Central quests in strategy research are the contingent effects of strategy on a firm’s performance, where the underlying assumption is that there is no single optimal strategy for all organizations, rather strategy variables alters according to contingent factors. While previous research has examined extensively the fit between an organization’s environment and structure, recent studies explore the fit between a firm’s two key sources of economic value creation, the product and the business model, by asking how do firm’s business model theme and product market strategy interact to impact firm’s performance. We follow Amit and Zott’s path breaking notion of a business model (2001) and their search for fit between the business model theme and product market strategy (2008), which shows that novelty-centered business model have positive effect on performance when coupled with differentiation, cost-leadership and early entry product market strategies. The present research aims to further advance that initiative by formulating and justifying a set of new research propositions, where conventional product market strategies (differentiation vs. costs leadership, mass vs. niche market, early vs. late entry) are matched with the four business model themes (novelty, efficiency, lock-in, and complementarity). The contribution here is a theoretically based stipulation of a set of new conditions that conditions a firm’s performance