What is a core business model?

Could you please elaborate on what a core business model entails? Is it simply the primary way a company generates revenue, or does it encompass a broader strategy that includes identifying target markets, defining value propositions, and outlining key activities and partnerships? How does a company determine its core business model, and how does it evolve over time to adapt to changing market conditions? Understanding the intricacies of a core business model seems crucial for any business looking to succeed in today's competitive landscape.