Defining the Business Model

The business model has emerged as a central construct in management research, yet its conceptual underpinnings remain fragmented. Despite sustained interest from both scholars and practitioners, the literature is marked by ambiguities surrounding its definition, theoretical foundations, typologies, and constituent elements. This study undertakes a systematic literature review to clarify these issues and consolidate existing knowledge. The analysis disentangles the definitional landscape of the business model, maps its theoretical foundations – spanning frameworks, analytical perspectives, and related constructs – and synthesises the dominant typologies discussed across the field. Moreover, it delineates the core elements that form the architecture of a business model. By integrating these insights, the study advances a more coherent conceptualisation of the business model, providing a foundation for future theoretical development and practical application.