Approaches in Researching Business Models and Business Models Innovation – A Review of the Contemporary Research
DOI:
https://doi.org/10.62907/eemr240302001iKeywords:
Business models, business models innovation, strategic management, literature review, current researchAbstract
The study of business models and business model innovation has emerged as a vital area in management and strategic management, particularly in the 21st century. Business models are broadly defined as frameworks outlining how organizations create, deliver, and capture value, focusing on value propositions, customer targeting, revenue structures, and strategic processes. Business model innovation, a related concept, extends traditional innovation processes by integrating novel approaches to processes, products, and organizational structures. This paper examines the state of current research presented at literature review scientific articles. Recent literature emphasizes the drivers, enablers, and obstacles to business model innovation, such as technological advancements, shifting consumer behavior, and global competition. While existing research has made strides in identifying key elements and success factors of business model innovation, theoretical and empirical gaps remain. Notable challenges include the lack of an integrated framework, insufficient longitudinal studies on business model innovation’s impact and limited exploration of its applicability across organizational levels. This article surveys existing literature to assess the current state of research on business models and business model innovation, identifying trends, unresolved issues, and potential future directions. It supports proponents of a multidisciplinary approach to deepen theoretical understanding and for empirical studies to explore the long-term benefits of innovative business models.
References
1. Amit, R., & Zott, C. (2015). Crafting business architecture: The antecedents of business model design. Strategic Entrepreneurship Journal, 9(4), 331-350.
2. Andreini, D., Bettinelli, C., Foss, N. J., & Mismetti, M. (2022). Business model innovation: a review of the process-based literature. Journal of Management and Governance, 26(4), 1089–1121. https://doi.org/10.1007/s10997-021-09590-w.
3. Bashir, M., Naqshbandi, M. M., & Farooq, R. (2020). Business model innovation: a systematic review and future research directions, International Journal of Innovation Science, Vol. 12 No. 4, pp. 457-476. https://doi.org/10.1108/IJIS-06-2020-0081.
4. Bhatti, S. H., Santoro, G., Khan, J., & Rizzato, F. (2021). Antecedents and consequences of business model innovation in the IT industry. Journal of Business Research, 123, 389-400. https://doi.org/10.1016/j.jbusres.2020.10.003.
5. Bock, A. J., Warglien, M., & George, G. (2021). A simulation-based approach to business model design and organizational change, Innovation, 23:1, 17-43, DOI: 10.1080/14479338.2020.1769482.
6.Bouwman, H., de Reuver, M., & Heikkilä, M. et al. (2020). Business model tooling: where research and practice meet. Electron Markets 30, 413–419 (2020). https://doi.org/10.1007/s12525-020-00424-5.
7. Budler, M., Župič, I., & Trkman, P. (2021). The development of business model research: A review. Journal of Business Research, 135, 480–495. https://doi.org/10.1016/j.jbusres.2021.06.045.
8. Das, P., Hijazi, A. A., Maxwell, D. W., & Moehler, R. C. (2023). Can Business Models Facilitate Strategic Transformation in Construction Firms? A Systematic Review and Research Agenda. Sustainability, 15(17), 13022. https://doi.org/10.3390/su151713022.
9. Carmo, R. d., Jerónimo, C., Pereira, L., Dias, Á., & Patricio, V. (2023). State of the Art of Business Models: A Bibliometric Analysis. Sustainability, 15(5), 4482. https://doi.org/10.3390/su15054482.
10. Desyllas, P., Salter, A., & Alexy, O. (2022). The breadth of business model reconfiguration and
performance. Strategic Organization, 20(2), 231-269. https://doi.org/10.1177/1476127020955138.
11. Euchner, J., & Ganguly, A. (2014). Business model innovation in practice. Research Technology Management, 57(6), 33-39.
12. Foss, N. J., & Saebi, T. (2018). Business models and business model innovation: Between wicked and paradigmatic problems. Long range planning, 51(1), 9-21.
13. Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: How far have we come, and where should we go?. Journal of management, 43(1), 200-227.
14. George, G., & Bock, A. J. (2011). The Business Model in Practice and its Implications for Entrepreneurship Research. Entrepreneurship Theory and Practice, 35(1), 83–111. https://doi.org/10.1111/j.1540-6520.2010.00424.x.
15. Gorevaya, E., & Khayrullina, M. (2015). Evolution of Business Models: Past and Present Trends. Procedia Economics and Finance, 27, 344–350. https://doi.org/10.1016/s22125671(15)01005-9.
16. Guo, H., Guo, A., & Ma, H. (2022). Dentro de la caja negra: cómo la innovación del modelo de negocio contribuye al rendimiento de las empresas emergentes digitales. Journal of Innovation and Knowledge, 7(2). (2022): n. pag. Print. Elsevier B.V.
17. Heij, C. V., Volberda, H. W., & Hollen, R. M. A. (2024). To replicate or to renew your business model? The performance effect in dynamic environments. Long Range Planning, 57(3). https://doi.org/10.1016/j.lrp.2024.102440
18. Huang, W., & Ichikohji, T. (2023). A review and analysis of the business model innovation literature. Heliyon, 9(7), e17895. https://doi.org/10.1016/j.heliyon.2023.e17895
19. Ibarra, D., Bigdeli, A. Z., Igartua, J. I., & Ganzarain, J. (2020). Business model innovation in established SMEs: A configurational approach. Journal of Open Innovation: Technology, Market, and Complexity, 6(3). https://doi.org/10.3390/JOITMC6030076.
