Concept and Building Blocks of a Business Model: A Systematic Literature Review

Abstract

Business model has been drawing attention from both industry and academia. It plays a crucial role in business operations and strategy. In the revolutionary and competitive environment, business model innovation is likely to lead to better business performance. However, there have been diverse interpretations on the concept and building blocks of a business model. The purpose of this paper is to provide some common understanding on the concept and its core building blocks in order to progress to the development of an innovative business model. A systematic literature review has been undertaken to gain insights into the key themes of the topic, before some recommendations for business model development are made.