Business Models

Abstract

The objective of this chapter is threefold: (a) assessing the development of the business model (BM) concept, pointing out efforts scholars have made to close eventual inconsistencies; (b) analyzing those shortcomings implications to the concept understanding; and (c) raising convergent themes around which future studies can be built to bring cohesion to the field. The chapter reviews BM research over the last 20 years. It indicates that BM literature still displays a discrepant use of the concept, and that divergence still constitutes an obstacle to common language development and integrated research efforts concerning BM structure and management. However, instead of justifying those gaps in literature relative newness, research and future applications can strengthen convergent themes to move forward. Four themes are identified: BM as a cognitive representation, a value reference frame, a business dynamic tool, and a two-sided view of strategy.