Clarifying the business model construct: a theory-driven integrative literature review through ecosystems and open systems perspectives

Abstract

A broader, dynamic ecosystem perspective is crucial for researchers and managers to better understand and innovate business models in an increasingly complex environment. However, the persistent lack of “construct clarity” in business models significantly hampers both their theoretical and empirical development. This study employs theory-driven integrative literature review to clarify the business model construct through the combined lens of ecosystems and open systems, grounded in Bertalanffy’s general systems theory (GST), rooted in biology. By critically analyzing 255 representative sources, the study synthesizes a systemic definition of business models as open systems representing a set of interrelated value-based activities at the ecosystems level, to meet evolving needs of stakeholders, thereby enhancing construct clarity across four key factors: definition, scope, relationships with related concepts, and theoretical coherence. Additionally, the study introduces the ecosystem-based business model framework, illustrating how a business model's interconnected structure and dynamic nature align with GST’s open systems logic. This leads to a detailed discussion of research themes for further theoretical and empirical development. This work addresses the longstanding bottleneck of construct clarity in theorizing business models, contributes to the theory-driven review methodology, and expands the boundaries of business model research and practice in strategic management and organization through GST.