20. Jabłoński, A., & Jabłoński, M. (2016). Research on Business Models in their Life Cycle. Sustainability. 2016; 8(5):430. https://doi.org/10.3390/su8050430.
21 . Li, Y., Li, B., & Lu, T. (2022). Founders' Creativity, Business Model Innovation, and Business Growth. Frontiers https://doi.org/10.3389/fpsyg.2022.892716. in Psychology, 13, 892716. https://doi.org/10.3389/fpsyg.2022.892716.
22. Malmström, M., & Johansson, J. (2017). Practicing business model management in new ventures. Journal of Business Models. Vol. 5, No. 1, pp. 1-13. https://doi.org/10.5278/ojs.jbm.v5i1.1922.
23. Martins, L. L., Rindova, V. P., & Greenbaum, B. E. (2015). Unlocking the hidden value of concepts: A cognitive approach to business model innovation. Strategic Entrepreneurship Journal, 9(1), 99-117.
24. Massa, L., Tucci, C. L., & Afuah, A. (2017). A critical assessment of business model research. Academy of Management annals, 11(1), 73-104.
25. Peric, M., Durkin, J., & Vitezic, V. (2017). The Constructs of a Business Model Redefined: A Half-Century Journey. Sage Open, 7(3). https://doi.org/10.1177/2158244017733516.
26. Pietrulla, F., & Frankenberger, K. (2022). A research model for circular business models Antecedents, moderators, and outcomes. Sustainable Futures. (2022, January 1), Elsevier Ltd. https://doi.org/10.1016/j.sftr.2022.100084.
27. Prescott, J. E. & Filatotchev, I. (2021). The Business Model Phenomenon: Towards Theoretical Relevance. J. Manage. Stud., 58: 517-527. https://doi.org/10.1111/joms.12610.
28. Ramdani, B., Binsaif, A. & Boukrami, E. (2019). Business model innovation: a review and research agenda. New England Journal of Entrepreneurship, Vol. 22 No. 2, pp. 89-108. https://doi.org/10.1108/NEJE-06-2019-0030.
29. Smajlović, S., Umihaniæ B., & Turulja L. (2019). The interplay of technological innovation and business model innovation toward company performance. Management 24 63–79. 10.30924/mjcmi.24.2.5.
30. Spieth, P., Schneckenberg, D., & Ricart, J. E. (2014). Business model innovation–state of the art and future challenges for the field. R&D Management, 44(3), 237-247.
31. Sund, K., Galavan, R., & Bogers, M. (2020). Exploring the Connections Between Business Models and Cognition: A Commentary. 10.1108/S2397-521020200000004002.
32. Täuscher, K. (2018). Using qualitative comparative analysis and system dynamics for theory-driven business model research. Strategic Organization, 16(4), 470–481. https://www.jstor.org/stable/26540169.
33. Teece, D. J. (2010). Business models, business strategy and innovation. Long Range Planning, 43(2–3), 172–194. https://doi.org/10.1016/j.lrp.2009.07.003
34. Trischler, M. F. G., Li-Ying, J. (2023). Digital business model innovation: toward construct clarity and future research directions. Rev Manag Sci 17, 3–32 (2023). https://doi.org/10.1007/s11846-021-00508-2.
35. Trnavčević, A., Biloslavo, R., Bertoncel, T., Bagnoli, C., Janeš, A., McKenna, B., & Bulut, Ç. (2023). Business models as scientific models: The question of perspective? Human Systems Management, 42(1), 15-25. https://doi.org/10.3233/HSM-220036.
36. Vaska, S., Massaro, M., Bagarotto, E. M., & Dal Mas, F. (2021). The Digital Transformation of Business Model Innovation: A Structured Literature Review. Frontiers in psychology, 11, 539363. https://doi.org/10.3389/fpsyg.2020.539363.
37. Xu, Q., Yu, J. H., Xu, J. X., Zhang, G. X., & Liang, C. Y. (2021). How business model innovation overcomes barriers during manufacturers’ servitization transformation: a case study of two top piano manufacturers in China. Asia Pac. Bus. Rev. 27 378–404. 10.1080/13602381.2021.1894722.
38. You, X. (2022). Applying design thinking for business model innovation. J Innov Entrep 11, 59 (2022). https://doi.org/10.1186/s13731-022-00251-2.
39. Yongmei, M., Huafei, W., Chuanshuang, H., & Chenglin, J. (2021). Research on the Innovation Path of Business Models Based on the Market Orientation, Complexity, Vol. 2021, Article ID 9939004, 9 pages, 2021. https://doi.org/10.1155/2021/9939004.
40. Zhao, W., Yang, T., Hughes, K. D., & Li, Y. (2021). Entrepreneurial alertness and business model innovation: the role of entrepreneurial learning and risk perception. International Entrepreneurship and Management Journal, 17, 839-864.
41. Zhu, Q. (2024) Research on Business Model Innovation of Enterprises in the Context of Digital Transformation. iBusiness, 16, 239-249. doi: 10.4236/ib.2024.164017.
42. Zou, S. (2022). From entrepreneurial passion to business model innovation: The role of entrepreneurial learning and curiosity. Front. Psychol. 13:1028906. doi: 10.3389/fpsyg.2022.1028906.
Downloads
Published
Issue
Section
How to Cite
