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The Business Model Phenomenon: Towards Theoretical Relevance

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  • John E. Prescott
  • Igor Filatotchev

Abstract

The popularity of the business model phenomenon has out paced its theoretical development. We argue that establishing construct clarity for the business model phenomenon is necessary before scholars and practitioners can answer foundational questions such as whether strategy and business models are different constructs and if so, the implications for practitioners, theory development and pedagogy. We advocate for a Theory‐In‐Use (TIU) approach to establish construct clarity. TIU is one approach to phenomenon‐driven research used to co‐create new knowledge by involving academics and practitioners, leveraging extant theoretical and empirical knowledge to position, describe and explain a phenomenon, and embraces constructionist and positivist epistemologies to map constructs on to a phenomenon. We overview the TIU approach and develop a hypothetical interview schedule for developing construct clarity for the business model phenomenon. Assuming that construct clarity is established, we identify promising research directions for two streams of business model research that are underdeveloped; international business and corporate governance. Our overarching goal is to stimulate research to advance the theoretical relevance of the business model phenomenon.

Suggested Citation

  • John E. Prescott & Igor Filatotchev, 2021. "The Business Model Phenomenon: Towards Theoretical Relevance," Journal of Management Studies, Wiley Blackwell, vol. 58(2), pages 517-527, March.
    • Handle: RePEc:bla:jomstd:v:58:y:2021:i:2:p:517-527
    DOI: 10.1111/joms.12610
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    References listed on IDEAS

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    Cited by:

    1. Imran M. Ilyas & Nadine Kammerlander & Roxana Turturea & Marc van Essen, 2024. "When Business Model Innovation Creates Value for Companies: A Meta‐Analysis on Institutional Contingencies," Journal of Management Studies, Wiley Blackwell, vol. 61(5), pages 1825-1883, July.
    2. Birgitte Grøgaard & Michael A. Sartor & Linda Rademaker, 2022. "What merits greater scholarly attention in international business?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1508-1518, September.
    3. Paolo Aversa & Annelore Huyghe & Giulia Bonadio, 2021. "First Impressions Stick: Market Entry Strategies and Category Priming in the Digital Domain," Journal of Management Studies, Wiley Blackwell, vol. 58(7), pages 1721-1760, November.
    4. Markus Menz & Sven Kunisch & Julian Birkinshaw & David J. Collis & Nicolai J. Foss & Robert E. Hoskisson & John E. Prescott, 2021. "Corporate Strategy and the Theory of the Firm in the Digital Age," Journal of Management Studies, Wiley Blackwell, vol. 58(7), pages 1695-1720, November.
    5. Yuliya Snihur & Gideon Markman, 2023. "Business Model Research: Past, Present, and Future," Journal of Management Studies, Wiley Blackwell, vol. 60(8), pages 1-14, December.
    6. Roberta Angelis, 2022. "Circular Economy Business Models: a Repertoire of Theoretical Relationships and a Research Agenda," Circular Economy and Sustainability, Springer, vol. 2(2), pages 433-446, June.

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