Market analysis insights pertain to understanding market dynamics and consumer behavior but do not describe the internal mechanisms of how a business operates. Customer satisfaction levels measure how well a company meets client expectations but are just one metric rather than a comprehensive model of business operations.