The e-learning area is characterized by a magnitude of different products, systems and approaches. The variations can also be observed in differences in the views and notions of e-learning among business people, researchers and journalists. This article attempts to disentangle the area by using economic and sociological theories, the theories of marketing management and strategy as well as practical experience gained by the author while working with leading edge suppliers of e-learning. On this basis, a distinction between knowledge creation e-learning and knowledge transfer e-learning is outlined. In so doing, the existence of a huge gap between the practice and ideas of leading edge suppliers and several mainstream notions in business and academia is identified. The various views are divided into four different ideal-typical paradigms, each with its own characteristics and limitations. The selection of which paradigm to use in the development of an e-learning strategy may prove crucial for success. Implications for the development of an e-learning strategy in businesses and learning institutions are outlined.