The business model concept and its antecedents and consequences – towards a common understanding

Abstract

The business model concept is rapidly gaining importance in management research and practice. We systematically review and integrate prior business model research to resolve inconsistent views of business models to arrive at a unifying definition of the concept. We further derive a resource-based conceptual framework covering the key antecedents and consequences of the business model concept based on integrating and systematizing prior work. We identified know-how characteristics, firm strategy and organizational contingencies as internal antecedents and market opportunities, extra-industry conditions and competitive activities as external antecedents. Superior performance, financial value, social value and organizational learning were identified as consequences of a business model. Business models that take the external environment into account and focus not solely on financial performance but also social value creation represent an important alternative to hitherto existing capitalist market approaches. Finally, we present a detailed research agenda of potential issues relevant for future advancements of business model research.