A business model describes the rationale of how an organisation creates, delivers, and captures value, in economic, social, cultural or other contexts (Osterwalder and Pigneur, 2010). The process of business model construction and modification is also called business model innovation and forms a part of business strategy (Geissdoerfer et al., 2017). One role of business models is to provide a set of generic level descriptors of how a firm organises itself to create and distribute value in a profitable manner (Baden-Fuller and Morgan, 2010).
Baden-Fuller, C. and M. Morgan, 2010. Business models as models. Long Range Planning, 43 (2–3) 156-171. DOI: 10.1016/j.lrp.2010.02.005
Geissdoerfer, M., P. Savaget and S. Evans, 2017.The Cambridge business model innovation process. Procedia Manufacturing 8: 262-269. DOI: 10.1016/j.promfg.2017.02.033
Osterwalder, A. and Y. Pigneur, 2010. Business Model Generation: a Handbook for Visionaries, Game Changers, and Challengers. John Wiley & Sons.