Business models of rural properties: a systematic review of literature through the value cycle lens

Abstract The processes of value creation, configuration, and appropriation underpin the dynamics of business models. However, this dynamic perspective is a recent topic and little explored in the literature, particularly from the perspective of its application in specific contexts, such as rural businesses. Inserted in a dynamic agricultural value chain, these businesses present significant challenges both from the perspective of value creation, through opportunity recognition, and value configuration, in terms of articulating these opportunities through the use of natural resources and the organization of activity governance. Furthermore, value appropriation, particularly due to the commodity nature of the business model, which hinders the definition of autonomous pricing criteria. The objective of this article is to identify what has been discussed in the academic literature on business models for rural properties from the perspective of the value cycle. The result is an analytical framework that encompasses the following aspects by dimension: i) Value Creation: differentiation, diversification, innovation, and sustainability; ii) Value Configuration: organization of the production chain and the governance structure (internal and external organizational boundaries); iii) Appropriation of value: economic dimension (financial cost/benefit), strategic (competitiveness), knowledge (innovation) and personal (culture and identity).